Spotify jumps after touting podcast potential at investor day
08/06/2022 16:33
** Shares of Spotify Technology SA SPOT.N rise 5.8% to
$115.77
** Co says at its investor day that the podcast business,
which is currently in investment mode, has the potential to
generate gross margins of 40% to 50% urn:newsml:reuters.com:*:nFWN2XV0UY
** With more than 4 mln podcasts, SPOT is number one podcast
destination in various markets including the United States - co
** Says monthly subscriber churn has declined by about 30%
over the last four years - co
** Sees margins of more than 40% from audiobooks - co
** As of Tuesday's close, stock down 53% YTD, compared with
a 24% drop in the S&P 500 communication services sector index
.SPLRCL
(Reporting by Yuvraj Malik)
((yuvraj.malik@thomsonreuters.com))