When Spotify announced its largest-ever round of layoffs in December, CEO Daniel Ek hailed a new age of efficiency at the streaming giant. But four months on, it seems he and his executives weren’t prepared for how tough filling in for 1,500 axed workers would be.
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
However, the company failed to hit its guidance on profitability and monthly active user growth.
Even if he can see it, hes not likely gonna fix it
What a stupid fucking cunt.
Having watched tens of thousands lose their jobs at Amazon…yes, a lot of shit falls apart when you remove roles that were previously doing stuff. On top of this, survivors guilt, and the fear of more layoffs basically kills productivity. If you don’t understand this as a CEO, you should be first in line for the billionaire guillotine.
HAHAHA I’m so glad I was one of them customers that stopped subscribing right at that parabolic curve. Eat it you nasty Joe rogan loving Covid denying fucking dirtbags. you fucking deserve it.
Yup I canceled my sub when they went exclusive with Joe Rogan. I’m not spending a penny to support that douche canoe.
Same… not super proud of switching over to YTM but definitely better than throwing money at Joe Rogan through Spotify.
As with video streaming services, after a couple of great years during which I practically gave up self-hosted pirated content now I find myself going back to it as the servers enshitified beyond my tolerance… YTM is my last ditch attempt
We ended up buying a bluray player and buy movies from thrift stores because fuck the noise that is streaming services now.
Stop being so canoe-phobic. Canoe’s make for a great outdoor activity
No fuck canoes! Kayak superiority!
Why don’t you like Joe Rogan?
Well he is a vaccine skeptic for one. And perhaps I don’t hate Joe himself but his platform is full of misinformation that is taken at face value. He has guests on the show that people take as experts when they aren’t. His dude-bro audience takes what he says as gospel and just makes things worse.
What specific misinformation are you referring to?
Covid misinformation for example.
That’s an entire category, not what I meant by specific. What specific claims about covid were made on his show that you believe are false?
Evidence #4564734 that these CEOs are more figure heads and actual strategist and absolutely do not deserve the multi-million dollar packages they constantly give themselves
yeah maybe if this dumbass ran his own publishing house he would be making some fucking money.
Shitposting aside, publishing industries pull in literally billions a year. They’re the ones pushing music to spotify. Spotify makes almost no money, ever. Artists barely make money.
Spotify, if you’re reading this, god i hope not, let artists self publish.
Spotify made almost 4 billion dollars last year. I wouldn’t call that no money. I agree with everything else though.
have you checked their historical profits? They’ve lost money on almost every year of their business operation. I don’t think they’ve made net money since being founded. Maybe recently.
Spotify’s revenues for 2023 grew 16% year over year, reaching 3.67 billion euros ($4.05 billion), as a surge in both monthly active users (up 23% to 602 million) and premium subscribers (up 15% to 236 million) beat expectations.
After a third quarter in which the streaming company turned a profit for the first time in a year, however, its operating loss was again in the red, at 75 million euros ($82.7 million), albeit better than its guidance; Spotify says that excluding one-time charges its operating profit would have been 68 million euros ($75 million), more than double the 32 million euros ($34 million) in profit it generated in the third quarter of 2023.
So 4 billion in revenue, only $75 million in profit.
These corpos love to pretend they’re not profitable to attract dumb money and VC fucks. Reddit somehow wasn’t profitable but managed to pay their C-suite to the tune of millions.
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What’s Spotify?
Some kinda laundry thing?
/s
It’s an app for finding your dog.
Yeah it’s one of those color bleach pens you use to get coffee stains out, no source.
Well no shit. If you have zero problems after firing 1500 people at once, that means you were being a terrible manager this whole time.
Oh no, a leopard ate my face!
A leopard are his own face
The leopard pounced at a mirror and ate dirt
This guy and Elon should get together and compare notes.
I’ve been a spotify premium user for a long time. still pay $11/mo and it comes with Hulu for that price. i don’t like all the added bullshit they’ve put in like the ai dj or whatever, and i don’t like the “stations” but i don’t like those on ANY service as they all pretty much don’t play what i want them to, so i just make my own playlists and shuffle through those. don’t really give a fuck that they paid Joe Rogan, and i think it’s silly if you do. Like Apple doesn’t do shady shit with your money too? or youtube? or tidal? come on. gtfoh with that ignorant shit.
Were is the button refuse cookies ? I can’t find the button refuse cookies.
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Pandora usually plays the song I want anyway
It’s why I sub to YouTube premium. I can get any song to ever exist on there.
Wouldn’t call them a monopoly, at least not for music as there are alternatives.
They actually offer an inferior platform compared to other music streaming services. You can get way more stuff on SoundCloud for a similar price, or way better audio quality on Deezer or Amazon/Apple music, for a mark up. It’s honesty kindaastonishing just his popular Spotify is compared to what they offer…
Anyone know a good service I can switch to instead? (Besides fkn youtube services?)
I still download MP3s
you monster! how dare you!
…download flac files instead!
what are flac files?
lossless audio - higher quality than mp3, though it’s arguable that few if any people could actually tell a difference between a high quality mp3 and a good flac version of the same audio
I’m pretty happy with Tidal
what music don’t they have that you’re after??? i dont think i’ve ever NOT found something i was looking for on Spotify.
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Anything specific?
I doubt they will return with anything specific or it will be something EXTREMELY niche, local band type stuff. Spotify has an extremely broad range of music. There are a few notable exceptions are Garth Brooks (where are the bodies Garth?!) and Neil Young.
People with no concept of what “institutional memory” means have no business running a business.
December 2023:
“Economic growth has slowed dramatically and capital has become more expensive. Spotify is not an exception to these realities,” Ek wrote in a letter to staff posted to the company’s website.
Today
The music streamer enjoyed record quarterly profits of €168 million ($179 million) in the first three months of 2024, enjoying double-digit revenue growth to €3.6 billion ($3.8 billion) in the process.
Paywall free : https://archive.ph/wdyDS
