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And Finally Business News Digital
Daniel Ek says Spotify’s “best days are ahead”, despite tanking share price
By Chris Cooke | Published on Monday 9 May 2022
Spotify’s share price hit an all-time low last month, even though the streaming company confirmed that premium subscriber numbers went up two million in the first quarter of the year, despite the Joe Rogan debacle and the closure of its Russian service.
That’s because the investor community remains nervous about Spotify, with recent growth levels below expectations, anticipated growth levels for the next quarter revised down in the firm’s official statements, and a general concern about how subscription based digital content services will fare in the year ahead. The latter concern was added to by Netflix’s announcement that it subscriber numbers went down in the first quarter of the year.
All of which is bad news for current Spotify shareholders. You know, like CMU. Yep, we still own our single Spotify share! Which we bought for $155.17 when the streaming firm listed and which is currently valued at $104.68. Good times!
But do you know who’s still optimistic about the future of Spotify? Yes, that’s right, Spotify boss Daniel Ek. And to prove it, he’s just invested $50 million of his own money back into the company.
He tweeted on Friday: “I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead”.
Let’s hope so. We were hoping to at least buy a nice dinner with the profits from the eventual sale of our single share.
