Spotify’s podcast reorg cost $57mn

Visit https://podnews.net/update/spotify-financials-q223 for all the links, and to get our newsletter. Spotify released its financials for Q2/23. Monthly Active Users grew 27% to 551mn. Paid subscribers also grew 17% to 220mn. The company lost US$272mn in the quarter. Part of that loss was $45mn in "content asset write offs and contract termination and related costs in connection with rationalizing our podcast content portfolio", and a further $12mn in "severance charges incurred primarily in connection with streamlining our podcast operations". Podcast ad revenue was up 30+% year-on-year, "with sold impressions across Original and Licensed podcasts and the Spotify Audience Network hitting an all-time-high, partially offset by softer pricing." Podcasts showed improved profitability. In further reading about Spotify's results: Variety claims that Spotify Podcasts's High Growth Era Is Probably Over, using data from Edison Research that appears to show a slight dip in spoken word's share on the platform. Podcasts account for 1 out of 5 hours consumed on Spotify. Karen Kwok from Reuters suggests that Spotify is locked in contract negotiations with major labels; and it's beneficial for them not to sound too positive about the future. Lining up against Spotify and Audible, an audiobooks app which promises to share its profits with independent bookshops has been launched internationally. Libro.fm also offers monthly memberships. Classifieds - your job or ad hereHow Huberman Lab & Pod Save America make 💰 — The world’s highest-earning pods partner with Supercast to offer subscriptions on their terms, under their brand. Our top 10 podcasts gross $18M+ in subscription revenue. 👋 ✉️: hello@supercast.com👀 A simple way to get more podcast downloads 👀 — Click now to find out what search terms people type on Spotify and Apple Podcasts to find top ranking shows in your niche. Add them to your own titles and start ranking for these words too!🌈🦄Podium: The BEST AI for podcasters🌈🦄 — Supercharge your podcast with AI show notes, chapters, and more. "Podium easily saves me over $150 per episode." —Derek 🔥 GET 3 FREE HOURS 🔥 Also, we use unicorn emojis. Proof, we're the best.Podcast Editing Made Easy. Podnews 3-Month Trial! — +DISCOUNT! Save time editing your podcast with Hindenburg PRO. Automatic sound leveling. Simple powerful turn dial noise reduction. Secure offline transcription. And more...🏕 SAVE BIG: Prices is going UP TONIGHT 📈 — for Podcast Movement 2023 this August in Denver. Don't miss the podcasting event of the year, at the lowest pri