Thursday, 26 April, 2018

Spotify touts growth over profits ahead of April 3 stock market listing

APPLE MUSIC Home EDM News Apple Music Reaches New Milestone For Paying Subscribers Apple Music Reaches New Milestone For Paying Subscribers
Grady Vargas | 16 March, 2018, 05:01

Spotify's co-founder and CEO, Daniel Ek, framed the launch as an attempt to save the music business from the effects of piracy as users increasingly use curated services like Spotify as a way not just to sample music but to discover it.

Even though this is a substantial growth for Apple's Streaming Service.

Taking 41% of the share of sales, paid streaming music services exceeded CD sales (37%) and is now the most popular music format in Belgium.

With 71 million subscribers at the end of 2017, Spotify is the leader in streaming music, which is fast becoming the dominant form of paid music consumption.

The biggest day for streaming music websites is upon us in less than three weeks.

Spotify also warned investors it faces a variety of risks.

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Spotify is available in more 4 countries since this week. At the same time, net financing costs of €855-million pushed up operating losses to €378-million from €349-million.

BEA Music stressed, "With downloads, which generate more than 9 million sales, digital now represents 54% of all music sales or more than €39 million, the converse of previous year when sales of CDs, vinyl and DVDs had a 56% market share".

Spotify's success underscores the cultural shift in how we play and pay for music.

Ek portrayed Spotify as an underdog not tied to a major technology company, and that its strategy is to be a ubiquitous music service across phones, smart speakers, and desktops from various makers. Based on private transactions, it is valued at roughly $19-billion, according to Reuters calculations. It said it plans for its shares to start trading April 3 and will provide financial guidance on March 26.

"Operating losses have grown with revenue, but the trend towards profitability is clear when you look at operating losses as a percentage of revenue", the company said in the presentation in NY.

He said it was not Spotify's mission to disrupt the music industry or replace anyone. Advertising makes up only about 10 percent of Spotify's current revenue, and McCarthy said he would be "thrilled" if Spotify could pull in 20 percent of its revenue from ads, although he expressed some doubt about whether the company could hit that mark.

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