The audio giant reported second quarter gross margins that disappointed at 24.6%, missing estimates of 25.2% as the streamer spent big on non-music content.Īt the same time, monthly active users grew 19% year-over-year to 433 million, 5 million above guidance. Spotify shares have struggled so far this year, down nearly 65% year-to-date as investors weigh the company's larger profitability struggles. The move would put ByteDance in direct competition with popular platforms like Spotify, Apple Music ( AAPL), and Amazon Music ( AMZN). Currently, Resso is only available in India, Indonesia, and Brazil. Spotify stock ( SPOT) erased gains on Wednesday after a new report from The Wall Street Journal revealed that TikTok parent company ByteDance has begun talks with music labels to expand its music-streaming service, dubbed Resso.Īccording to the report, ByteDance wants to eventually integrate the service with social media juggernaut TikTok - a platform known for discovering new music and making songs go viral - as the company looks to expand the offering into more global markets.
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