Shares of the global platform, headquartered in Sweden, are down more than 12%.
The latest financials follow news yesterday ofprice increases.
We felt the timing was right, said Ek today.
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We have expanded content offering and enhanced user experience and [are seeing[ lower churn than ever.
Net additions of 36 million were 21 million ahead of guidance and an all-time high for the company.
We are in a different climate, in that busness, said Ek.
Four years ago we had very little data to back up our decisions.
We had a chance to break in [and] overall it was the right bet to make.
And some are good, but we probably overpaid.
Ek wasnt asked and didnt comment on Spotifys split withPrince HarryandMeghan Markle.
The streamer and the Sussexs companyArchewellended their three-year, $20 million deal inked in 2020that produced the podcastArchetypes.
In June,Spotify inked a podcast deal withDaily Showformer host Trevor Noahto launch later this year.
