Why Spotify Will Never Make Money [Fortune]
PANDORA MEDIA (P)
Last pandora media earnings: 7/31 04:01 pm
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Source: Fortune
Spotify announced its first quarterly results as a public company on Tuesday, and the market was not impressed. Shares of the music streaming service fell over 7%, even though the company met its goals for customer and revenue growth. Unfortunately for Spotify, Wall Street was hoping it would beat expectations à la Facebook or Google (which regularly surpass stated targets) and when it didn’t, investors sulked. Those investors better get used to disappointment. That’s because unlike other tech companies, music streaming services face a fundamental business problem they can’t overcome. That problem is the price of music or, in this context, what accountants call “cost of goods sold.” The term refers to materials a company must acquire to sell its product—for instance, the flour and sugar a baker must buy to sell donuts. In the case of streaming services like Spotify, they are uniquely dependent on a single supplier—the music industry—to provide them the good
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