Spotify CEO Courtney Holt leaves the streaming giant after four and a half years.
Experts describe the departure as friendly and Holt will remain in an advisory role. His responsibilities will be split between two executives: Max Cutler, Head of New Content Initiatives and General Manager of Parcast Studios; And Julie McNamara, director of American Studios and Video. McNamara, former director of programming for CBS All Access and Paramount +, joined Spotify last fall.
Holt was Spotify’s head of studios and videos, but at the time of his departure he was in charge of global, editorial and partnership markets.
This story was first reported by The Ankler and confirmed to Deadline by a person familiar with the details of Holt’s departure.
Spotify declined to comment on the executive branch’s speech.
When Holt joined Spotify in 2017, the company was not actively involved in podcasts, a growing audio industry that has become a central aspect of its service. Today it has a large portfolio of programs and has grown in size with the acquisition of podcast producers such as The Ringer, Gimlet, and Parcast. It has locked in top-tier talent like Joe Rogan (whose podcast still tops the charts despite a storm of controversy in recent months), Michelle and Barack Obama, and Prince Harry and Megan Markle.
In the fourth quarter of 2021, Spotify reached 180 million paying users, showing that it has increased its advertising revenues by 40% annually. Over the course of the year, the company slashed its total revenue by $ 3 billion, in part due to investments in podcasts. In a quarterly letter to shareholders, the company said it had “benefited from the strong growth of existing Spotify studios and our exclusive licensing agreements.”
Prior to joining Spotify, Holt held executive positions at Maker Studios, a video network acquired by Disney, and MySpace.
On Twitter, Holt thanked his colleagues. “The goals we set ourselves were ambitious, but we achieved a lot,” she wrote.
I want to thank the great teams. @Spotify I was lucky enough to be guided and collaborated. Our goals were ambitious, but we still achieved a lot. A great future for the company goes beyond what you can see and hear today!
– Courtney W. Holt (@mootron) April 12, 2022
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
