Spotify Earnings Preview: Three Signals Point to Good Results

to be pandemic-resistant if not pandemic-proof. SiriusXM raised its guidance for self-pay subscribers from 700,000 to 800,000 its third quarter earnings on Oct. 22 -- “90% of what we originally projected,” said incoming CEO; when it announced second quarter earnings on July 29, SiriusXM told investors it would gain only 500,000 new subscribers.

Of course, Spotify and SiriusXM aren’t interchangeable. SiriusXM only covers the U.S. and Canada while Spotify operates globally, with each territory having its own economic trends. But both companies show the advantage of recurring billing; when CD sales were interrupted and falling ad spending devalued free audio and video streaming, the subscription model remained sturdy.

Vivendi explained away UMG’s second quarter drop on the pandemic’s effect on advertising. Since declines in March and April, brands have quickly increased their ad spending at Spotify, Pandora and broadcast radio company iHeartMedia, among others. SiriusXM’s third quarter earnings revealed Pandora advertising grew 43% from $211 million to $306 million. On that note, Morgan Stanley analyst’s Oct.

Spotify’s guidance for the third quarter is €1.85 billion to €2.05 billion , compared to €1.89 billion and €1.85 billion in the first and second quarters, respectively. Much is riding on Spotify’s ability to deliver gains; it is the music industry’s largest single source of revenue and a devout follower of the growth-over-profit approach. If Spotify can’t grow in 2020, what company can?

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