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Improving its ad-supported revenue model drove overall revenue growth. This year, it increased its gross profit by 1,850% to 117 million euros. In 2020, Spotify made a measly 6 million euros in gross profit from its ad-supported base. While investors may be spooked by ad-supported users growing faster than premium ones, they should be delighted in how it is monetizing them. The chart shows how each usage option contributes to gross margin.
SPOTIFY STOCK ROGAN FREE
Spotify's main business plan is to convert free users into paying ones, as it makes more money from its premium model. Ad-supported subscribers grew even quicker at a 19% clip year over year, to 236 million from 199 million. In Q4, Spotify's premium subscribers grew 16% year over year to 180 million from 155 million. Spotify CEO Daniel Ek defended Rogan's podcast, which is top-ranking in 90 of Spotify's markets, and he said on the fourth-quarter earnings call, "We don't change our policies based on one creator, nor do we change it based on any media cycle or call from anyone else."
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Rogan has apologized for the controversy and said he will make more effort to educate himself about topics discussed and fact-check guests that speak about controversial topics. Spotify has not pulled the podcast episodes in question, but it has included content warnings on the episodes containing discussion of COVID-19. The situation has investors wondering about the company and the stock. Recording artists like Neil Young and others have pulled their music from Spotify's streaming subscription service in protest over what they believe is misinformation regarding COVID-19 being discussed by guests on Rogan's podcast.
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Other factors, market analysts say, include a general bear market in the tech sector, and more recently, the United States continuing to posture with Russia in Ukraine is not helping the investing.Joe Rogan's exclusive podcast on Spotify (NYSE: SPOT) has been getting a lot of attention lately, and not necessarily for good reasons. Even Dwayne “The Rock” Johnson, who once backed Rogan, has walked back his position.Įxperts (like Market Watch) say don’t blame the Rogan controversy-that it doesn’t fall on his shoulders. While Young and other artists like Joni Mitchell, India,Arie, and Nils Lofgren may not be the only reason for this drop, their protests against the popular streaming service certainly haven’t helped. That marks almost a 50% drop since November 1, 2021. Today, on February 16, one share of Spotify stock is valued at $163.91. On January 27, the price per share had plummeted to $171.32. On January 12, just a few days before Neil Young would make his ultimatum to the company, saying it was either him or podcaster Joe Rogan, who Young and others have claimed has been spreading COVID-19 misinformation and racism, the stock was valued at $239.26. On November 1, 2021, shares were valued at $300.95. As American Songwriter reported earlier this year, Spotify stock (SPOT) has fallen 25% since the turn of 2022.