Spotify Q2 Financial Earnings

Spotify has announced its second quarter financial results, showing a 22% increase year-over-year (Y/Y) in Total Monthly Active Users with 365 million which was below expectations. Premium subscribers also saw a 20% increase Y/Y, reaching 165 million which was ahead of what was forecasted.

“Q2 was a strong quarter for Spotify overall, with the majority of our major metrics performing better than expected,” says Spotify CEO and founder Daniel Ek. “While MAU growth was softer than expected in the first half of the year, we are seeing that trendline reverse and all the leading indicators show that we are back on track. By accelerating our pace of innovation and investing for the long term, we continue to cement our standing as the preferred audio platform around the world.”

Revenue experienced a 23% growth Y/Y which fell toward the top end of guidance range due to significant advertising strength and subscriber outperformance. Spotify’s advertising business also accelerated, seeing a 110% increase since this time last year.

This quarter there was a strong trend for podcasts on the platform. Podcast consumption was up 95% Y/Y in aggregate and over 30% on a per user basis. The share of overall consumption also reached an all-time high.

View the full earnings report or see the infographic.

The Nashville Symphony and the Nashville Musicians Association, AFM Local 257, have announced the ratification of a new contract for the orchestra musicians going into effect Aug. 1, 2021. Under the new three-year contract, the musicians will return to full-time work in September, beginning with a performance of Beethoven’s Fifth Symphony on Sept. 11 at Ascend Amphitheater.

Much of the new contract is a modified version of the former agreement which locked in musicians for four years, expiring in 2022. As the Symphony rebounds financially from COVID, the musicians’ annual compensation in the first year will be cut 7% from their salary in the year leading up to the pandemic. In the second year of the new agreement, compensation will return to pre-pandemic levels, followed by a 6.25% increase in the third year, which will nearly return the musicians to the salary level that would have been reached at the end of the former agreement in 2022.

“We are profoundly grateful to the musicians of the Nashville Symphony for their collaboration and cooperation in reaching this agreement,” says Pamela Carter, Chair of the Nashville Symphony’s Board of Directors. “While the past year has been extraordinarily challenging for our entire organization, we recognize that it has been especially difficult for our musicians. This agreement represents the most essential step in the orchestra’s reemergence, as it enables the musicians’ return to the stage, while at the same time ensuring that the Nashville Symphony can remain sustainable and continue to serve our community for generations to come.”

In addition to establishing annual compensation levels, the agreement provides for an immediate lump-sum payment of $7,000 per musician. Other provisions of the agreement provide flexibility to both musicians and management in recognition of the ongoing impacts of the pandemic.

“Musicians have been hit harder than most by the pandemic, and the Nashville Symphony is no exception. Finding a way forward has been extremely difficult for NSO members, who had to shoulder enormous financial burdens with no income for six months and a small fraction of their normal salary since January 2021. Nashville is very fortunate to have this multiple Grammy-winning orchestra, who deserve to be compensated appropriately. We could not have reached this agreement without the hard work of our dedicated Negotiating Committee, who never lost sight of the goal of getting the NSO musicians back to work at a pay level that they can live with,” AFM Local 257 President Dave Pomeroy shares.

The agreement also affirms the Nashville Symphony’s commitment to equity, diversity and inclusion, with the ultimate goal of building an orchestra that is more reflective of Music City. In pursuit of this goal, musicians and management have agreed to update the audition process based on some of the recommendations from the National Alliance for Audition Support, a national initiative to increase diversity in American orchestras. The new provisions will assist the Nashville Symphony in ensuring a fair and equitable process for musicians participating in auditions.

“We are profoundly grateful to our community for its unwavering generosity and support, which has enabled us to reach this point,” comments Nashville Symphony President & CEO Alan D. Valentine. “The Nashville Symphony will once again be able to focus on doing what we do best: providing great music and education programs for the people of Nashville and Middle Tennessee. This agreement will enable the Nashville Symphony to begin its own healing and rebuilding journey, even as we help our community heal through the life-transforming power of music. It also reflects a shared commitment with our musicians to building a bright, vibrant future for our orchestra – one that is even more meaningful for the community we serve.”

Single tickets for the Nashville Symphony’s 2021/22 season go on sale to the public beginning this Friday, July 30.

Pictured (L-R): Mark Lusk, Red Street Records President/GM; Tom Yankton; Jay DeMarcus, Red Street Records CEO

Tom Yankton has entered into an exclusive distribution deal with Red Street Records. The Arkansas native is currently in the studio with producer Jimmy Ritchey with new music planned for release in August.

The son of a working-class family, his talent has led to tours and recording with artists like Chicago, Christina Aguilera, Rascal Flatts, and RaeLynn, among others. He has performed on Jimmy Kimmel Live, TODAY Show, The Grand Ole Opry, the ACM Awards, The Rolling Stones Zip Code Tour, and more. Yankton’s songs have appeared in Bad Mom’s Christmas, Lifetime’s Love At First Flight and Netflix’s Sex Education.

Hailing from Hot Springs, Yankton has been performing live across the U.S. with an eclectic stage show. His dynamic set earned him the winning slot at last month’s Pepsi Southern Original Contest, which enabled him to open for Luke Bryan at the rescheduled 2020 Pepsi Gulf Coast Jam. Yankton also recently landed a residency at the Resorts World Casino complex in Las Vegas, which kicked off on July 20.

“I am beyond thrilled to have Tom In the Red Street family,” says Rascal Flatts member and Red Street Records CEO Jay DeMarcus. “He is an extremely exciting, talented artist. We pride ourselves here on finding the best of the best to partner with, and he certainly is.”

“I met Jay at an event in San Antonio Texas when I was 14 years old, and we got to jam out and play some music that night,” shares Yankton. “I never dreamed I’d get to work with Jay, Mark [Lusk], and the Red Street family on sharing my own music with the world. This is incredible!”

Whiskey Jam founder Ward Guenther is presented with a plaque commemorating 10 years of the Nashville staple. Pictured (L-R): Randy Montana, Craig Campbell, Ryan O’Nan, Ward Guenther, Cole Swindell, Tyler Reeve and Jessi Alexander. Photo: Jason Myers for Whiskey Jam

Whiskey Jam, one of Nashville’s most beloved ongoing concert series, celebrated its 10th anniversary last night (July  26) with a sold-out show at the Ryman Auditorium.

Founded in January 2011, Whiskey Jam has entertained Music City for more than 500 Monday nights, with 750+ live events, over 1 million in total attendance, and 2,250 performances by artists and songwriters since its inception. Taking place every Monday and Thursday night at Winners Nashville, Whiskey Jam has seen artists including Chris Stapleton, Kacey Musgraves, Maren Morris, Kane Brown, Sam Hunt, Luke Combs, Melissa Etheridge, Jelly Roll and OneRepublic make their debut. The Nashville staple was founded by Ward Guenther, who also hosts his own radio show on Apple Music Radio.

“We started Whiskey Jam over 10 years ago because the guitar-pull set-up felt stale to try and repeat. We’re fortunate to already have places like The Bluebird Café and The Grand Ole Opry, rooms like the Listening Room and Exit/In, however if you’re not able to draw a crowd to those places yet, there really wasn’t a spot that had a built-in audience of music fans each week. As songwriters, we just needed a place to get up, jam, fail or fly and then have a drink immediately after to talk or laugh about it,” says Guenther. “It’s crazy to think that this system based on the currency of time and paying it forward has carried on for 10 years as the crowds invest in the artists on their way up and get to see them when they’re huge stars and vice versa. We are so grateful for this community. We can’t wait to see how this grows in the next 10, and if last night was any indication, the artist community is ready!”

Artists including Old Dominion, Chris Young, Cole Swindell, Jimmie Allen, Lindsay Ell, Devin Dawson, Lauren Alaina, Ryan Hurd, Jessi Alexander, Travis Denning, Lainey Wilson, Randy Montana, Katie Ohh, Ernest, Frankie Ballard, David Nail, Channing Wilson, Tyler Reeve, Craig Campbell, Tyler Farr, David Ryan Harris, and Carter Faith were on hand to celebrate Whiskey Jam at the Ryman last night. Country Music Hall of Famer Randy Travis even appeared on-stage, and was joined by the performers to sing his hit “Forever and Ever, Amen” together.

Whiskey Jam participants join Randy Travis on stage at Ryman Auditorium for a special performance of “Forever and Ever, Amen.” Photo: Jason Myers for Whiskey Jam

Proceeds from the Ryman show benefit the newly-established 501©3 Jam Fam Foundation, created to support organizations that assist musicians, songwriters and the creative community when in need. “When the tornados hit, Chris Young and Whiskey Jam helped donate over 10,000 bottles of water to the communities hit the hardest and many of those folks were fans or participants of our series,” says Guenther. “Over the course of 10 years, we’ve grown as a community-based event and so it’s only natural that we create an avenue in which to give back.”