Spotify Misses Earnings Goal but Sees Advertising Strategy Working

Revenue from ads topped $383 million, up 19% YoY

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Spotify experienced slow ad revenue growth during the company’s 2022 third-quarter earnings call Tuesday but was still up 19% versus the same quarter last year.

Top line

The audio platform’s total Q3 revenue topped $3 billion, up 21% year over year, with ad revenue making up 13% of the company’s total revenue.

Spotify’s ad revenue grew to $383 million in Q3, compared to $360 million in the previous quarter, led by double-digit gains from its podcasting business, according to CFO Paul Vogel.

Between the lines

“While this overall result was a bit below expectations, we continue to see encouraging signs that our ad strategy is working despite some of the near-term macro headwinds, and particularly the continued strength and interest in span,” said Vogel.

Vogel

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