The Spotify Stock service is quickly turning into a one-stop-shop for all things audio and is becoming the leader in the industry. I will be discussing Spotify (NYSE: SPOT) in this video and why I believe the company needs to return to the radar of investors. We expect the company to report a good earnings update and continue to make some good moves in the future, which will further strengthen its position as an industry leader. Check out the video below, but here is a quick look at some highlights.
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In the third quarter, the company’s monthly average users increased 19% year over year (YOY) to 381 million, up from 365 million during the previous quarter and near the top end of its guidance range. According to the latest figures, revenue came in at 2.5 billion euros, growing by 27% year-on-year. It is important to note that premium revenue increased by 22% YOY to 2.17 billion euros, whereas ad-supported revenue increased by 75% YOY to 323 million euros. The gross margin improved by 200 basis points to 26.7% during the quarter. Free cash flow increased by 64 million euros from last quarter to 99 million euros, with a YOY increase of 4 million euros but a quarter increase of 65 million euros.
- With 20 million downloads across iOS and Android combined in October, Spotify was the 10th most downloaded app globally, according to Appfigures.
- With the two companies partnering, Spotify and Shopify have created a new way for artists to sell their merchandise, receive tips directly from their profiles, and turn them into virtual merch tables.
- As part of its ambition to become the world’s largest audio platform, Spotify plans to acquire the audiobook platform Findaway to pursue that ambition. By 2027, it is projected that the audiobook industry will grow from $3.3 billion to $15 billion.
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