Spotify ceo6/23/2023 Ostroff shared that she believes podcasting is a $20 billion opportunity for Spotify. Artists were not appeased by Spotify CEO Daniel Ek's thoughts a year earlier that the central problem was one of productivity: You can't record music once. It expects podcast revenue to increase from the $215 million it brought in in 2021. Dawn Ostroff, Spotify’s Chief Content Officer, says the company has committed more than $1 billion to podcasting. That precipitous fall is worse than the general market dip of 24% across the Communication Services sector of the S&P 500.ĭaniel Ek also highlighted how the company’s focus on podcasts and audiobooks have cost it long-term goals. Why it matters: Heavy investments in technology, marketing and content helped fuel Spotify's top-line revenue and user growth in 2022. Daniel Ek, Spotify CEO Theres a lot of pride that business owners have. Wall Street seemed to respond well to the rosy forecast, with shares of Spotify rising 6.5% after losing more than 50% of its market value so far in 2022. Spotify CEO Daniel Ek will pivot his focus towards increasing the company's margins this year, but he doesn't plan to hold back on new investments in growth areas like audiobooks, he told Axios in an interview. “Spotify will put out these pretty audacious targets and we are going after these because that’s how we see the world and we are going to invest behind that,” Ek continued. Lorentzon is relinquishing his role, with CEO Ek taking his place presumably to become Chairman & CEO. But to reach that goal, Spotify would need to grow its revenue 10x from its 2021 revenue of $11.4 billion. Martin Lorentzon, the exec who co-founded Spotify with Daniel Ek ten years ago, is stepping down from his position as Chairman. “From everything I see, I believe that over the next decade, we will be a company that generates $100 billion in revenue annually and achieves a 40% gross margin and a 20% operating margin,” Daniel Ek told investors during Investor Day 2022. Spotify CEO Daniel Ek told staffers Sunday that the company will not be canceling Joe Rogan after a clip of the podcaster using the N-word went viral.
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