Daniel Ek from Spotify
It’s the last week of the cruelest month and sure to be an eventful one for the audio world. Spotify posted its first quarter earnings this morning, reporting that the service in April finally reached over half a billion (or 515 million) monthly users. But first quarter revenue fell short of expectations — even though the platform’s podcast ad revenue saw a significant (20 percent) boost from this time last year. Still, the era of big spending by Spotify on podcasts is likely done, CEO Daniel Ek explained during the call. I’ll dive into more detail below.
We can expect even more financial news from the podcast industry on Thursday, with both SiriusXM and Cumulus Media scheduled to hold earnings calls.
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