A spokesperson from the regional team declined to comment. It is not clear whether the cuts will affect any Spotify content produced in the Middle East. This month it acquired content-moderation tech company Kinzen to help it identify harmful content on the platform. Since then, it has acquired several additional podcast companies, including some specializing in podcast technologies, including Chartable, Podsights, Megaphone, Anchor, Whooshkaa and Betty Labs. In 2019, it invested $1 billion in podcasting, including the acquisition of Parcast and Gimlet. Spotify has made significant investments in podcasts over the years. Staff and podcasts from the latter two are not expected to be affected at this time. Spotify currently produces more than 500 original and exclusive shows across four in-house studios: Parcast, Gimlet, The Ringer and Spotify Studios. The cancellations will reportedly affect less than 5 percent of the staff working on the podcasts, with some being reassigned to other projects. Spotify spent $391 million on sales and marketing, accounting for 14% of its total revenue.DUBAI: Spotify is canceling 10 original podcasts produced by in-house studios Parcast and Gimlet over the next month.Īccording to the Hollywood Reporter, the shows that will come to an end are “How to Save a Planet,” “Crime Show” and “Every Little Thing” from Gimlet, and “Medical Murders,” “Female Criminals,” “Crimes of Passion,” “Dictator,” “Mythology,” “Haunted Places” and “Urban Legends” from Parcast.Īnother Parcast podcast, “Horoscope Today,” was also axed but will continue to release new episodes until the second quarter of next year. “We believe Spotify is stuck in a cycle of needing to spend money to see growth, while its competition is not,” says Seeking Alpha. They also worry that Spotify’s growth is constantly offset by its operating losses. But analysts believe that rally will be short-lived after three-month free trials and other promotions wear off. Spotify’s Q2 2022 report revealed an 11 million increase in subscribers, up to 433 million. The company just launched audiobooks in September, but analysts believe they won’t be a significant revenue generator for the company. Analysts believe Spotify will face higher churn rates due to inflationary pressures and turbulence in Europe and Asia. The stock price has shed 15% in the last month alone. Spotify’s current trade price is around $87, which is 71% below its 52-week high. Photo Credit: Ark Invest ARK Investment Management has dropped over 200,000 Spotify shares (~$18M) following the stock’s poor performance.

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