Spotify (NYSE:SPOT) investors are benefiting as it joins the select few companies taking off today in what appears to be a stock-picker’s market. This move is tied to news around the Spotify Investor Day, which took place today.
As with earnings season, it’s now time for many companies to showcase what they’re working on. Whether it’s analyst days or investor days, companies are revealing their product roadmaps and growth outlooks in an effort to tell their story. After all, who better to lay out what a company expects on the horizon than the company itself?
On the heels of Apple’s (NASDAQ:AAPL) Worldwide Developers Conference, investors in a range of tech companies are getting the low-down on what companies are working on. For Spotify shareholders, perhaps the takeaways aren’t as earth-shattering as those provided by Apple. However, the company is working on some intriguing projects worth considering.
Let’s dive into a few takeaways from this year’s event.
Key Takeaways From Spotify Investor Day
- Spotify’s Investor Day focused on providing color around the company’s prospects for growth and monetization in the face of what could be a slowing economy.
- Specifically, the company highlighted growth in its podcast segment, which is home to 4 million podcasts.
- This is up from just 500,000 in 2019.
- Further growth is expected to come from on-platform distribution, something of a discussion point among investors.
- Bringing more podcasts in-house removes them from broader podcasting apps, reducing their reach.
- However, the company’s focus on podcasts suggests this business could grow even larger, given $1 billion of investments in this space.
- The company is aiming these investments at tools, ad tech, studios and development efforts.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.