Canadian unscripted producer Sean Connolly has set up his own production business and tied up a multi-year strategic deal with compatriot firm Great Pacific Media.
Spotify Stock Craters to All-Time Low on Weak Paid Subscriber Growth
28.04.2022 - 00:37 / variety.com
Todd Spangler NY Digital EditorSpotify shares closed down 12.4% Wednesday — hitting their lowest point in the company’s history as a public company — after the audio streamer’s paid-subscriber numbers disappointed investors. The chief concern pushing the stock down seemed to be that Spotify may be on the same trajectory as Netflix in hitting a wall in subscriber growth.The stock ended the day at $96.67 per share, giving Spotify a market capitalization of less than $19 billion.
That’s down from a high of about $69 billion in February 2021, when the company was riding high on COVID-related tailwinds.Investors appeared to react to Spotify adding just 2 million Premium subscribers, to reach 182 million, in the first quarter of 2022. That was lower that the expected 3 million net adds on the paid-user front, while Spotify topped forecasts for overall monthly users (both free and paid).
The decline included a loss of about 1.5 million Premium subs stemming from the company’s ceasing operations in Russia — and Spotify claimed that, excluding Russia, paid user growth was above expectations. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial and investment news, and more.Spotify forecast 187 million paid subscribers for Q2, which was below Wall Street expectations of 188.9 million for the period, per FactSet.On the company’s earning call, Spotify CEO Daniel Ek tried to discourage comparisons between his company and Netflix, which in Q1 posted its first decline in subscribers in more than a decade and signaled that the company may be bumping up against a growth ceiling.“I think a lot of people are grouping us and Netflix together,” Ek told investors.
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