|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's range||143.06 - 147.10|
|52-week range||110.57 - 161.38|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||26 Apr 2020 - 30 Apr 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||152.43|
Leading companies like Uber, Snap, Twitter, Spotify, Match, Chipotle, and Disney reported strong earnings, as the market regained much of the prior week's coronavirus sell off.
(Bloomberg) -- Apple Inc. is considering giving rival apps more prominence on iPhones and iPads and opening its HomePod speaker to third-party music services after criticism the company provides an unfair advantage to its in-house products.The technology giant is discussing whether to let users choose third-party web browser and mail applications as their default options on Apple’s mobile devices, replacing the company’s Safari browser and Mail app, according to people familiar with the matter. Since launching the App Store in 2008, Apple hasn’t allowed users to replace pre-installed apps such as these with third-party services. That has made it difficult for some developers to compete, and has raised concerns from lawmakers probing potential antitrust violations in the technology industry.The web browser and mail are two of the most-used apps on the iPhone and iPad. To date, rival browsers like Google Chrome and Firefox and mail apps like Gmail and Microsoft Outlook have lacked the status of Apple’s products. For instance, if a user clicks a web link sent to them on an iPhone, it will automatically open in Safari. Similarly, if a user taps an email address -- say, from a text message or a website -- they’ll be sent to the Apple Mail app with no option to switch to another email program.The Cupertino, California-based company also is considering loosening restrictions on third-party music apps, including its top streaming rival Spotify Technology SA, on HomePods, said the people, who asked not to be named discussing internal company deliberations.Read more: Apple’s Default iPhone Apps Give It Growing Edge Over App Store RivalsApple’s closed system to prohibit users from setting third-party apps as defaults was questioned last year during a hearing of a U.S. House of Representatives antitrust panel. Lawmakers pressed the issue of whether iPhone users can make non-Apple apps their defaults in categories including web browsers, maps, email and music.Being a default app on the world’s best-selling smartphone is valuable because consumers are subtly coaxed and prodded into using this more-established software rather than alternatives. Keeping users tethered to Apple’s services is important to the company as the growth of smartphone demand slows and sales of music, video, cloud storage and other subscriptions make up a greater share of the iPhone maker’s total revenue.An Apple spokesman declined to comment.The company currently pre-installs 38 default apps on iPhones and iPads, Bloomberg News has reported, including the Safari web browser, Maps, Messages and Mail.Last year, Stockholm-based Spotify submitted an antitrust complaint to the European Union, saying Apple squeezes rival services by imposing a 30% cut for subscriptions made via the App Store. Apple responded that Spotify wants the benefits of the App Store without paying for them. As part of its complaint, Spotify singled out the inability to run on the HomePod and become the default music player in Siri, Apple’s voice-activated digital assistant.Now, Apple is working to allow third-party music services to run directly on the HomePod, said the people. Spotify and other third-party music apps can stream from an iPhone or iPad to the HomePod via Apple’s AirPlay technology. That’s a much more cumbersome experience than streaming directly from the speaker.Opening the HomePod to additional music service may be a boon for the product. The speaker has lagged behind rivals like the Amazon Echo in functionality since being introduced in 2018 and owns less than 5% of the smart-speaker market, according to an estimate last week from Strategy Analytics.Also under discussion at Apple is whether to let users set competing music services as the default with Siri on iPhones and iPads, the people said. Currently, Apple Music is the default music app. If the company changes the arrangement, a user would be able to play music from Spotify or Pandora automatically when asking Siri for a song.The potential changes to third-party apps on Apple’s devices and the HomePod are still under discussion or early development, and final decisions haven’t been made, the people said. If Apple chooses to go forward with the moves, they could appear as soon as later this year via the upcoming iOS 14 software update and a corresponding HomePod software update, the people said.Apple typically announces major new iPhone and iPad software versions in June, and releases them in September around the launch of new iPhone models. For this year’s update, Apple is also planning to focus on performance and quality because the current version, iOS 13, has been riddled with bugs that upset some users.To contact the reporter on this story: Mark Gurman in Los Angeles at email@example.comTo contact the editors responsible for this story: Tom Giles at firstname.lastname@example.org, Andrew Pollack, Robin AjelloFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In early December, Spotify launched its annual personalized Wrapped playlist with its users' most-streamed sounds of 2019. Because this was quite a large job, Spotify gave us a bit of a look under the covers of how it generated these lists for its ever-growing number of free and paid subscribers. It's no secret that Spotify is a big Google Cloud Platform user.
Spotify's ongoing investments in the podcast-streaming side of its business helped boost podcast listening on its service by 200% last year. In particular, Spotify has given podcast show trailers a more prominent position in its app. Show trailers help podcasts find new listeners by offering a concise introduction to the podcast and its creators.
(Bloomberg) -- Palantir Technologies Inc., a data mining company co-founded by Peter Thiel, is changing its employee compensation in a bid to cut costs, ensure all employees can own shares and prepare for an eventual public stock listing, said three people familiar with the matter.The company, which helps governments and businesses collect and analyze data, will move toward eliminating cash bonuses and instead reward staff with restricted stock units, said the people, who asked not to be identified discussing internal matters. The change was conveyed to staff in an email Friday.“Palantir has entered a new stage where we need to not only continue focusing on growth but also to ensure that growth is long-term sustainable as we march toward a successful IPO,” Khan Tasinga, a Palantir executive, wrote in the email to employees reported earlier by Business Insider. A spokeswoman for Palantir declined to comment.The email didn’t offer a timeline for an initial public offering. Thiel, Palantir’s chairman, told staff in September that the company wouldn’t go public in the next two to three years. Alex Karp, the chief executive officer, has told employees more recently that going public remains a goal that each department is working toward, without offering a target date, people familiar with the matter said.One of the paths to the public markets Palantir is considering has not been previously reported: a direct listing, said one of the people. The process, which makes a company’s shares available to trade on a stock exchange without raising money for the business, is rare but gaining attention after the listings of Spotify Technology SA and Slack Technologies Inc. This year, Airbnb Inc. is expected to directly list its stock, which would make it the most valuable company to do so.Palantir is known as much for its multimillion-dollar contracts with the Defense Department as for Thiel, its controversial backer. The billionaire started the Palo Alto, California, company with Karp in 2004.The company has long offered employee bonuses in the form of stock options, which can be expensive to acquire and carry significant tax liabilities. About a year ago, Palantir cut the price of options and increased cash bonuses in moves designed to bolster morale and address the company’s declining share price seen in private transactions.The move away from cash bonuses and the lack of a clear plan for going public could rankle many employees. But some staff have been lobbying management for the change to restricted stock units and applauded the shift because it gives them a stake in the company’s success, the people familiar with the matter said. All bonuses will be paid entirely in stock units by next year, the people said.To contact the reporter on this story: Lizette Chapman in San Francisco at email@example.comTo contact the editors responsible for this story: Mark Milian at firstname.lastname@example.org, Anne VanderMeyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
With its new $75 million investment from Sirius XM, SoundCloud says it's focused on being more of a "social music experience" than competing directly with the likes of Apple Music.
Spotify is launching a new feature called songwriter pages, which allows songwriters to showcase a list of the songs they've written, alongside their most frequent artist collaborations. The pages will also include a new "Written By" playlist of the songwriter's songs, allowing listeners to stream their songs, follow their new material, and surface the songwriters' work through Spotify's search engine. At launch, Spotify is debuting songwriter pages for top artists, including Meghan Trainor, Fraser T. Smith, Missy Elliott, Teddy Geiger, Ben Billions and Justin Tranter, among others.
(Bloomberg) -- On a day when Samsung Electronics Co. announced four new high-spec smartphones, the company also signaled how it intends to compete with Apple Inc.’s iOS ecosystem through software partnerships.The new Galaxy S20 devices will feature deep integration of Netflix Inc., allowing users to search for movies by voice queries to the Bixby digital assistant. Bixby’s morning routines will also include Spotify Technology SA music streaming, and Microsoft Corp.’s Xbox Game Studios will debut its Forza Street title on Samsung’s Galaxy Store for apps.“It’s been amazing to see Samsung continuously push the limits of what’s possible,” said Hiroshi Lockheimer, Google’s Android chief. Google’s operating system has been helped by and risen in parallel to Samsung’s emergence as the world’s most prolific smartphone maker.Rival Apple is on a mission to develop its own content such as Apple Music, Apple TV+ and Apple Arcade, a set of in-house subscription services that the company is spending lavishly on to make it a success. Each of them benefits from its hundreds of millions of iPhones already in users’ hands and they help enhance and strengthen the company’s protected ecosystem.Samsung has made similar efforts, such as its Samsung Milk music service, and repeatedly failed. Its chronic problem in competing with Apple has been the absence of unique and differentiated experiences -- an iPhone owner has access to Netflix and Spotify as well as to the Apple-exclusive iOS services.The partnerships announced alongside the flashy new Galaxy phones “will be critical if the company is to elevate itself beyond hardware, diversify revenue and level the playing field with Apple,” said Ben Wood of CCS Insight.Analysts now believe Samsung is on the right track by looking to deepen collaboration with content distributors threatened by Apple’s strategy. “It hasn’t been proven to work yet, but it’s a much better strategy than Samsung trying to compete in content and enterprise apps itself,” said Avi Greengart, mobile industry analyst at Techsponential. “The cost and risk of trying to recreate Spotify, Netflix, Office or xCloud is astronomical.”IDC analyst Raquel de Condado Marques liked the synergy between Samsung’s newly upgraded hardware and service partnerships, especially in gaming. With faster mobile internet speeds and better displays, “Samsung is leveraging what it does best -- hardware -- and allowing new partners to do the same by relying on Microsoft’s PC installed base and Xbox gaming heritage to provide a more complete platform across different technologies.”Microsoft is developing its xCloud game-streaming service, a rival to Google Stadia, which will let people experience desktop-like graphics and sophistication on their mobile devices. Netflix has a whole set of criteria as to what makes a Netflix Recommended TV, which it uses to incentivize electronics makers to present its content in the best possible form. Both companies can benefit from having a role-model mobile hardware platform, such as Samsung’s Galaxy S20 family, to demo their best mobile offerings and to direct other manufacturers to emulate.Microsoft Bets on South Korea as Test Bed for 5G Cloud GamingNot all are convinced by Samsung’s approach to tie-ups. “There was no shortage of big names,” said Wood of CCS Insight. “But the partnerships appeared to hold limited potential to build a deep services ecosystem.”Still, the South Korean tech giant is a powerful draw. “Samsung -- like Apple and Huawei -- has its own center of gravity,” said Techsponential’s Greengart, adding that it’s capable of commanding attention through its events and products. That makes it an appealing partner for other big industry names and gives the company some assurance that it won’t succumb to the same fate that other pure hardware vendors, such as HTC Corp.’s smartphone business, have fallen prey to in the past.To contact the reporters on this story: Vlad Savov in Tokyo at email@example.com;Sohee Kim in Seoul at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Can't afford Netflix and HBO and Spotify and Disney+? It's called Jam, and the questionably legal service launched in private beta this morning. In his first interview about Jam, founder John Backus tells TechCrunch it will let users save login details with local encryption, add friends you can then authorize to access your password for a chosen service and broadcast to friends which of your subscriptions have room for people to piggyback on.
(Bloomberg) -- Warner Music Group Corp., the record group behind artists such as Cardi B, Ed Sheeran and Bruno Mars, filed for an initial public offering -- becoming the latest music company to cash in on the streaming boom.Backed by billionaire Len Blavatnik, New York-based Warner Music filed for an offering of $100 million. But that’s a placeholder sum used to calculate fees and is most likely to change.Blavatnik and other investors didn’t indicate in the filing how much stock they’ll be selling. But they are expected to retain control, while allowing Warner Music to raise funds for acquisitions and other deals, according to a person with knowledge of the matter who asked not to be identified.Music sales have surged in recent years thanks to the growth of paid streaming services from Spotify Technology SA and Apple Inc. That’s boosted the value of music companies and enticed investors back to the record industry.Vivendi SA agreed last year to sell a minority stake in Universal Music Group, the world’s largest music company, to a group led by China’s Tencent Holdings Ltd. That transaction valued the business at about $33.6 billion.Blavatnik, a Ukrainian-American, has a net worth an estimated $25.1 billion, according to the Bloomberg Billionaires Index. He bought Warner Music for $1.3 billion in 2011, when the music industry was in the depths of a 15-year decline. The proliferation of free and cheap music on the internet had destroyed sales.Good TimingThe timing was propitious. The company’s sales have climbed by 50% since 2015. The company reported net income of $258 million in fiscal 2019 on revenue of $4.48 billion. Apple and Spotify account for 27% of that revenue, according to the filing.“We adapted to streaming faster than other major music entertainment companies and, in 2016, were the first such company to report that streaming was the largest source of our recorded music revenue,” the company said in a filing.Morgan Stanley, Credit Suisse Group AG and Goldman Sachs Group Inc. are advising on the IPO.Famous LabelsWarner markets its music through labels such as Atlantic Records, Warner Records and Parlophone. It also owns Warner Chappell, a music publishing business. While the labels work with recording artists, publishers represent songwriters. Songwriters signed to Warner Chappell include Lizzo and Katy Perry. Recorded music made up 86% Warner Music’s sales last year, but publishing is a stable, profitable business.For a few years now, private equity investors have been paying high prices for closely held record labels and publishing outfits, betting on a long recovery for the industry.But there have been few opportunities for public investors, with the notable exception of the May 2018 public offering by Spotify, the world’s largest paid music service. Warner Music has been privately owned, while the two larger music companies, Universal and Sony Music Entertainment, are divisions of larger media and technology companies.“Looking into the future,” Warner Music said, “we believe the universe of opportunities will continue to expand, including through the proliferation of new devices such as smart speakers and the monetization of music on social media and other platforms.”(Updates with details of filing starting in third paragraph)\--With assistance from Elizabeth Fournier.To contact the reporter on this story: Lucas Shaw in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Aaron Kirchfeld at email@example.com, Rob GolumFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Spotify is doubling down on its podcast strategy with a big acquisition to grow its sports coverage: It announced that it's buying The Ringer, the popular network of podcasts created and run by broadcaster Bill Simmons, with around 30 podcasts in its mix and approximately 100 million downloads per month.
Spotify's paid subscriptions rose a better-than-expected 29% in the fourth quarter, largely from discounted promotional plans. Spotify is also spending more on podcasts, trying to keep pace with its two closest rivals - Apple Music with more than 60 million subscribers as of June and Amazon, which has more than 55 million subscribers globally.
(Bloomberg) -- Spotify Technology SA acquired the Ringer in bid to further expand beyond music and capture more podcast growth.The company also offered a first-quarter financial outlook short of Wall Street’s expectations, raising concerns about its expected return to profitability in 2020. Fourth-quarter revenue missed estimates as well.The world’s largest streaming audio service said it expects a first-quarter loss of 65 million euros to 115 million euros ($71.6 million to $126.8 million), wider than the estimate of 53.5 million euros as compiled by Bloomberg.Spotify shares fell as much as 5.8%, the most since August, to $145.36 in New York trading Wednesday. The stock has climbed 11% in the past 12 months, underperforming the S&P 500 index.Spotify reported a loss of 1.14 euros a share for the quarter, swinging from a profit a year earlier. It has been losing money because it pays out the majority of its revenue to record labels and other music owners. The company is investing in podcasting to improve its profitability.The podcasting push took a step forward Tuesday with Spotify’s announcement that it’s acquiring the Ringer, the sports and entertainment website founded by former ESPN personality Bill Simmons, for undisclosed terms. The Ringer has a popular set of podcasts, the site’s main appeal to Spotify as it expands its sports offerings.To justify more investment in podcasts, Spotify Chief Executive Officer Daniel Ek, speaking on an earnings webcast Wednesday, said podcast listener growth was up 200% for the year. He said the Ringer would help to capitalize on that trend, comparing it to an audio version of Walt Disney Co.’s ESPN network.“We bought the next ESPN and we think that’s going to be a tremendously valuable property as we look at the development of sports over the next decade, and the billions of people that will start listening to audio,” Ek, who co-founded Spotify, said on the webcast.‘Appropriately Conservative’While Spotify expects to continue growth in monthly active users and premium subscribers, it said in a statement, “we have been appropriately conservative regarding our 2020 guidance as our data, particularly around the benefits from podcasts, is still reasonably new.”The Stockholm-based company said it added 23 million monthly active users in the fourth quarter of 2019, beating the consensus forecast and setting a record for its annual growth.For all of 2019, Spotify signed up 64 million new customers, far more than the 25 million added in 2018.While more than 140 million of Spotify’s customers use its free, advertising-supported service, the company has struggled to attract sponsors.Europe and North America are Spotify’s base, accounting for more than 60% of subscribers. In the fourth quarter, “growth reaccelerated across three of our largest regions, North America, Europe and LatAm,” Ek said on the webcast. The comments were aimed at concerns that Spotify’s future growth depends on new markets like Latin America and Asia.(Updates with CEO comments in seventh paragraph.)To contact the reporters on this story: Lucas Shaw in Los Angeles at firstname.lastname@example.org;Scott Moritz in New York at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Spotify (SPOT) delivered earnings and revenue surprises of -162.50% and -1.79%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Sports is one of the most popular topics in podcasts, and today Spotify doubled down on its podcast strategy with a big acquisition to grow its sports coverage: it announced that it is buying The Ringer, the popular network of podcasts created and run by broadcaster Bill Simmons, with 30 sports and other podcasts in its mix and some 100 million downloads per month. Spotify today has 700,000 podcasts in its catalog and earlier today noted that the business grew 200 percent in the last quarter. Terms of the deal are not being disclosed; however, when the deal between Spotify and The Ringer was first rumored last month, it was noted that the latter company was profitable and had revenues of $15 million in 2018.
Spotify Technology S.A. (NYSE:SPOT), the world’s most popular audio streaming subscription service, today announced that the company has entered into a definitive agreement to acquire The Ringer, a leading creator of sports, entertainment and pop culture content. The Ringer was founded by Bill Simmons in 2016. Terms of the transaction were not disclosed.
Spotify Technology S.A. (NYSE:SPOT) today reported financial results for the fourth fiscal quarter of 2019 ending December 31, 2019.
On today's episode of Full Court Finance here at Zacks, we preview what investors can expect from Snap, Spotify, and Twitter's upcoming Q4 financial results...