Spotify said customers’ overall time spent listening to the music-streaming service returned to prepandemic levels and its advertising business is showing signs of recovery as habits began to normalize in the second quarter after an initial upset brought on by Covid-19. (WSJ)
However, the company missed quarterly revenue expectations on Wednesday and forecast a soft current quarter, due mainly to a decline in ads as the pandemic kept advertisers at bay. (Reuters)
Ad revenue fell 21 percent, but the drop wasn’t quite as bad as forecast. Total monthly active users grew 29 percent, to 299 million, a sequential increase of 13 million. (Variety)
Premium subscribers rose 27 percent from a year earlier. Paid subscribers, 138 million, beat Wall Street estimates for the three months ended in June. (Deadline)