Economy

Spotify shares sink nearly 9% following first earnings report

Spotify shares sink nearly 9% following first earnings report

Spotify increased its paid subscribers 45 percent year-over-year.

Average revenue per user in the first quarter fell to 4.72 euros, down from around 6.84 euros towards the end of 2015.

At the closing bell and before the slide in share price, Sweden-based Spotify sported a $30.3 billion market cap, which dwarfs that of US -based Pandora, with a market cap of $1.4 billion. Revenue is targeted at EUR 1.1 to EUR 1.3 billion, vs. expectations of EUR 1.31 billion.

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Looking at Spotify's biggest competitor, Apple Music last reported it had 40 million subscribers back in April, gaining roughly the same 2 million subscribers per month, give or take. In the same period a year earlier, the company lost €1.15 a share. Revenue aside, the company posted a loss of about $49 million for the quarter. Excluding currency effects, Spotify expects revenue growth of 20 percent to 38 percent. As well, operating loss was €41 million or approximately 4 percent of total revenue, out performing its guidance for the quarter thanks to the gross profit outperformance.

Spotify's gross margin was above its guidance range at 24.9 percent in Q1, topping its expectations of 23-24 percent.

The popular music streamer continued to focus on building up its base of subscribers over its bottom line, as it added 170 million monthly active users as well as 75 million paid subscribers.

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Sony Music Entertainment originally owned 5.71% of Spotify's stock, the largest holding among the majors.

Tencent Music Entertainment (TME), which attracts three-quarters of China's booming music-streaming market, has been reported to be eyeing a listing in 2018. "In fact, we think multiple services will exist in the market and we are all in a growing market", he said.

Both positions require a good background of working in the music industry, which indicates that Spotify will not only launch as a service in the region, but will also look at promoting and focusing on regional talent.

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