The list goes on and on. All of these companies have laid off staff. Spotify laid off 200.
I’ve never liked the subscription pricing model and have avoided all of these services. I can’t afford hundreds of dollars a year on things that aren’t staple items.
Hollywood accounting. None of them make a “profit” because they’re taxed on profits. Now it’s possible that they really are losing 180 million (a lot of startups like uber coast on investors with the assumption they’ll turn a profit at some point) but I wouldn’t take their word at face value.
There is a weak defence to be made that they have never raised prices. In the context of our current situation this is just more profiteering.
Salesforce, up 24% https://www.salesforce.com/news/press-releases/2022/05/31/q1-fy23-results-update/
Spotify up 14%, 2.8 billion in profits https://newsroom.spotify.com/2023-04-25/spotify-reports-first-quarter-2023-earnings/ Edit: Wrong facts by me here as others pointed out. Spotify is in the hole a few hundred million. Maybe rise is justified? Idk. votes 30/1 at time of edit in case you’re curious.
Apple, 100 billion in Q2 2023
The list goes on and on. All of these companies have laid off staff. Spotify laid off 200.
I’ve never liked the subscription pricing model and have avoided all of these services. I can’t afford hundreds of dollars a year on things that aren’t staple items.
Not to shill for Spotify, but the very link you sent shows they made 3 billion in REVENUE, not profit. They actually lost 180 million dollars.
My guess - these price rises are because the VC tap is getting turned off
Hollywood accounting. None of them make a “profit” because they’re taxed on profits. Now it’s possible that they really are losing 180 million (a lot of startups like uber coast on investors with the assumption they’ll turn a profit at some point) but I wouldn’t take their word at face value.