paul vogel spotify salary

Thanks, operator, and welcome to Spotify's Fourth Quarter 2022 Earnings Conference Call. We're not going to quantify the savings. Could you give us an update on your ticketing business? This 20-month MBA program equips experienced executives to enhance their impact on their organizations and the world. As such, we expect another quarter of decelerating growth in Q4, but we continue to remain confident in the long-term potential of the [ad-supported] business. I do think you'll see '23 being -- we'll be more efficient with our marketing spend into 2023. He Tweets with manic intensity at @FrederickMelo. Investors remain skeptical that podcasting is a good business and that it has meaningfully moved the needle for Spotify. But things change, and the macro environment has changed significantly in the last year. Despite Spotify's market leadership position and immense scale with 456m MAUs, they have struggled to generate consistent operating profits. So, we do expect that Q1 will be the low point for gross margin, and we do expect for it to improve throughout the year, with hopefully a nice trajectory heading out of 2023. And that's a constant dialogue that we're having with our label partners. And what do you see as the path forward with your music label partners on this topic? So, we expect that to improve and improve throughout the year. Next question comes from Mario Lu on operating income. Spotify has struggled to gain traction in the public markets, falling 44% from their IPO price in April 2018 and 66% in 2022 alone. "We want to make our platform the de facto platform for podcasts for Spotify users," Spotify's CFO Paul Vogel said on an investor call. I am not receiving compensation for it (other than from Seeking Alpha). I think what we said in my outset is we expect really strong growth. And that will be a big improvement from prior org setups. Essentially, Spotify is a lot more complex of a business than it was several years ago. That being said, is there a rough time line with regards to when we should expect overall operating income to reach breakeven? Well, we've been making many investments. An interdisciplinary program that combines engineering, management, and design, leading to a masters degree in engineering and management. Other acquisitions by Spotify include Findaway, a digital audiobook distributor, as well as Greenroom, a live chat audio app similar to Clubhouse all of which leads to user growth, better engagement, more time spent, higher lifetime value, and thats sort of how we think about the business," Vogel said. Paul Vogel is the Chief Financial Officer at Spotify. In short, the main bear case for Spotify has always been that while it may be a good "product", it is not a good "business" or "investment". Until then, I'll likely pause adding to my position. WebPaul Vogel Phone Number Found 5 phone numbers: View Paul's Email & Phone (It's Free) 5 free lookups per month. I'll take this and feel free to chime in, Paul. Moving to premium. And obviously, the big sort of counter to that would be does it mean that you can sustain yourself or is it more one-hit wonders? The company invests heavily in research and development to improve that playlist experience an investment it hopes will deliver advantage in a highly competitive market. So even within Q4, it was pretty up and down. But the trend is the same, which is the longer they stay, the more likely they are to convert. And what is the projected path to contribution? CEO Daniel Ek and CFO Paul Vogel Break Down Q2 Earnings in Latest Episode of Spotify: For the Record. And that's the plan we're tracking consistently against. So far, the bears appear to be winning. And so, to have both Gustav and Alex help me in the day-to-day in this much more complex business, I think, will materially mean that we'll have more brains thinking about these things. spotify usa inc. spotify technology. In some markets, we're mostly focused on growth. Another question from Benjamin Black on pricing. And as a result, now we have 5 million creators on Spotify, so a massive increase in the number of people who are creating podcasts, you being one of them. And while it's too early to provide any guidance with respect to 2023, we do expect our profitability rates to improve relative to 2022 as we grow revenue, lap certain investments and deploy capital more efficiently. 1 global streaming audio player, and that means having everything, as much as you could possibly think [of], in audio.. spotify usa inc. We try to draw these linear dots, but that's not how the world works. Yes, I can be quick now. And since we're not committed to rolling that out, I don't really have much of a sort of comment, but to say that overall, we're committed to creating the best audio experience for consumers and creators in the world. We want to have a billion users, Paul Vogel, Spotifys chief financial officer, told attendees at the 19 th annual MIT Sloan CFO Summit last month. But I think the most important thing to perhaps note is that much like platforms and media, one of the most interesting changes that's been happening is obviously, that people's music taste is becoming more personalized. Like I said, we slightly outperformed in Q4, and we'll see how the year unfolds. We look at all the trends, and we try and understand how big these things could go. Noting continued growth in the smartphone market, Vogel said it was reasonable to assume that streaming will continue to grow as well. A huge part of that, especially for the music audience is obviously touring. Sometimes it is increasing the revenue per user. And there are certain shows that work really, really well for us, and there shows that didn't perform as we expected. But going forward, we will do it with an intense focus on efficiency, and that marks a pretty big shift in how we will act. All right. And the number of users on our platform that are consuming, podcast keeps growing as well. I don't think from a strategy point of view that it will differ all that much from Dawn's. So we've seen really strong trends in general across all of podcasting. As Alex takes on responsibility as Chief Business Officer, how should we think about his priorities and leadership for content and advertising, how those might differ from Dawn's? Now there are more than 6,000. If not, does this give Spotify increased confidence to take price? And obviously, social could be a meaningful driver of creating an even stickier and more engaging experience. Bears point to Spotify's lack of gross margin expansion since IPO due to high dependence on record labels like Universal Music Group (AMS:UMG), lack of consistent operating profitability, and a management team that cares little about representing shareholder interests. WebPaul Vogel, Spotify CFO, joins 'Closing Bell' to discuss the company's latest quarter and how his business differs from Netflix. I would say, first thing is I think you can expect to see a meaningful improvement in the operating loss in '23 relative to '22. He confirmed that Spotifys annual podcasting revenue grew by more than 300% to For example, large-cap tech peers which derive a large portion of their revenue from advertising also reported weaker-than-expected Q3 results, including Alphabet (GOOG) (GOOGL), Meta Platforms (NASDAQ:META), and Snapchat (NYSE:SNAP). That's been one of our -- things that we need to speed up when we look at sort of the internal feedback. We had strength, family plan and Duo plan. If you need more lookups, subscriptions start at $39 USD/month. When combined with our better gross profit, our operating loss was ahead of guidance by EUR 69 million. I think you classified 2022 as an investment year. As such, if Spotify is able to acquire customers that are valuable in the long-term (i.e., have a high customer lifetime value), it makes sense to be more aggressive with S&M investments to gain market share and strengthen their MAU lead over competitors like Apple (AAPL) and Amazon (NASDAQ:AMZN). And then you can chime in because I think some added context here might be pretty good as well. What types of products are being invested in? Yes. And as people's music taste becoming more personalized, you're seeing two things happening. Entering text into the input field will update the search result below. $50 k. $61.5 k. $73 k. $50,119. And over time, that will translate into business opportunities for Spotify as well. I think there's -- look, there's a number of factors that are going to -- that improve gross margin. So, we are shifting to focus on tightening our spend and becoming more efficient. Spotify has 400 million users, and its goal is to get to a billion. For the last four years, hes Reported results were aided by a 600-basis point currency benefit. And as that's happening, their retention increases. In Q3, Spotify reported 20% YoY growth in total MAUs from 381m to 456m (vs. guidance of 450m) and 13% YoY growth in premium subscribers from 172m to 195m (vs. guidance of 194m). Hunting for a portfolio of 15-20 disruptive growth companies that can generate 15%+ IRRs over the next decade. How would you think about 2023 net adds for MAUs and premium subscribers relative to your performance in '22? Pracownia Jubilerki Is this an area of focus? NASZYJNIKI ASTRA Z KAMIENIAMI URODZENIOWYMI - TERAZ -15% , Mokave totake rcznie robiona biuteria. We feel good about the guidance for Q1 and how we're trending. Vogel, who was interviewed byCharles Kane,a senior lecturer in Global Economics and Management at MIT Sloan, described how Spotify experimented with its service offerings before settling on a freemium subscription model. So, to put things in context, in 2022, we increased our price point in more than 40 markets around the world. Click to share on Facebook (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), Submit to Stumbleupon (Opens in new window), Melvin Carters Cabinet is most diverse in St. Paul history. Looking ahead, we are pleased with our momentum into 2023. Before we begin, let me quickly cover the safe harbor. How this CEO followed her curiosity to success, AI-boosted resumes increase the chance of being hired, Intel CEO on bringing chip manufacturing back to US. Share. Is audio books as a category working? In this article, I present my thoughts on Spotify's latest Q3 2022 results. And the management changes really had nothing to do with the change of strategy in podcasting. It adds the benefit that it makes our business more defensible because now it is meaningfully contributing to our advertising story. ), Norman Quack's Chophouse closes its Stillwater location, Charley Walters: Way too early to judge Vikings' pick of Jordan Addison, 'Forever chemicals' exacerbate water issues in Lake Elmo, development still on pause, 'Smiley-face killer' theorist accused of St. Paul sex assault at time of Zamlen search, Do Not Sell/Share My Personal Information, Chief Innovation Officer Tarek Tomes, $160,000, Chief Equity Officer Toni Newborn, $127,000, Chief Resilience Officer Russ Stark, $108,000, Director of Intergovernmental RelationsThaomee Xiong, $108,000, Naomi Alemseged, constituent outreach coordinator, Ikram Koliso, outgoing policy associate, will be the new college savings account program manager, Noel Nix, deputy director of intergovernmental relations and community engagement, Joan Phillips, executive assistant to the mayor, Christine Rider, senior aide to the deputy mayor. Okay. We're definitely the latter. Continued investments to build out their podcast/audiobook digital infrastructure. They're trying to engage more with that audience, and we're obviously trying to help them monetize that audience even better. I wrote this article myself, and it expresses my own opinions. Another question from Matt Thornton on margins. You've seen it show up in both gross margin and on the operating expense line, and we expect to see improvements as we move into 2023. Recent estimates show that HBO Max and HBO combined have more than 40 million subscribers whereas Netflix has more than 200 million subscribers. Turning to gross margin. Thanks, Paul. four years ago, we entered into podcasting. Ward 1 convention ends in walk-out, no endorsement after grueling 9 1/2 hours, After six decades of arts education, founder of St. Paul-based ArtStart to retire, Reporter who fled Taliban now writes for fellow refugees in St. Paul, make St. Pauls city leadership more racially and ethnically reflective, Jason Sole director of the mayors Community-First Public Safety Initiative said he was forced to resign, Why hemp farmers worry about MN legalizing cannabis, Five questions Wild must answer this offseason, Minnesota Senate passes bill to legalize recreational marijuana, For sale: A green thumb's house on Summit Avenue (with a conservatory! A full-time MBA program for mid-career leaders eager to dedicate one year of discovery for a lifetime of impact. I'll just once again want to reiterate my confidence in the business now as we're entering the next phase. While the company has historically had better revenue growth and better margins on the premium side, Vogel said, at least 60% of subscribers have come on board to Spotify by signing up first for a free subscription. Its limited literally to imagination and how big you think it could be., Read next:Digital transformation after the pandemic. What to watch: Next quarter, Spotify expects its gross profit margins to continue to improve slightly to 25.5%, which should sit well with investors. As we previewed last quarter, free cash flow was negative in Q4 due primarily to timing shifts around certain payments. Travel the world to capture moments and beautiful photos. Grounded. And the other change is that unlike in the early areas of streaming, we're seeing a notable increase in local repertoire. However, to be clear, this doesn't mean we're changing our strategy. Sometimes it is increasing our margin per user and sometimes it's all of the above. And with that, I'll hand it over to Paul to go deeper into the numbers, and then Bryan will open it up to the Q&A. As Daniel said, we're going to be more efficient. Spotify have hired their new Chief Financial Officer, plucking from their existing team someone they trust. Given many of the adjustments we made at the start of 2023, including our decision to reduce our workforce by 6%, we see our operating expenses growing slower with a material improvement in our operating loss compared with 2022. Fifteen years ago, Spotify was founded as a go-to destination for music lovers, a place where users could stream whatever tunes they wanted without having to buy them. So, we're encouraged because we think fundamentally that audio books has a massive opportunity and that there are very few consumers that are currently participating in the ecosystem. Improving the number of contents, we have on our platform, improving the tools for creators and consumers alike, and that has led to better acquisition, better retention of the consumers really across the board. But our strategy is to be an open platform, and we want to enable as much as possible, and we are very partner-friendly when we're doing so. And of course, the better the engaging experience, we make the more likely they are to stay. Today, the book market is worth $140 billion with audiobooks just a small fraction of that, he noted. So, I think the -- there is a lot more artists that are mattering now than perhaps ever before. And I don't have anything specific to announce at this point, but we are constantly discussing with our rights holder partners around various price increases that we would be doing. So, I look forward to sharing more about our evolution and all the things that we're building at our upcoming Stream On event on March 8. So, we had really strong Marketplace growth overall in 2022. We think it's going to reduce friction and improve conversion over time. We've got another question from Doug Anmuth on marketing. 90 318d, Administratorem danych osobowych zbieranych za porednictwem sklepu internetowego jest Sprzedawca (Jubilerka Pola Chrobot). You typically see MAU to Premium subscriber conversion in the 12 to 18-month range. Is this happening to you frequently? Vogel said that a mistake hes seen people make in the media space is using old paradigms to understand where businesses and markets are heading. It was pretty broad-based across most of the divisions within Spotify. We've set up a new org structure that streamlines decision-making and prioritizes speed and efficiency. Still early days in terms of how it's impacted at this point. And that is a big shift, but it is also what we said during the Investor Day in June. But I feel, candidly, that -- we're in a better position competitively than we've been in many, many years. My only addition to that would be, again, to note that much of the investments we've been making over these past few years that culminated in 2022 was making platform improvements. All right. If youre going up against those three, you better do something thats better, and not just a little bit better, but materially better. User growth was very strong in the quarter. So, we had kind of lowered expectations coming into Q4. And during 2023, you'll see a lot of new things roll out in the audio book category from Spotify. How did you track versus expectations? Paul Vogel, Spotfiy CFO, joins Closing Bell to discuss. Smart. So, in Q4, we outperformed our expectations. Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world. Reconciliations between our IFRS and non-IFRS financial measures can be found in our letter to shareholders, in the financial section of our Investor Relations website and also furnished today on Form 6-K. And with that, I'll turn it over to Daniel. However, such a slowdown in ad-supported revenue is not isolated to Spotify but is rather a function of weakening macroeconomic conditions. Our next question is going to come from Michael Morris on music economics. It's roughly 600 employees that were affected. Kolekcja Symbols toukon wstron pierwotnej symboliki ijej znaczenia dla czowieka. Surowe iorganiczne formy naszej biuterii kryj wsobie znaczenia, ktre pomog Cimanifestowa unikaln energi, si iniezaleno. While Spotify's lack of consistent operating profitability is undeniably frustrating, I am not overly concerned for the following reasons: First, Spotify is in no danger of a capital raising with consistent positive free cash flow and a fortress balance sheet consisting of 3.7b cash, cash equivalents, and short-term investments. Search Others Named Paul Vogel Paul Vogel Now what you're probably asking underneath all of that is that it's been a drag on the gross margin side. Good morning, and welcome to Spotify's Fourth Quarter 2022 Earnings Conference Call and Webcast. Spotify's Q4 guidance for MAUs and premium subscribers was strong, forecasting 479m MAUs (+5% QoQ; +18% YoY) and 202m premium subscribers (+4% QoQ; +12% YoY). And so, we feel good about that and where the tech is going, and then it's really going to somewhat depend on just how the macro rolls out over time. The main drivers of gross margin compression for Spotify were: While Spotify's poor ad-supported gross margins are easily attributable to the launch of new products and being in an "investment supercycle" (note: this also occurred during 2020 and caused a temporary suppression of gross margins), it is concerning to see the medium-term plateau in Spotify's premium gross margin, which is suggestive of reduced bargaining power with suppliers (i.e., the record labels). You're seeing a lot of Polish music being very impactful as well. Joining us today will be Daniel Ek, our CEO; and Paul Vogel, our CFO. It is also so that from a competitive lens, when we've added this content, what we're seeing is that consumers are not just consuming music on the platform, but they're consuming music and podcast to a great extent. So generally, our approach when we're early in a market is to try to grow the number of participants on the platform. What do you think? Spotify Gross Margins (Spotify Q3 2022 Shareholder Deck). WebSpotify corporate office is located in 19 Regeringsgatan, Stockholm, Stockholm, 111 53, Sweden and has 4,211 employees. Spotifys new hire for Chief Financial Officer comes Spotifys freemium model provides dual benefits to the company. Spotifys foray into podcasting with its purchases of Gimlet and Anchor was a bit risky at the time but is now paying off, given that theres been so little innovation in podcasting, Vogel said. All right. Netflix, which had never existed before, was often compared to HBO, which turned out to be an inaccurate comparison, Vogel said. It is opening up the platform so that creators have as much choice as possible in choosing whatever options they want to do. Thank you for your participation. Please go ahead, Mr. Goldberg. Szybki kontakt z administratorem: kontakt@mokave.pl. All right. And again, we feel that product has a lot of momentum behind it as well and expect good things in 2023 as well. When combined with our increased focus on speed and efficiency, we are confident in our ability to continue our double-digit top line trajectory in conjunction with improvements in profitability. The major player in podcasting had been doing it for 20 years and was considered the sort of unassailable leader. Number of employees at City of St. Paul in year 2021 was 4,488. This lack of consistent operating profitability is clearly testing the patience of some investors, particularly after Daniel Ek's recent guidance for 20% long-term operating margins at their 2022 investor day. Okay. It's hard for people to understand when they're looking at us because it looks like it's an inferior product or an inferior strategy. And given the timing within quarters, we may see free cash flow turn negative in Q4, but we still expect to be free cash flow-positive for the year and moving forward. Okay. And so, it's been uncertain. Spotify (NYSE:SPOT) is the largest global audio streaming platform with 456m monthly active users (MAUs) and 195m premium subscribers. So that's going to be a net positive as more and more of the revenue starts shifting to those categories. I imagine in five to 10 years we will have 10,000-plus employees, he says. So, we don't go through all of them. We want to be the No. Do you expect any change to that conversion or to churn given the large MAU cohorts over the past couple of years? Gross margins continue to be the "Achilles' heel" for Spotify and came in at 24.7%, well below their internal guidance. So, marketing was under Alex preview previously, but not advertising and not content. So I'd say at a high level, we still remain very confident with the margin profile and margin guidance we gave at the Investor Day. By the numbers: Spotify said that 25% of its total monthly active users engaged with podcast content in Q4, up from 22% in Q3 2020. So, while reported revenue was a touch below forecast, our organic growth on a currency-neutral basis modestly outperformed due primarily to advertising. So, no specific guidance, but yes, there was a big ramp in 2022. Avid Photographer. We've got a follow-up question. Please. So, by the end of the year, we had more than 100 million tracks on our platform and more than 5 million podcasts and more than 300,000 audio books being enjoyed by almost 0.5 billion listeners. What is the salary of Mr Vogel? Sienkiewicza 82/84 I would say, in general, I think we're just overall, very excited about the opportunity. However, a notable call out in the quarter was our eighth annual Wrapped campaign, which was a big contributor to our Q4 success, and we broke all sorts of records and reached several all-time highs with an increase of over 30% in user engagements. And with that, I'll hand things back to Bryan for Q&A. Okay. She requested a leave of absence from the mayors office from January to June to focus on the Legislative session. One of the big things we're seeing is users are asking us, help me find more great things to go watch. Third, Spotify is currently in the midst of an "investment supercycle" with high R&D spend to build out new products (e.g., ad marketplace, live audio, podcasts, audiobooks), which should theoretically result in a better customer experience, leading to lower churn and higher pricing power. Does Spotify need to figure out music discovery knowing that TikTok appears to be ramping up to launch a music subscription service in the U.S. and Europe later this year? He reminded analysts Spotify decided to proactively reduce its hiring growth rate by 25% in the third quarter, which Billboard reported on June 15. And so, we're excited about user choice building. Well, we do a lot of experiments on the product side in many different areas. As Daniel mentioned, we are entering a new area with even more focus. They -- if Spotify does well in the market, it generally increases the revenues for the labels as well. However, given Spotify's rapid ascent to become the global leader in audio content and Ek's high inside ownership, I'm inclined to back him to execute and reclaim Spotify from the depths of "stock market purgatory". Users can either pay for the streaming service and listen ad-free or choose to sign up for a free subscription and listen to ads. Such investments have continued (or even accelerated in the case of Meta Platforms) despite substantial public pressure from investors/analysts to cut costs. So, we'll get some of the leverage on top of that investment in 2023, along with higher revenue growth and more gross profit dollars. Year-over-year churn, though, was pretty consistent with where it was at this point last year. But the separate part is on the user side, the same is true as well. I publish additional articles on my substack:https://jordanmartenstyn.substack.com/Feel free to reach out on Twitter to collaborate and discuss ideas! So, net, net, I think we went from being almost nowhere four years ago to now being the leader in many markets around the world in this space. While part of me admires Ek's courage to stay the course on his long-term strategy despite changing market conditions, another part of me is becoming increasingly frustrated with Ek constantly pushing back the timeline for meaningful gross and operating margin expansion. Spotify trades at its lowest EV/revenue multiple since its IPO in 2018, reflecting investor scepticism around its business model. Fourth, Daniel Ek acknowledged in the Q3 earnings call that the hurdle rate for new investments would increase going forward, so we should expect to see spending moderate in 2023: But I also want to reiterate that we're keenly aware that this is an uncertain time and the cost of capital has increased. Okay. And if anything, thanks to our position in users and subs, this should allow us to both increase revenue per user over time as well as improve our stickiness with consumers even more. I'm from Doug Anmuth on subscribers. I would say, in general, any time we're growing MAUs, the way we are, it's always a really good sign of the business, the health of the business and the health of the future subscriber growth for Spotify as well. Our revenue grew 18% year-on-year to approximately EUR 3.2 billion in the quarter. So even with the strong growth, we're not seeing any uptick in churn at all. Non-degree programs for senior executives and high-potential managers. So that's still the plan. As the Chief Financial Officer of Spotify Technology S.A, the total compensation of Mr Vogel at Spotify Technology S.A is Large increases in both research and development (R&D) and sales and marketing (S&M) costs over the past four quarters. So that's our general approach. We will continue to work to build the platform of the future, and that will take investment in new opportunities that we outlined like podcasts and audio books. Growth in the quarter was lower than forecast due mainly to currency movements and to a lesser degree, lower marketing spending. While other entertainment streaming platforms like Netflix (NFLX) appear to be fast approaching peak subscriber saturation, Spotify's user growth has either remained flat or accelerated over the past few quarters. Can you help them understand why you believe in the investment to date, especially in the context of your recent management changes? And I think that's a sign of maturity that you go for the growth first and then you seek the efficiency. And I know some investors don't believe that we're serious about it, but hopefully, my remarks today shows that we are really, really focused on driving efficiency going forward. However, we'll need to wait until next quarter for concrete guidance on margins. Thanks, Daniel, and thanks, everyone, for joining us. Yes. This concludes today's conference call. Thank you, everyone, for joining us. We're going to be more thoughtful about all of our spending into 2023. Obviously, on the MAU side, '22 was a real outlier in terms of how much we outperformed. Yes, the podcast reaching breakeven within several years. Again, as Daniel mentioned, we invested a lot in 2022. But we feel pretty good about the improvements we made in the platform already. We want to be the All right. Gross margin of 25.3% was above guidance by 80 basis points due primarily to lower podcast content spend, along with broad-based favorability in our core music business led by strength in Marketplace.

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