His private vehicle Consolidated Press reported a profit of $323.9 million on revenues of $5.9 billion in the last financial year, and it will pay a $110 million dividend.
Spotify Technology
NYSE:SPOT
Sulinna Ong, global head of editorial at Spotify, says plans by Arts Minister Tony Burke for quotas on music could backfire and hurt the artists they're meant to help.
Documents filed with the corporate regulator show Spotify took in about a quarter of the $194 million generated by Australia’s podcast industry last year.
The results come as much of the local media sector and its global peers continue to wrestle with ongoing weakness in the advertising market, which has been weighed down by tougher macroeconomic conditions.
The global streaming audio giant has provided a rare glimpse into the performance of its original Australian podcasts, despite a retreat from the medium.
Global streaming audio giant Spotify's Australia and New Zealand based staff have already been swept up in a company-wide cost-cutting drive that will see 1500 roles globally eliminated.
New figures show Spotify has a 70% share of the Australian streaming audio market. The launch of audiobooks may only extend its lead.
