this post was submitted on 04 Jun 2024
1016 points (99.0% liked)
Technology
60052 readers
3387 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I am literally looking at their financial report for 2024 Q1 and it shows a profit.
They’re reporting 1.00 billion in gross profit as of Q1 2024 so yeah, they make money. It’s kind of impossible to compare much though since they’re the only freestanding music competitor that’s popular.
The closest comparison I can make is using Apples reported figures of making around $9.2 billion in revenue for its 93 million user base.
Meanwhile Spotify is making around 2.63 billion in revenue for its near 3x subscriber base estimated around 240 million. So I wouldn’t say they’re not making money, but maybe you can see why they think they can squeeze a lot more. Best to just unsubscribe honestly, they’ll keep doing this
So they’re leaving a lot of money on the table and getting criticized for their greed? I’m not sure how that’s a coherent position.