Spotify owns Tencent Music Entertainment Group (TME) shares, through its parent, Tencent Holdings Limited and these are held as a long term investment on Spotify’s balance sheet. Projections from the company predict 200 million active users by year end and revenues of €1.5 bn per quarter with losses ranging anywhere from €20-€100 million per quarter. Its operating loss, €90 million, was also 14% higher than in the same period in 2017. Yet despite this impressive growth the company posted net losses of €394 million which is more than twice the €188 million that it lost in the same period in 2017. Revenue for the quarter was €1,273 million, up 26% and 34% year on year for the two user types. Spotify grew its user base finishing the quarter with 180 million Monthly Active Users (MAU) and 83 million Premium Subscribers, up 30% and 40% respectively year on year. Irresponsible people are spreading lies that are costing people their lives,” Mitchell said.Despite record growth Spotify continues to lose money and is forecast to continue on a losing streak for the next two quarters according to its latest (Q2 2018) financial reports. “I’ve decided to remove all my music from Spotify. No Joe Rogan for me thank you! And on Friday, Joni Mitchell said in a statement on her website that she will also pull her music from Spotify in protest and “stand in solidarity” with Neil Young. I’ve always been an Apple guy for streaming. Peter Frampton showed his support of Young’s decision Thursday, tweeting, “Good for you Neil. In 2019, he told Rolling Stone that he had removed most of his music from Spotify several years earlier because he felt the sound quality wasn’t good, but he later relented. The show has promoted the use of ivermectin to treat COVID and discouraged vaccination in young people.Īnd it’s also not the first time Young has stripped the streamer of his music. The podcast moved off of Apple in September 2020 in a deal estimated to be worth $100 million, then it became a Spotify exclusive later that year.Įarlier this month, a group of more than 260 health and science professionals called on Spotify to take action against “mass-information events” on its app, singling out Rogan for repeatedly spreading misleading and false claims on his show. This is not the first time critics have gone after “The Joe Rogan Experience” for its controversial slants of news and politics, especially with the pandemic. While much of the market has been down in the last week, Spotify’s losses were more significant following criticism over Rogan’s show and Young’s move. Spotify shares dropped around 6% after Wednesday.
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