After ploughing big bucks in its audio-first strategy, Spotify could not have foreseen a global pandemic getting in the way of it making a return on its investment. But it has revealed it was not exempt from the coronavirus downturn, with ad-supported revenue down 21%.
Helpfully for the streaming giant, its business is split between ad-supported users and paid subscriptions, with the latter hitting 138 million worldwide, a 27% rise year-on-year.
“When I look at the landscape, what excited me is we’re going after audio,” chief exec Daniel Ek told investors. “Audio is a multi-billion user opportunity and it’s a Read full story ›
Source: The Drum