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Global Business Review Magazine
Saturday, June 10, 2023
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Spotify results beat estimates as more users tune in

Spotify launches podcast to challenge Apple

Spotify, which launched its services in 86 new countries in the quarter. United states, Mexico, Russia have shown growth and India offset lower-than-expected growth in Latin America and Europe. Wall Street estimates for first-quarter revenue and paid subscribers’ rate has been beaten by Spotify Technology.

User growth in countries such as the United States and India has been drastically increased for the music streaming company. The company has expanded in newer markets also. When compared to last year, the company’s revenue, were up 21% to 158 million. This is most of all accounted by the premium users.

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Revenue rose to 2.15 billion euros for the three months, beating the expectation of analysts’ 2.14 billion euros. When compared to last year it was, 1.85 billion euros. 157.5 million paid subscribers are expected averagely in this company by analysts. IBES data from Refinitiv shows these data.

This is one of the world’s most popular music streaming service. This has now recently boosting its podcast business. It has challenged a similar service unveiled by Apple. Its launch has given a paid subscription platform for podcasters. The monthly active users’ percentage has also drastically increased from 24% to 356 million.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BoC sets rates to two-decade peak with room for more
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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