And then there’s The Royal Opera House, which has decided to go ahead and cancel a planned residency by Moscow’s Bolshoi Ballet, which is one of the world’s oldest and most prestigious companies in the world. Sir Paul McCartney uploaded a photo of a concert in Ukraine, and the European Broadcasting Union (EBU) announced that Russia would no longer be allowed to participate in this year’s Eurovision song contest. Louis Tomlinson, Nick Cave and Franz Ferdinand are just some musicians who have cancelled their upcoming shows in Russia. Rod Stewart was also criticised for performing in the country. In many ways, this stance mirrors the anti-apartheid stance British and American musicians took during the 1980s, as bands like Queen were condemned for playing Sun City. The musicians feel that it is their duty to avoid the country in an effort to distance themselves from the attacks. Other artists have declared their intentions to boycott Russia.
Is spotify down russia mac#
His move has proven controversial, leading Fleetwood Mac frontwoman Stevie Nicks to compare Putin to Adolf Hitler. Ukraine has been under siege since February 24th, since Russian President Vladimir Putin ordered the operation. While growth isn't what it used to be for the music streaming leader, it's hard to justify the stock's rock-bottom trading levels today, especially when taking into account the improvements it has made on the business front.Spotify has said their Moscow offices will be closed “indefinitely”, as the organisation are currently exploring additional ideas to follow in the future. Spotify pegs a price-to-sales multiple below 2 at the moment, signaling to investors that now may be the optimal time to buy shares. Not to mention, the stock is currently trading at an all-time low valuation. And with 2.72 billion euros in cash and cash equivalents, which is greater than its total long-term debt, the music streaming juggernaut has positioned itself well for continued growth in the years to follow. If Spotify can maintain a quarter of the global market by 2030, it would generate annual sales of $25.77 billion, representing a 134% increase from fiscal 2021 levels. This is more than double the share of Apple Music ( AAPL -3.67%), which currently sits as the runner-up in the market. Today, Spotify reigns over nearly one-third of the global music streaming industry, boasting a market share of 31%. It doesn't look like the company's growth story is over yet, either - the global music streaming market is projected to generate $103 billion in annual revenue by 2030, indicating a compound annual growth rate (CAGR) of 15% from 2021. With the music streaming leader down 55% since the start of the year, should investors hop on board right now? The CEO and co-founder of Spotify Technology ( SPOT -4.60%), Daniel Ek, bought $50 million worth of shares in early May, asserting to investors that the company's "best days are ahead." Serving as the frontrunner in a massive secular growth market, Ek clearly believes that his company's growth story is far from over. But with tech stocks down significantly from all-time highs, investors are now left with some promising buying opportunities - at least the smart money thinks so. Year to date, the Nasdaq Composite has plunged 28%, with no signs of turning the corner anytime soon. Technology stocks have been the most vulnerable as investors head for the exits and seek protection in value-oriented companies and safer assets. The Fed has decided to raise interest rates in order to tamp down inflation, and economic impacts linked to the war between Russia and Ukraine continue to adversely affect businesses globally. Investor sentiment has cratered of late, and you don't have to look far to see why.