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STOCKHOLM: Spotify Technology<\/a> SA told investors Tuesday it would tighten spending and work to become efficient after a year of investments in technology and content.
Chief Executive Daniel Ek said the \"macro environment\" changed dramatically over the course of last year, setting the stage for belt-tightening.
\"In hindsight, I probably got a little carried away and over-invested relative to the uncertainty we saw shaping up in the market,\" Ek said during the company's fourth quarter investor call.
Spotify<\/a> invested heavily in building up its podcast<\/a> and audiobooks<\/a> business in 2022, with operating expenses growing at twice the speed of its revenue. That set the stage for Spotify to lay off 600 employees this month and trim other costs.
The company said it expected gross margins to improve throughout the year, with the increased focus on efficiency and forecasts of growth in monthly active users. Spotify projected the number of listeners would reach 500 million in the current quarter.
\"We always knew that 2022 would be an investment year and 2023 will be a year where we would slow down the investments and thereby operating expenditure while revenue keeps on climbing,\" Chief Financial Officer Paul Vogel said in an interview.
Shares in the company rose 9% in early morning trading.
The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million, helped by marketing campaigns and growth in India and Indonesia.
Premium subscribers, who account for most of the company's revenue, increased 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv.
Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Analysts were expecting 202 million subscribers and revenue of 3.05 billion euros.
\"Q1 is always the smallest quarter with respect to user growth. We don't have the same level of marketing campaign, as we do in Q2 to Q4,\" Ek said.
Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually. It also promised high-margin returns from its costly expansion into podcasts and audiobooks.
The company has invested more than $1 billion in building out its podcast business which currently has more than 4 million titles. But those investments have hit gross margins.
Ek told investors he expects to see improvements as podcasting grows and attracts more advertising revenue, and the company invests in a more targeted way.
In autumn, Spotify canceled 11 original podcasts from Parcast and Gimlet, two studios the company acquired in 2019, shifting focus to original and exclusive shows that attract listeners, such as Warner Bros' \"Batman Unburied,\" or the thriller \"Caso 63.\"
Dawn Ostroff, the head of content and advertising who helped shape Spotify's podcast business, was also leaving the company after four years.
\"Spotify will double down on things that worked well and stop doing the things that don't work,\" Ek told Reuters. \"We are a lot more focused on efficiency.\"
In 2023, the company expects revenue to begin to grow faster than operating expenses, which have jumped due to headcount growth and higher advertising costs.
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斯德哥尔摩:Spotify技术股价周二告诉投资者,将收紧开支,工作一年后成为高效的投资在技术和内容。
的首席执行官丹尼尔•艾克说,“宏观环境发生了巨大的变化在过去的一年,为紧缩开支。
“回顾过去,我可能有点冲昏头脑,砍相对于不确定性我们看到市场形成,”埃克公司的第四季度投资者电话会议中说。
Spotify在建立其投入巨资播客和有声读物2022年,营业费用增长速度的两倍的收入。这奠定了Spotify本月解雇600名员工,减少其他成本。
该公司表示,预计全年毛利率提高,提高关注效率和预测月度活跃用户的增长。Spotify预计听众的数量将在当前季度达到5亿。
“我们一直都知道,2022年将是一项投资,2023年将是我们一年将减缓投资从而营运开支而收入继续攀升,”首席财务官保罗·沃格尔在接受采访时表示。
该公司股价在开盘后上涨了9%。
月度活跃用户的数量上升到4.89亿年的第二季度,击败Spotify的指导和分析师预测的4.779亿年,得益于营销活动和生长在印度和印度尼西亚。
付费用户,谁占了公司大部分的收入,增加了14%,达到2.05亿人,超过2.023亿年估计,根据从Refinitiv ib数据。
除了预测的十亿用户,Spotify还预计当前季度付费用户达到2.07亿,收入31亿欧元(合33.5亿美元)。分析师预计的2.02亿用户和收入30.5亿欧元。
“Q1总是最小的季度对用户增长。我们没有相同级别的营销活动,就像我们在第二季度到第四季度,”埃克说。
Spotify去年制定计划到2030年让10亿用户,每年达到1000亿美元的收入。它还承诺高利润回报其昂贵的扩张到播客和有声读物。
公司已投资逾10亿美元建设播客业务目前有400万多个标题。但这些投资毛利率。
埃克告诉投资者,他预计改进播客的发展,吸引了更多的广告收入,和公司投资更有针对性。
在秋天,Spotify取消11原创播客从Parcast和螺丝锥,两个工作室,该公司2019年收购,将重点转移到原始和独家节目吸引听众,如华纳兄弟“蝙蝠侠出土,”或者惊悚片“卡索63。”
总裁,内容和广告帮助形状Spotify的播客业务,也是四年后离开公司。
“Spotify将双事情运作良好,停止做不起作用的东西,”埃克告诉路透。“我们更多的关注效率。”
2023年,该公司预计收入增长快于营业费用,开始跳由于人数增长和更高的广告成本。
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