Music Business

Spotify [NYSE: SPOT] stock ends week up 22%

UPDATED: On Friday morning, Spotify [NYSE: SPOT] stock was trading at $122.57, up $21.90 or 21.75% s since the streamer offered Wall Street a mixed Q4 report on Tuesday.

After an overall down day on Wall Street, Spotify stuck retreated slightly to close the week at $121.17 down 1.14% for the day. but still up 19.73% for the week.

Investors appear encouraged by record user growth and CEO Daniel Ek’s pledge to trim spending after the streamer’s losses ballooned 44%.

Spotify ended last year with 489 million monthly users, including 205 million paid subscribers. But operating costs jumped 44%, and Q4 losses widened to $282 million, up from $42 million in 2021.

Spotify is now the first music streaming service to have more than 200 million paid subscribers. The total net addition of 33 million users was Spotify’s largest Q4 growth ever.

Read Hypebot’s full coverage of the Q4 2022 Spotify earnings report and call here.

Bruce Houghton is the Founder and Editor of Hypebot and MusicThinkTank, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a professor for the Berklee College Of Music.

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