It's doubtful that Apple will just ignore this move. Spotify is only letting users purchase audiobooks from a web browser. This circumvents Apple's hefty take rate for purchases made from within an iOS app. Speaking of audiobook downloads, we can't forget about Apple. But it will still be interesting to see how Amazon responds. Spotify's audiobooks are purchased individually, so this may attract different sets of users. However, it also creates new competitive challenges against top technology companies, including Amazon and Apple.įor Amazon, it offers an audiobook subscription service, and its Audible platform dominates the market. Therefore, this does provide the company with a new growth opportunity. Management is excited because the audiobook industry is growing 20% annually. Looking ahead to how it can gain and retain new users, Spotify launched audiobooks in the U.S. podcaster Joe Rogan apologized and pledged more balance on his show amid a backlash against COVID-19. 'The forecast for next year is for earnings to grow in mid-single digits,' he said.All of this said, it seems like Spotify stock was down in September mostly because the market had a rough month. Spotify shares rebound after Joe Rogan apology, Citigroup upgrade. Whats driving the turnaround, and can investors expect it to.

However, he cautioned that energy companies had been having an outsized impact on the overall numbers. A few rough months for the stock and credit markets have turned into a summer rebound. Mr Donnelly said earnings for the second quarter were encouraging with improved numbers over the season. Please review their details and accept them to load the content. We need your consent to load this rte-player content We use rte-player to manage extra content that can set cookies on your device and collect data about your activity. There's still a huge amount of uncertainty,' he warned. 'Investors are less bearish rather than being bullish about the outlook for next year. 'It wasn't a question of glass half-empty or glass half-full. However, one analyst cautioned against reading too much into the July rebound.Īidan Donnelly, Head of Equities with Davy said there had been a sea-change in attitudes among investors but it was coming on the back of market sentiment that had turned very poor. There had been a slight rebound in markets in July from the massive sell-off in the first half of the year, mainly in response to the pace of interest rate hikes globally. The fall at the end of last week came as traders assessed the pace of interest rate hikes aimed at cooling soaring inflation. Stock markets rebounded across Europe at the open today as indexes steadied after snapping two weeks of gains on Friday.

Spotify stock rebound