“Join me as I move my money away from the damage causers or you will unintentionally be one of them,” Young wrote in his letter. “The only goals stated by Ek are about numbers – not art, not creativity.” He also chided Ek for failing to mention medical professionals in his initial statement defending Rogan. While he initially boycotted Spotify to protest the spread of COVID misinformation on Joe Rogan’s podcast, Young now believes Ek, and not Rogen, is “your big problem.” He then advised Spotify employees “to get out before it eats up your soul.” 3.But Young saved his most damning words for Spotify CEO Daniel Ek. Spotify is scheduled to report earnings on Feb. That said, revenue has been inching higher over the quarters, and is expected to bust through $2 billion for the three months ended in December. Spotify has also struggled to produce consistent profits, with losses per share outweighing gains, according to data compiled by. And, that would be bad for Spotify’s multiple and equity value.” “But, our fear is that if podcasting doesn’t provide a way for Spotify to shift away from music label dependence, the Street may reassess the underlying value of the business. “If we were to see a material positive inflection in app downloads or Premium subs (from higher gross adds or materially lower churn), we would alter our view,” Citi said. It also has exclusive rights to stream celebrity podcasts, including those from Kim Kardashian West, Michelle Obama and the Duke and Duchess of Sussex, CNBC Pro reported. Spotify acquired podcast companies Gimlet Media, Anchor and Parcast about two years ago, as well as sports and entertainment news companies The Ringer and Megaphone. “The cadence of Premium gross additions (through 3Q20) and app download data (through 4Q20) do not show any material benefit from recent podcast investments (that began in 2019),” CNBC Pro reported Citi as saying in a note.

Spotify podcasts is failing citi