Spotify is one of the world’s most popular music streaming services, and in its first quarter of 2024 posted a record operating income of €168 million (£144 million). But this column continues to believe the stock is best avoided.
The Swedish platform, which launched in 2008, listed on the New York Stock Exchange in 2018. Its 615 million monthly active users, which rose from 602 million in the prior quarter, can enjoy more than 100 million songs, six million podcast shows and 350,000 audiobooks.
Most of its users are on its free service, with ads. About a third are subscribers, who pay a monthly fee in exchange for no ads and some other features such as higher audio quality and downloading songs. The subscribers are
