Spotify shows Q4 growth, acquires The Ringer
According to its fourth quarter earnings report, Spotify ended 2019 by improving in nearly every metric. The streaming giant added 9 percent more total monthly active users, including premium and ad-supported users. Total revenue and gross profit grew as well, although Spotify still reported they an operating profit loss.
Additionally, Spotify announced its purchase of The Ringer, a sports and culture website founded by Bill Simmons. The acquisition accentuates Spotify’s push further into the world of podcasts, as The Ringer is home to dozens of original podcast series. Read the full press release announcing the purchase here.
Despite the news indicating the growth of the company, Spotify’s stock dropped on the day.