The streamer's share price dropped 60% last year as its losses widened.Why it matters: Heavy investments in technology, marketing and content helped fuel Spotify's top-line revenue and user growth in 2022, but weighed on the company's profits, frustrating investors. ![]() Spotify CEO Daniel Ek also noted that the streaming giant filed a complaint against Apple with the European Commission but has yet to receive a decision on the matter, saying that Apple is "doing serious harm" and "choking competition.Spotify CEO Daniel Ek will pivot his focus towards increasing the company's margins this year, but he doesn't plan to hold back on new investments in growth areas like audiobooks, he told Axios in an interview. This harms not only consumers but, this time, also authors and publishers who now find themselves under Apple's thumb." "Bottom line, we're forced to make users work even harder to listen to an audiobook. "The Audiobooks purchase flow that Apple's rules force us to provide consumers today is far too complicated and confusing - confusing because they change the rules arbitrarily, making them impossible to interpret," Spotify said in a press release aimed directly at Apple. Since Apple has control of its App Store, it is able to sell books to customers through Apple Books on iOS. Since audiobooks are not free, it makes it impossible for Spotify to offer the selection to subscribers without having to give Apple the fee on iOS, as Spotify is downloaded through Apple's App Store.
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