TuneCore

Headlines · 1

1. Oct 22
   Spotify ends Q3 with 306M subscribers and signs Believe for its AI remix tool

   Spotify finished the third quarter with 306 million paying subscribers, up 9% year over year, and 788 million monthly active users, up 11%, according to its quarterly update as reported by The Next Web. Revenue rose 16% to €4.97 billion while operating income grew 15% to €672 million, though net income fell to €518 million from €899 million a year earlier; the company said all of its KPIs met or exceeded guidance. Separately, Spotify signed Believe, the French music company that owns TuneCore, to license music for its coming AI remix tool, which will let Premium subscribers make covers and remixes for an extra fee with royalties paid to original artists, and said it had pulled 50 million AI slop and spam tracks from recommendations. Spotify said operating expenses rose 26%, driven by marketing and by spending on cloud computing and AI, and it expects 316 million subscribers and €5.2 billion in revenue for the fourth quarter.

   The Next Web · 🔥 0

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