An uptick in music streaming helped boost Spotify's top line during the first quarter this year as the company gained more subscribers during the coronavirus pandemic.
The Swedish music streaming company, listed on the New York Stock Exchange, reported a 22 per cent rise in revenue to €1.84 billion (Dh7.34bn) as the number of premium subscribers surged 31 per cent to 130 million, the company said in a statement on Thursday. Total monthly active users have also increased 31 per cent to 286 million.
“Despite the global uncertainty around Covid-19 in the first quarter, our business met or exceeded our forecast for all major metrics,” the company said. “For the second quarter and the remainder of the year, our outlook for most of our key performance indicators has remained unchanged with the exception of revenue where a slowdown in advertising and significant changes in currency rates are having an impact.”
The company recorded a third consecutive year-on-year growth in monthly active users (MAUs) above 30 per cent. Growth in North America accelerated for the second straight quarter “led by outperformance in the US" while Europe - the company's largest market - also performed well. Latin America and the markets classified as "Rest of World" continued to see the fastest growth, with those segments growing 36 per cent and 65 per cent year-on-year respectively.
“We continue to be excited by the growth trajectory and adoption of podcast content globally,” the company said.
“While the current environment has shifted listening patterns temporarily, nothing we have seen changes our long-term view of the potential for podcasts. Today, 19 per cent of our total MAUs engage with podcast content, up from 16 per cent in the fourth quarter of 2019, and consumption continues to grow at triple digit rates year-on-year.”
For the second quarter, Spotify expects to see 289 to 299 million MAUs while total premium subscribers could number between 133 to 138 million. Total revenue is estimated to be in the range of €1.75bn to €1.95bn.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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Range: Up to 610km
Power: 905hp
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UAE currency: the story behind the money in your pockets
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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The specs: 2018 Renault Koleos
Price, base: From Dh77,900
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Power: 170hp @ 6,000rpm
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Fuel economy, combined: 8.3L / 100km
Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
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HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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