Spotify Double Downgrade Reflects Prospect of Slower Revenue Growth [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
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Source: TheStreet.com
Spotify Technology(SPOTGet ReportAnalyst Justin Patterson downgraded the subscription service for music and video streaming two levels, to market perform from strong buy.Shares of the Stockholm company at last check were higher by 1% to $121.18."[Weak] end-market audio and experiences trends [are] creating more risk in Spotify than investors appreciate," Patterson said in a note to clients."At best, revenue ramps in subscription revenue, advertising revenue, and the two-sided marketplace occur slower than expected, and the path" to wider margins lengthens, he said.At worst, Patterson said, "Spotify faces competitive shifts and a lengthy period of regaining subscribers.""More time indoors is driving less engagement and fewer downloads, and is creating potential U.S. share shift to Amazon MusicAMZN"While focus on artist tools is a positive, we see limited near-term benefit to Spotify given 1) concert and album delays create less need to market and 2) competitors are driving the lead in
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