Spotify Names Christian Luiga as New CFO
Streaming audio platform Spotify named a new chief financial officer.
Christian Luiga is joining Spotify from Saab AB, a European defense and security company, where he served as deputy CEO and finance chief, the Swedish company announced in a news release Thursday (April 4).
Before that, Luiga held leadership roles, including CFO and acting CEO and president at European telecommunications company Telia, according to the release.
He “will be based in Sweden and have responsibility for the following functions: financial planning and analysis, audit and risk, investor relations, accounting, corporate development, tax and treasury,” according to the release.
Luiga will join the company during the third quarter of the year, the release said. Until then, Ben Kung, the company’s vice president of financial planning and analysis, will serve as interim CFO.
The appointment follows last month’s announcement that Spotify was venturing into video-based learning in the United Kingdom, marking a move toward expanding its offerings beyond music, podcasts and audiobooks. Roughly half of Spotify Premium subscribers have shown interest in education or self-help-themed podcasts.
Working with educational tech companies like BBC Maestro, PlayVirtuoso, Skillshare and Thinkific, Spotify now offers users access to video-based learning courses in four categories: make music, get creative, learn business and healthy living.
PYMNTS wrote earlier this week that the move is another example of the shifting landscape of entertainment consumption, as streaming providers recognize the need to integrate new offerings to maintain user engagement.
“[W]ith many subscribers inclined to cancel their subscriptions when financial pressures arise, the need to continually provide fresh value becomes paramount,” the report said.
Other examples of the trend include the reported collaboration between media giants Fox, ESPN and Warner Bros. Discovery to create a sports streaming platform.
PYMNTS Intelligence found that streaming subscriptions are often the first expense to be trimmed when consumers feel pinched. Specifically, more than half of consumers said they would cancel streaming subscriptions if they needed to cut their monthly expenses — a higher percentage than any other service.
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