Spotify and Rolling Stone have both had key members quit over the last few months. Spotify has also laid off 17% of its staff since December 2023, but with that being said, both are now showing unprecedented levels of growth. Rolling Stone is investing heavily in their new gaming vertical, and Spotify is experiencing record-setting profits.
Rolling Stone Explore New Gaming Vertical
Noah Shachtman has recently announced that he is resigning from his position as a top member of the company. This news came shortly before the story broke regarding ESL FACEIT Group’s investment in the magazine’s new gaming vertical. Their partnership with Rolling Stone is said to be a major breakthrough for them, and it gives Rolling Stone the chance to target a bigger audience overall. The magazine aims to cover numerous gaming genres with its new vertical, from RPG releases to casino games. When a casino releases a new game, whether it’s a fruit slot or adventure-themed like the Wanted Dead or a Wild virtual slot, it often generates a lot of buzz. Fans are also keen to find out about any new features that may be present, and it’s news like this that the magazine is going to be targeting. Rolling Stone also intends to post reviews under their new gaming vertical, as well as any updates regarding the general development of new titles and VR adoption.
Rolling Stone is looking to capitalize on gaming culture by embracing it as a vibrant frontier. This isn’t the first time that the company has covered gaming. In 2016, they launched their very own gaming vertical, Glixel. This was done as a collaboration with John Davidson, an industry veteran who was working as the general manager for the site. A year later, their office in San Francisco shut down and the staff were laid off. Even though the magazine is making big moves right now, Noah Shachtman had a key influence on the magazine’s success. He was the editor-in-chief and has been since 2021, but resigned because of editorial differences with Gus Wenner.
Spotify Record Profits of Over $1 Billion
When Spotify made the decision to lay off 1,500 workers, or 17% of their staff, it was expected that they’d see a decline in productivity. Even though they experienced first-quarter profits that broke numerous records, they fell short on profitability and monthly active user growth. In the earnings call, the CEO of Spotify, Daniel Ek told investors that the impact of their reduction in workforce has resulted in them experiencing a lot of challenges. Even though there’s no question that this was the right decision, they did experience some rough months afterward. They have since announced that they have experienced record profits of over $1bn. In December, the CEO of Spotify at the time, Paul Vogel also made the decision to quit, with $12.6 million in his pocket.
In other news of growth, Spotify has also released a new typeface. They have done this with Dinamo. This has been in development for a year and a half, with the new typeface being used across broader marketing and brand communications. The Spotify wordmark is also going to use this font, as the brand tries to take steps to solidify itself as a leader in the music market for years to come. This branding move could boost profits even more, as investors maintain confidence in the potential that the platform has, as well as its longevity as the streaming market continues to evolve.
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