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...But Spotify said at the time that Apple’s compliance was a “complete and total farce”....
...The investment will strengthen Abu Dhabi’s position as an AI hub, and is a sign of the oil-rich emirate’s ambitions in the technology....
...Higher-end audio is a crucial edge for Apple Music over rival Spotify, but it costs more money to produce....
...Taylor Swift’s relationship with Sweden’s most successful tech company has always been a bit tense, and her new album seems to be causing some problems over at Spotify....
...Price increases and a growing ad business helped Spotify pull in €13.2bn in revenue last year, a 13 per cent jump from the prior year. But costs are growing more quickly....
...It added that Spotify paid Apple zero per cent commission on sales of subscriptions....
...Spotify and other streaming services pay “the industry” billions of dollars a year in royalties....
...It has been a chaotic couple of weeks at Spotify....
...Despite its popularity, Spotify has throughout its history struggled to make a consistent profit — a source of increasing frustration from investors....
...This can mean providing image descriptions for blind users, removing animations that trigger epilepsy and delivering content in a way that assistive technologies, such as screen readers, can understand....
...The blue-chip S&P 500 dropped 0.9 per cent on Friday, capping its longest losing streak since October 2022. It fell for the third week in a row, losing 3.1 per cent across five sessions....
...Big music companies earn billions of dollars a year through royalty payments from streaming services and social media groups including Spotify, Apple and Meta....
...Podcasts, which Spotify put a lot of store in, have turned out to be a costly distraction....
...Spotify is 18 years old, provides the soundtrack to our lives and is still not profitable. Have a great week, Helen ThomasHead of Lex...
...“More and more of these developers are now finding that Apple is a competitor.” The EU has launched an antitrust case against Apple after Spotify made a complaint against it in 2019....
...The stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...Operating expenses were down 13 per cent from the same period a year ago, when Spotify lost €166mn....
...Like Netflix, Spotify is a well-known global brand. It is trying to balance subscription rate increases with competition from the likes of Amazon and YouTube Music....
...Despite its popularity — with more than half a billion users across the world — Spotify has long struggled to make a consistent profit....
...The decline accounted for roughly half of the 0.9 per cent fall in Wall Street’s S&P 500, according to Bloomberg data....
...A group of the biggest technology stocks, known as the “magnificent seven”, were down....
...Wall Street stocks hit a record high on Friday, with strong gains for large technology companies finally pushing the index to a new peak after a shaky start to the year....
...With modern technology, it’s easier than ever to make music from your bedroom....
...Its initial public offering in 2021 had sought to capitalise on investors’ growing enthusiasm for the music sector, which enjoyed a return to growth thanks to the rise of streaming platforms like Spotify...
...“Under the new terms, if we stay in the App Store and want to offer our own in-app payment, we will pay a 17 per cent commission and a €0.50 cent core technology fee per install and year....
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