I can't comment on sort of individual negotiations with our rights partners. I think we've talked about a lot of them. Netflix, which had never existed before, was often compared to HBO, which turned out to be an inaccurate comparison, Vogel said. And the management changes really had nothing to do with the change of strategy in podcasting. The number of artists that are mattering for users are increasing materially. All participants are now in a listen-only mode. Combine an international MBA with a deep dive into management science. Total monthly active users grew to 489 million in Q4. This was a weak quarter for Spotify's revenue growth, which was masked by significant currency tailwinds. Spotify Technology S.A. has released its financial results for the first quarter of 2023 by posting an update on its Investor website. Looking ahead, we are pleased with our momentum into 2023. And even within that, we had two months that outperformed and one month that underperformed. This was 10 million ahead of guidance, up 33 million quarter-over-quarter and the largest Q4 net additions in our history. Apply to Production Worker and more! Next question comes from Mario Lu on operating income. Yes, I can be quick now. Paul Vogel, Head of Investor Relations, Spotify - Topio Networks [Operator Instructions] And our first question today is going to come from Matt Thornton on subscribers and pricing. We've talked about podcasting that 2022 was going to be the peak year in terms of the drag that podcasting had on our gross margins. Thanks, Daniel, and thanks, everyone, for joining us. It is also so that from a competitive lens, when we've added this content, what we're seeing is that consumers are not just consuming music on the platform, but they're consuming music and podcast to a great extent. I'll take this and feel free to chime in, Paul. And then there's the company that releases something that it knows needs work and then rapidly improves from there. So, it was pretty broad-based. And obviously, social could be a meaningful driver of creating an even stickier and more engaging experience. What is the salary of Mr Vogel? But we feel pretty good about the improvements we made in the platform already. I wrote this article myself, and it expresses my own opinions. We think Q1 will be the low point in terms of gross margin for the year, with gross margin improving throughout 2023. We haven't given a timeline on that. Earn your MBA and SM in engineering with this transformative two-year program. 1 global streaming audio player, and that means having everything, as much as you could possibly think [of], in audio.. Sony Alpha User. Heres how the music streaming service and other digital businesses can expand. As such, if Spotify is able to acquire customers that are valuable in the long-term (i.e., have a high customer lifetime value), it makes sense to be more aggressive with S&M investments to gain market share and strengthen their MAU lead over competitors like Apple (AAPL) and Amazon (NASDAQ:AMZN). Paul Vogel, Spotify Technology SA: Profile and Biography Spotify is known for its smart algorithms that create curated playlists for users based on what they already like to listen to. While the company has historically had better revenue growth and better margins on the premium side, Vogel said, at least 60% of subscribers have come on board to Spotify by signing up first for a free subscription. But I feel, candidly, that -- we're in a better position competitively than we've been in many, many years. Despite consistent 20%+ MAU growth and a strong market leadership position, Spotify as an investment has attracted significant scepticism from investors. ul. Next quarter is unlikely to change anything material about the "stock story" for Spotify, but I'll be closely watching management's guidance for 2023 margins. We think it's going to reduce friction and improve conversion over time. So, we outperformed that EUR 200 million. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Open. And there are certain shows that work really, really well for us, and there shows that didn't perform as we expected. If youre going up against those three, you better do something thats better, and not just a little bit better, but materially better. You mentioned in the deck an expectation for meaningful improvement in operating income in fiscal '23 and beyond. And now we're going to have to live up to that. The 6% was actual employees. And by all accounts, it was extremely successful, if not more successful than we even thought. But with both all the improvements we've been making in music, but also with the addition of podcasting and audio books, it is a much more resilient consumer experience. We're not going to quantify the savings. Still early days in terms of how it's impacted at this point. We want to have a billion users, Paul Vogel, Spotifys chief financial officer, told attendees at the 19th annual MIT Sloan CFO Summit last month. We feel good about the guidance for Q1 and how we're trending. A rigorous, hands-on program that prepares adaptive problem solvers for premier finance careers. It is positive, though. While the company has historically had better revenue growth and better margins on the premium side, Vogel said, at least 60% of subscribers have come on board to Spotify by signing up first for a free subscription. To that end, Spotify continues to invest in its advertising business. What to watch: Next quarter, Spotify expects its gross profit margins to continue to improve slightly to 25.5%, which should sit well with investors. Paul Vogel So, the short answer is yes. And what do you see as the path forward with your music label partners on this topic? - Spotify CFO Paul Vogel, Q3 2022 Earnings Call. Spotify While Spotify's current losses are harmless in the context of a balance sheet with 3.7b cash, cash equivalents, and short-term investments, 2023 will be a crucial year for Spotify to reclaim the trust of investors and demonstrate the viability of their long-term guidance for 40% gross and 20% operating margins. So, what you probably have seen is one of those experiments. So, we are feeling good about the momentum exiting 2022. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. The main bear case for Spotify has always been that they will never be able to expand gross margins to reach their long-term goal of 40% recently outlined in their 2022 investor day. But the trend is the same, which is the longer they stay, the more likely they are to convert. Thanks, operator, and welcome to Spotify's Fourth Quarter 2022 Earnings Conference Call. Spotifys new hire for Chief Financial Officer comes Dane s lub mog by przetwarzane w celach oraz na podstawach wskazanych szczegowo w polityce prywatnoci. So, while reported revenue was a touch below forecast, our organic growth on a currency-neutral basis modestly outperformed due primarily to advertising. I think some of these trends are very powerful and very good, I think, for consumers with more choice and more artists making their way. We had strength, family plan and Duo plan. And that concludes today's call. So, we'll get some of the leverage on top of that investment in 2023, along with higher revenue growth and more gross profit dollars. WebPaul Vogels Post Paul Vogel Chief Financial Officer at Spotify 4d Investors hoping for Spotify management to change their tact and adopt a strict focus on reducing cash burn and optimising operating profitability were left seriously disappointed by their Q4 guidance. Now it's perhaps YouTube and TikTok, et cetera. Analysts can ask questions directly into Slido, and all participants can then vote on the questions they find the most relevant. And as I mentioned in my opening remarks, -- some of these things we expected to take longer on seeing the benefits, but we're seeing them already in 2022, and I think that's a real positive news for the years to come. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Analyst at a VC fund and Masters/PhD student in Clinical Psychology based out of Sydney, Australia. And just to level set on context. Spotifys foray into podcasting with its purchases of Gimlet and Anchor was a bit risky at the time but is now paying off, given that theres been so little innovation in podcasting, Vogel said. Szybki kontakt z administratorem: kontakt@mokave.pl. Vogel had no idea where Spotify was headed that day it went public, but he hoped it was somewhere exciting. WebSalaries. Mokave totake rcznie robiona biuteria lubna iZarczynowa. How this CEO followed her curiosity to success, AI-boosted resumes increase the chance of being hired, Intel CEO on bringing chip manufacturing back to US. This remains consistent with the plan we outlined at Investor Day, but you should expect us to execute on it with even greater intensity given what I just said. So, in Q4, we outperformed our expectations. So, I think as you're looking at our strategy now, you shouldn't draw any two big conclusions that we are -- that's our full intent of what we want to do in the category. It's time for Spotify management to begin to "walk the walk" rather than "talk the talk". While Spotify's lack of consistent operating profitability is undeniably frustrating, I am not overly concerned for the following reasons: First, Spotify is in no danger of a capital raising with consistent positive free cash flow and a fortress balance sheet consisting of 3.7b cash, cash equivalents, and short-term investments. But generally, what you should expect us is across the board now to be focused more on that efficiency and creating more leverage and that's certainly true in podcasting too. So, to put things in context, in 2022, we increased our price point in more than 40 markets around the world. One of the big things we're seeing is users are asking us, help me find more great things to go watch. Moreover, free cash flow is projected to become negative on a one-off basis in Q4 due to the timing associated with cash receipts between quarters. What once was a free business that was sort of there to help supplement the growth of the premium business has now evolved into its own standalone business that is still growing and thriving, Vogel said. Bulls point to Spotify's demonstrated track record of growing MAUs and premium subscribers, rave customer reviews (4.8/5 on the App Store from 23.6m reviews), excellent brand recognition, industry-leading churn rates, strong balance sheet, and a visionary CEO (Daniel Ek) who some have argued single-handedly rescued the music industry from potential extinction. They -- if Spotify does well in the market, it generally increases the revenues for the labels as well. It's not that we can't execute on the ground. And that's what we will expect going forward, too, as we're driving more benefits for all of our creative partners and Spotify. We'll be available on our website and also on the Spotify app under Spotify Earnings Call Replays. And if anything, thanks to our position in users and subs, this should allow us to both increase revenue per user over time as well as improve our stickiness with consumers even more. Well, we've been making many investments. It is opening up the platform so that creators have as much choice as possible in choosing whatever options they want to do. We think those will sort of continue to moderate throughout the year, which will help -- partly help gross margin. Do you expect the relative performance of podcasting and music growth to persist in 2023? And over time, that will translate into business opportunities for Spotify as well. Wed, Jul My only addition to that would be, again, to note that much of the investments we've been making over these past few years that culminated in 2022 was making platform improvements. And while it was really great to close out 2022 on such a high note, the fourth quarter is -- I think we just really one of many proof points that shows that the investments we made over the last few years are really paying dividends. Yes. With respect to first quarter guidance, we continue to see strong momentum in MAU and anticipate reaching half a billion users by the end of Q1. Paul Vogel - Chief Financial Officer - Spotify | ZoomInfo But again, I think we believe we'll get the benefits of some of those moving forward into 2023, and you'll see the incremental investment slow and the benefits kind of hit in '23. One of those strategies would be to grow the number of people that we can attract to join our platform. Spotify Wrapped was trending all over social media, but it wasn't just about Wrapped. So, we expect that to get better in 2023 as well. He came to the Pioneer Press in 2005 and brings a testy East Coast attitude to St. Paul beat reporting. And as that's happening, their retention increases. Fourth, Daniel Ek acknowledged in the Q3 earnings call that the hurdle rate for new investments would increase going forward, so we should expect to see spending moderate in 2023: But I also want to reiterate that we're keenly aware that this is an uncertain time and the cost of capital has increased. We're definitely seeing people take up the offering but we're nowhere done from where we want to be and where we believe the category can be doing. Sometimes it is increasing our margin per user and sometimes it's all of the above. Heres who they are and what the highest paid make, Police: Stay away from MN State Fairgrounds during emergency response training. That being said, is there a rough time line with regards to when we should expect overall operating income to reach breakeven? In this article, I present my thoughts on Spotify's latest Q3 2022 results. Spotify Technology S.A. (NYSE:SPOT) Q4 2022 Results Conference Call January 31, 2023 8:00 AM ET. We said a number of times that 2022 is going to be an investment year. WebPaul Vogel Phone Number Found 5 phone numbers: View Paul's Email & Phone (It's Free) 5 free lookups per month. It is not offering our own solution and locking people in. Spotify Paul Vogel contact details: Email address: v***@spotify.com Phone number: (***) ***-**** Who is Paul Vogel? WebHi All, recently got an offer from Spotify for a senior program manager role based in London. Editor's note: This story has been updated to include quotes from Daniel Ek and Paul Vogel. @jordanmartenst1. I'd like to add a bit more color on the quarter and then touch upon the broader performance of the business and our outlook. Share. Admittedly, those were lowered expectations. But I would mostly say that most of what we're seeing is quite encouraging because of all the response that we're seeing from artists around the world and their ability to grow their audience. So again, country mix changes, maturity of those market changes and so on. It exceeded those expectations pretty nicely.
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