Netflix also pointed out that it lost subscribers in Russia after discontinuing service there, and pointed out that subscribers would have increased overall without that shortfall. “So hopefully that gives you an indication of kind of the overall strength of the subscriber business.” “When you sort of adjust for our exiting of Russia, we exceeded our subscriber numbers in the quarter,” Chief Financial Officer Paul Vogel said in the conference call. Instead, they said the shortfall was a result of discontinuing Spotify’s business in Russia due to the invasion of Ukraine, which cost it 1.5 million subscribers in the quarter.
Executives said then that the guidance was not affected by the controversy and did not receive any questions about the effects Wednesday. Spotify executives issued their disappointing first-quarter subscriber forecast that they could not hit amid an uproar about the podcast “The Joe Rogan Experience” that led prominent musicians to call for a boycott of the service. So there’s a lot of other dissimilarities between the two businesses currently as well.” And when I look at the video landscape, it seems like competition is heating up. And again, we have seen competition in Spotify since 2015. So it’s just vastly different businesses. Netflix makes its own original content solely and licenses a little bit.
We have hundreds of millions of pieces of content. “With Spotify, for instance, we are a platform. And I’ve said this before, but I’ll say it again - besides both being media companies and being primarily subscription revenue companies, that’s kind of where the similarities end for me,” Ek said. “I think a lot of people are grouping us and Netflix together. In a conference call Wednesday, the first question for Chief Executive Daniel Ek brought up that dynamic, with an analyst asking if the market saturation and competition factors that Netflix executives cited are concerns for Spotify as well. Opinion: Are you sharing a Netflix password? Not for long … The streaming-video service saw subscribers decline for the first time in a decade in the first quarter and its stock was slammed amid questions about the durability of gains for such streaming services. Spotify had matched or exceeded executives’ subscriber guidance for 14 consecutive quarters until Wednesday’s report, according to FactSet records, and a second consecutive disappointing subscriber forecast brought Netflix Full earnings info: Spotify meets revenue expectations but stock still falls
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