Audiostreaming company adds more listeners but cooling ad spending hurts revenue
Spotify Technology SA reported its strongest first-quarter user growth ever, but a soft ad business led to lower-than-expected revenue.
During the quarter ended in March, the company laid off employees and reorganized its top brass, saying it aims to become more efficient this year following an intense period of spending. Spotify also introduced a new video feed for its app in a bid to boost user engagement. It overhauled its landing page to recommend music, podcasts and audiobooks to users via short clips, similar to TikTok and YouTube Shorts.
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Margarett Drews