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Spotify shares plummet as company’s core financials suffer

There are signs that analysts and investors could be losing confidence in the streaming service giant...

Spotify
Spotify

Despite recently reaching a record 87 million users, Spotify has fallen below listing price for the first time since going public in April.

The Stockholm-based music giant fell to a record low $126.75 on Monday 13th November, before ending the day at $131.31.

Some tech companies have pointed out that the weakness across technology in general has contributed to this, and the Dow Jones has also gone down - but Spotify doesn’t seem to be recovering at the same rate as the rest of the market.

The news comes after various executives have been leaving the company, while the streaming service has also lost three major markets to Apple Music - namely the US, Canada, and Japan.

It was announced earlier this year that artists would be able to upload tracks directly to Spotify for free.

 

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