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The music streaming company Spotify a slowdown in the number of subscribers in the second quarter due to the new European Data Privacy Rules (GDPR), reports Reuters. The number of paying subscribers has increased by 10% and exceeds badysts' expectations, but investors worry about competitors from Apple and Amazon
More subscribers and income
Monthly paid subscribers who provide about 90% earnings rose to 83 million at the end of June from 75 million in the first three months of 2018. The average profit was 82 million
The figure of Business for the second quarter of the business rose 26 percent to 1.27 billion. euro, roughly in line with market expectations, according to the company report. Fifteen badysts polled by Thomson Reuters have forecast an average of 1.26 billion euros. Currency fluctuations continued to be a major hurdle in the last quarter. "During the second quarter, we saw GDPR disruptions in our European markets, but it seems that they have already been exceeded," the company said in a statement. The company had fewer users of the service, including announcements compared to the previous quarter, despite the annual growth of with 23% " If the delay persists, we will not meet our expectations, and this will become a source of concern, "said Barry McCarthy, Spotify's CFO quoted by Bloomberg .
Competition
The music streaming platform received a larger negative tax hit than expected, resulting in a loss of € 2.20 per share. Investors are ready to swallow it while the company continues to attract customers – an approach that has worked with rivals Amazon and Netflix.
Spotify is facing serious competition from Amazon, YouTube and especially Apple, whose music streaming service is expected to exceed Spotify for US subscribers over the next few months
