Netflix’s better-than-expected quarterly results on Tuesday bodes well for music streaming services. Netflix’s woes have caused analysts and investors to question the health of music streaming platforms. Shares of Spotify plunged 6.3% and 10.9%, respectively, on the day following Netflix’s two previous earnings releases. Following Netflix’s earnings announcement on Tuesday, Spotify shares rose 2.9% to $111.80 in after-hours trading.
Source: Netflix’s Better-Than-Expected Subscriber Forecast is Good News for Music Streamers