Spotify stock was trading lower at $82.10 as of 01:03 PM EDT.
The biggest premium streaming music platform in the world has collapsed. It can stand back up. In 50 of its first 52 months as a publicly traded firm, Spotify Technology’s ( NYSE:SPOT ) stock has finished in the triple digits. If nothing miraculous happens on Halloween, this month will mark the third time in the company’s history that shares of the leader in global streaming music dip under $100.
For the platform, these are difficult times. There’s a fierce rivalry. Because ad-supported businesses are struggling, Spotify’s more lucrative premium service isn’t likely to do much better in a shaky economy. On Wednesday, the stock fell 13% as a result of the industry’s challenging conditions being confirmed by dismal quarterly results.
What if Spotify doesn’t simply fade out over time as countless songs have done over the years? What if the catalysts were to increase margins, launch the platform into long-term profitability, and essentially turn this beat around?
Spotify stock overview
Beginning in January 2018, Spotify was available for $132 as a starting point. Even though it received record-breaking interest, the initial public offering (IPO) is currently in a broken state. At the end of the third quarter, there were 456 million active users every month, a 20% increase from the previous year. A new third-quarter record for Spotify was set with the 23 million net additions it saw over the past three months.
Consuming the streaming audio platform can be done in one of two ways. 40% of those 456 million customers are paying a monthly membership fee for ad-free music streaming. However, you will have to endure audio advertisements, you can also use the service for free online. The problem with the latter is that although Spotify’s primary source of income and accounts for 60% of its audien...
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