Spotify stocks

Spotify stock is up 6%

On June 9, 2022, shares of the Spotify brand are up 5.6%. The company is holding an Investor Day these days, with presentations about the company’s innovative technology and plans. 

CEO Daniel Eck told the audience what the company is planning for the foreseeable future in podcasts and audio. This is because the company has previously stated its three operating principles. Thus, the company prioritizes three factors: ubiquity, free, and personalization. 

Spotify has been actively gaining momentum since 2018. While the company had about 250 partners when it started, it now has more than 2,000. Spotify also boasts that the number of users who use their service on multiple devices has grown to 89% in recent months. Previously, that figure was 75%. In the company’s market research, users attributed their choice to the fact that in Spotify services attracted them to user personalization. 

Also according to the director a significant role played by the promotion of Freemium. The free nature of the service is very flattering to users. At the same time, the company’s monthly asset growth is about 26%. According to Daniel Eck, the company achieves these figures thanks not to free services, but through investment. 

In 2021, Spotify and Findaway reached an agreement to jointly launch an audiobook line. Daniel predicts about $70 billion in profits from the joint project. It looks like the company has really decided to become ubiquitous. 

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