Spotify Hits 113 Million Paid Subs, CFO Says 'Streaming Wins, Linear Dies' in Audio Like in Video
The music streaming giant, led by CEO Daniel Ek, reports its latest financials, unveils that its CFO will leave and says it feels"very good" about its position compared with competitors Apple and Amazon.
The company's third-quarter user figures exceeded Wall Street estimates and its own forecast for premium users. "Net subscriber growth exceeded our expectations and was led by strong performance in both Family Plan and Student Plan," leaving premium subs up 31 percent over the year-go period, the firm said. "Total monthly active users grew 30 percent...outperforming the high end of our guidance. Developing regions continue to be a significant driver of this outperformance.
The company, led by Spotify CEO Daniel Ek, also announced its CFO would exit. "After playing a pivotal role in Spotify’s listing and helping to establish Spotify as a public company, Barry McCarthy will retire from Spotify on January 15, 2020, stepping down as the company’s CFO," the company said. He will be replaced by Paul Vogel, who is currently Spotify’s vp financial planning and analysis, treasury and investor relations.
McCarthy concluded: "We can see in video that streaming wins and linear dies. The same thing is going to happen in audio. That means broadcast radio is going to tip. Who eventually becomes dominant in that space is a game still to be played. At the moment, we are the largest and, I think, competitively advantaged. And it's our game to lose."
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