It had €1.18 billion ($1.43 billion) on its balance sheet on Sept. If turning a music service into an all-around audio service attracts subscribers and reduces churn, record labels and publishers will benefit.Ģ) Regardless of how its podcasts perform in the next year or two, Spotify has the resources to see its strategy through. The 25 analysts covering Spotify have a median price target of $298.53 with a high of $425.90 and a low of $141.30, according to Refinitiv.ġ) The three leading audio streaming companies - Spotify, Apple and Amazon - are pushing hard into podcasts. Some experts would argue it’s still too high. Spotify’s share price was already in retreat, dropping 12.5% from an all-time high of $370.95 reached on Wednesday (Jan.
The latter has now been cut to $170.Music Stocks Are Skyrocketing Past Analyst Expectations Truist’s Matthew Thornton, for his part, maintained a “buy” rating for Spotify stock and set an even $150 target, whereas Goldman’s Eric Sheridan went with a “neutral” rating and the same $150 target.įinally, Citi analyst Jason Bazinet has issued Spotify stock a “buy” rating and a $165 target for reference, Morgan Stanley less than one month ago slashed its own Spotify stock target from $300 to $225. To be sure, Wells Fargo analysts cited Spotify’s Q2 2022 guidance when maintaining their “underweight” rating and $153 target price for SPOT this target has been updated to $101. Bearing in mind the figures, Spotify is banking on boasting 428 million MAUs and 187 million paid users at the end of the current quarter, and the somewhat modest totals may be contributing to the current stock-price woes. Spotify also saw its paid users increase by 15 percent year over year and one percent quarter over quarter, to 182 million – or just beneath the forecasted total. These three million MAUs then signed off before Q1’s conclusion. The figure does however encompass an extra three million MAUs owing to an influx of new accounts stemming from an involuntary-logout error.
On this front, Spotify reported 19 percent year-over-year (and four percent quarter-over-quarter) growth for monthly active users (MAUs) in Q1 2022, when a peak of 422 million individuals used the platform.
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