On one end of the spectrum are digital services such as Spotify that likely escaped unscathed; concert promoters, with touring suspended through the entire quarter, suffered unprecedented losses and have prepared for blank slates the rest of the year.
2) The publicly traded promoters' second-quarter earnings will reveal the coronavirus's impact. With enough liquidity to survive 2020, promoters' bigger challenge is 2021. After a torrential rally, Spotify's share price closed Monday at $272.82, up 82.4% for the year but 9.0% below the high of $299.67 reached on July 22. Investors' ringing enthusiasm stems from a string of podcast deals with the likes of. The run-up was mostly anticipation for future benefits of an aggressive push into podcasting.
: up 17% year-over-year but, more importantly, down sequentially from $462 million to $454 million in the first quarter.
Spotify kicks off an earnings season like no other: What to watch for as music biz lays out pandemic’s impact
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