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Spotify Announces Stock Buyback up to $1 billion value

20Aug By PriyankaNo Comments

Market

Spotify Announces Stock Buyback up to $1 billion value

NEW YORK, 20th Aug 2021-- Online music streaming platform Spotify Technology S.A. (NYSE: SPOT) announced that it will commence a stock repurchase program beginning in the third quarter of 2021. Repurchases of up to 10,000,000 of the Company’s ordinary shares have been authorized by the Company’s general meeting of shareholders, and the Board of Directors approved such repurchases up to the amount of $1.0 billion. The authorization to repurchase will expire on April 21, 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with the Company’s capital allocation strategy, which will continue to pr...

Spotify acquired adtech firm Megaphone for $235 million

10Nov By PriyankaNo Comments

ACQUISITION

Spotify acquired adtech firm Megaphone for $235 million

New York, NOV 10 2020: Sweden-based digital music platform Spotify to acquire podcast advertising and publishing platform Megaphone for $235 million. For podcast publishers, the acquisition will unlock innovative tools that will help them earn more from their work. This includes the opportunity to opt-in to have their content monetized, matching their listeners with even greater demand from advertisers. Spotify will soon make Streaming Ad Insertion available to all podcast publishers on Megaphone, the first time this technology will be made available to third-parties. With Streaming Ad Insertion, podcast publishers will be able to offer more valuable podcast audiences to advertisers based on confirmed ad impressions. Spotify has 1.9 million podcasts including biggies such as "Th...

Spotify Acquires Audio Production Platform SoundBetter

14Sep By AdityaNo Comments

ACQUISITION

Spotify Acquires Audio Production Platform SoundBetter

New York, United States: Spotify Technology announced that it has acquired SoundBetter, a leading global audio production and collaboration marketplace helping creators worldwide connect and hire top audio professionals. Terms of the transaction were not disclosed. “As we build out our tools for creators, we want to give them the resources they need to thrive. SoundBetter has the same vision,” said Beckwith Kloss, VP Product, Creator at Spotify. “We're excited that creators can generate income through SoundBetter, as well as benefit from its network of top professionals - from instrumentalists to songwriters to producers - as they perfect their tracks.” SoundBetter taps into the growing market of audio professionals looking to create better sounding content and searching for partner...

Spotify registered 100 million paid subscribers and first quarterly loss

29Apr By PriyankaNo Comments

News

Spotify registered 100 million paid subscribers and first quarterly loss

Spotify, the world's leading music streaming giant has 100 million paying subscribers, but also reported a first-time quarterly loss in the operation. "Premium subscribers grew to 100 million, up 32 percent year on year," Spotify said in a press release. Spotify also reported free ad-supported users had grown to 217 million, up 26 percent compared to the same quarter the year before. The music streaming company called it an "important milestone" in the company's history. The strong growth in paying subscribers was attributed to promotions in the United States and Canada, as well as continued growth in "family plans", where multiple users can share one account. Revenue from premium accounts increased to 1.385 billion euros ($1.545 billion) for the quarter, up from 1.037 billion...

Spotify to Acquire Parcast, a Premier Podcast Storytelling Studio

26Mar By PriyankaNo Comments

ACQUISITION

Spotify to Acquire Parcast, a Premier Podcast Storytelling Studio

NEW YORK-- Spotify Technology S.A. (NYSE:SPOT), the world’s most popular audio streaming subscription service, today announced that it has entered into a definitive agreement to acquire Parcast, a premier storytelling-driven podcast studio. Terms of the transaction were not disclosed. Since its founding in 2016, Parcast has launched 18 premium podcast series. Parcast will bring to Spotify its curated library of highly produced shows and its engaged, loyal audiences. With expertise in genres touching mystery, crime, science fiction, and history, Parcast has shown it has depth in subject matter and the ability to develop audiences across its robust network. Additionally, Parcast has more than 20 new shows slated to launch later this year. “The addition of Parcast to our growing roster...

Spotify Register 1 million users in India in less than a week launch

6Mar By PriyankaNo Comments

News

Spotify Register 1 million users in India in less than a week launch

World’s leading paid music streaming service Spotify register more than 1 million unique users in India across its free and premium tiers in less than a week launch. As we mentioned that Spotify launched in India on Tuesday, stepping into a price-sensitive market crowded by well-funded players such as Reliance Industries’ JioSaavn and Apple’s Apple Music. The Swedish company is offering a free version that will run with ads, alongside a premium ad-free variant that will charge users 119 Indian rupees ($1.68) per month. India, with a population of 1.3 billion and more than 400 million smartphone users, is a potentially huge market for the Swedish company. According to media reports, Tencent-backed Gaana leads the Indian streaming market with over 80 million monthly users. S...

28Feb By AdityaNo Comments

News

Spotify Enter into Indian Market

World’s leading music streaming service Spotify launched in India. After many delays, Spotify finally stepping into a price-sensitive market like India to compete against local players like JioSaavn and Apple Music. Based in Sweden, Spotify will offer a free version of the streaming app that will run with ads, alongside a premium ad-free version that will charge users 119 Indian rupees ($1.67) per month. However, the same plans in the United States start at $9.99, $11.37 in France and $13.30 in the United Kingdom. Indian users can also opt for Spotify Premium for a day for 18 cents. With more than 400 million smartphone users, the market is potentially huge. Spotify India’s Managing Director Amarjit Singh Batra said there are interesting local challenges in India that the compan...

Spotify acquires Podcast platform Gimlet and Anchor

7Feb By AnkitaNo Comments

ACQUISITION

Spotify acquires Podcast platform Gimlet and Anchor

US-based Music Streaming platform Spotify acquires two major podcast platform Gimlet and Anchor in an Undisclosed deal. Though Recode reported the Gimlet deal is close to $200 million. With these acquisitions, Spotify is positioned to become both the premier producer of podcasts and the leading platform for podcast creators. Gimlet will bring to Spotify its best-in-class podcast studio with dedicated IP development, production and advertising capabilities. Anchor will bring its platform of tools for podcast creators and its established and rapidly growing creator base. “These acquisitions will meaningfully accelerate our path to becoming the world’s leading audio platform, give users around the world access to the best podcast content, and improve the quality of our listeni...

Music Streaming Service Spotify Launching in India Within 6 Months

28Nov By Gauri SinghNo Comments

Tech

Music Streaming Service Spotify Launching in India Within 6 Months

The popular music streaming service Spotify will reportedly make its India debut in the next six months. The company says that they will offer an extended free trial period when it launches in the country. Spotify currently offers a 30 day trial to all its new customers across the world. This development comes after the Swedish company entered 13 Arab markets, including Saudi Arabia, the United Arab Emirates and Egypt earlier this month. The service is currently available in 78 markets across the world and has 83 million paying subscribers as of June this year. Spotify CEO Daniel Ek had first announced plans to enter the India market in March, just prior to its direct listing on the New York Stock Exchange. Also, Spotify had disclosed in its public offering filing that it has leas...

Spotify Officially Launches in Middle East and North Africa

14Nov By Gauri SinghNo Comments

MIDDLE EAST, News

Spotify Officially Launches in Middle East and North Africa

The world's most popular paid music streaming service, Spotify, has officially launched in the Middle East and North Africa on Tuesday. The company stated that its services would now be available in 13 Arab markets, including Saudi Arabia, the United Arab Emirates, Egypt, and Morocco but not Libya, Iraq, Syria, or Yemen. Spotify has been unofficially available in the Middle East for several years through accounts usually registered in other markets such as Europe. Claudius Boller, who previously worked in the region with Universal Music Group, is Spotify's managing director for the Middle East and Africa. Boller said in a statement that Saudi Arabia, the UAE, Egypt, and Morocco were expected to drive regional growth, pointing to the Middle East's youthful population and high sm...

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

5Apr By Lavina TolaniNo Comments

Market

Spotify Shares Open at $165.9 after unusual debut listing on NYSE

Spotify Technologies shares went high and opened at $165.9 on Monday, which was nearly 26 percent above the reference point of $132 on its first day of trading.With an overall valuation of $165.9 billion on the first day, the estimation went a slightly higher than what analysts had predicted before the listing. During the first two months of 2018, the shares of world's leading music streaming service, Spotify, were traded between $90 and $132.5.While, in 2017, the range was even wider from $37.50 to $125.00. As per sources from Wallstreet Journal, Spotify's opening has turned out to be a record on New York Stock Exchange listing before which "Alibaba had opened at 11.53 am" on Tuesday. Spotify's unconventional move to direct listing has created a lot of talks in the share market s...

Know Why Spotify Is Hit With $1.6 Billion Copyright Lawsuit

3Jan By reutersNo Comments

News

Know Why Spotify Is Hit With $1.6 Billion Copyright Lawsuit

Music streaming company Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs, including those of Tom Petty, Neil Young and the Doors, without a license and compensation to the music publisher. Wixen, an exclusive licensee of songs such as “Free Fallin” by Tom Petty, “Light My Fire” by the Doors, (Girl We Got a) Good Thing by Weezer and works of singers such as Stevie Nicks, is seeking damages worth at least $1.6 billion along with injunctive relief. Spotify failed to get a direct or a compulsory license from Wixen that would allow it to reproduce and distribute the songs, Wixen said in the lawsuit, filed in a California federal court. Wixen also alleged that Spotify outsourced its work to a third party, licensing and royalty services prov...