Spotify CEO laments $230MM loss months after Meghan Markle podcast. After the streaming service reported $230 million in losses, Spotify’s CEO acknowledged being “carried away” with big investments over the past year, including investing on Joe Rogan and Meghan Markle’s podcasts.
According to The Daily Mail, Spotify CEO laments $230MM loss months after Meghan Markle podcast. Spotify invested heavily in podcasts and audiobooks in 2022, with an estimated $1billion spent in building its podcast library that now boasts some four million titles; this led to the company laying off some 600 employees this month alone.
The Daily Mail reported that they have “hit gross margins” after “operating expenses rose at twice the speed of Spotify’s income,” raising doubts about the profitability of these efforts.
Commenting on this, Spotify CEO Daniel Ek said: “In hindsight, I probably got a little carried away and over-invested relative to the uncertainty we saw shaping up in the market.”
The statement follows the release of the Duchess of Sussex’s Archetypes podcast, which was made possible by a three-year, $18 million deal between Spotify and Meghan Markle and Prince Harry.
However, in 2020, when they paid US podcaster Joe Rogan for a multi-year deal, Spotify paid its largest expense.
The declaration follows the publication of the Duchess of Sussex’s Archetypes podcast, which was made possible by a three-year, $18 million arrangement between Spotify and Meghan Markle and Prince Harry.
However, in 2020, when they paid US podcaster Joe Rogan for a multi-year deal, Spotify incurred its largest expense.
