It bought out several podcast distribution platforms and has bought a couple of podcast studios. Notably, Spotify is also making strategic investments in the industry and this is adding to its user base. Even if the company maintains the same market share, it will continue to grow the premium business at a steady rate. It has grown consistently over the last five years. In the fourth quarter, the company saw a growth of 16% year-over-year in premium subscriptions.
The company has a solid runway for growth and its market share is growing across the world. This also could have contributed to the poor stock performance recently. The leading audio streaming service provider has weak guidance for the current quarter after the controversy around The Joe Rogan Experience. This is the time to buy the dip and add the stock to your portfolio.ħ Dividend Stocks That Can Withstand Inflation I think the stock is bottoming out and looks fairly valued. It entered this year at $234 and has been declining since then. However, as the lockdown restrictions eased and people started returning to the office, the stock started its downward journey. SPOT stock went from $122 in April 2020 to $278 in July 2020 and continued to soar as high as $365 in February 2021. The company was listed on the stock exchange in 2018, but hadn’t made much progress until the pandemic hit. But there is positive news, and I think SPOT stock is a buy-and-hold for the long term. Like several other companies, Spotify reported slow growth in the monthly active users and this had an impact on the stock’s performance.
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