Spotify’s CFO
Spotify, the world’s largest music streaming service, has announced that its chief financial officer, Paul Vogel, will be leaving the company next year. The news comes just days after the company revealed its third round of layoffs for 2023, which affected 6% of its global workforce.
Vogel joined Spotify in 2016 as the head of finance and investor relations. He was promoted to CFO in 2019, succeeding Barry McCarthy, who left the company to pursue other opportunities. Vogel was responsible for overseeing Spotify’s financial strategy, reporting, and operations.
According to a report by The Wall Street Journal, Vogel sold about $9 million worth of Spotify shares on Tuesday, December 6th. The sale occurred shortly before Spotify announced its quarterly earnings report on Wednesday, December 7th. The report showed that Spotify had added 6 million premium subscribers in Q3, beating analysts’ expectations and reaching a total of 500 million monthly active users.
However, the report also revealed that Spotify had posted a net loss of $1.2 billion in Q3, compared to a net income of $1 billion in Q2. The loss was mainly due to higher costs related to podcasting investments and content deals with artists and labels. Spotify also faced increased competition from rivals such as Apple Music and Amazon Music.
Spotify’s decision to lay off some of its employees was seen as a sign of its financial challenges and strategic shifts. The company said that it was reorganizing its business to become more efficient and streamlined. It also said that it was focusing on growing its podcasting segment, which has been one of its fastest-growing areas.
Vogel said in a statement that he was proud of his time at Spotify and thanked his colleagues for their support. He also said that he was looking forward to his next chapter as an independent advisor.
Wonderful Relationship
Spotify’s CEO Daniel Ek expressed his gratitude for Vogel’s contributions and wished him well. He also said that he was confident that Spotify would continue to innovate and deliver value to its users and partners.
Spotify’s CFO exit is another example of how the music industry is undergoing rapid changes due to technological advancements and consumer preferences. As streaming services become more popular and diverse, they also face more challenges and opportunities in terms of monetization, regulation, and competition.
What do you think about Spotify’s CFO leaving the company?
