Get the latest gossip
Music Stocks Midyear 2024 Report: Streaming Soars on Subscriber Gains, Radio Nosedives
Music stocks at midyear 2024 show Spotify and streamers up and radio down on an unfavorable advertising market, reflecting the industry's power shift.
So Spotify moved to become “relentlessly resourceful,” as CEO Daniel Ek put it, laying off nearly a quarter of its workforce and cutting many of its high-cost exclusive podcasts, including its deal with Prince Harry and Meghan Markle’s Archewell Audio. Anghami, based in Abu Dhabi, United Arab Emirates, managed a 2.9% gain and got a lift when video streaming platform OSN+ acquired a 55.5% stake in April. SiriusXM slipped 48.3% after it lost 445,000 self-pay satellite radio subscribers in 2023 and had slow uptake of its revamped, lower-priced streaming app launched in November.
Or read this on Billboard