Music streaming

Spotify CEO pumps $50 million into its music streaming platform and stocks rise 3%



Spotify co-founder and CEO Daniel Ek is investing $50 million in his own music streaming service, saying “the best days are ahead”.

Spotify’s stock jumped more than 3% to $108.98 per share after Friday night’s announcement.

“I’ve always expressed my strong belief in Spotify and what we’re building. So I’m putting that belief into action this week by investing $50 million in $SPOT. I think our best days are ahead of us,” said Ek in a tweeter.

Admitting that he is not required to disclose these purchases due to foreign company status, Ek said, “I thought it was important for shareholders to know that.”

Last month, shares of Spotify hit their lowest point ($95.22) since listing as a public company on the New York Stock Exchange.

Swedish music streaming service Spotify said last month that its premium subscribers jumped 15% (year-on-year) to 182 million in the first quarter (Q1) of 2022, from 180 million in the previous quarter, despite the controversy over Joe Roger. involving Covid misinformation on his podcast.

The company said its monthly active users (MAUs) grew 19% year-on-year to 422 million, up from 406 million last quarter and above its forecast of 4 million.

Premium subscriber base growth was “slightly below our expectations”, Spotify said in a statement, after “excluding the unintended turnover of approximately 1.5 million subscribers following our release of Russia” following the invasion of Ukraine.

Spotify this week became the first music streaming service to be available on popular virtual gaming platform Roblox.

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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