Citi analysts wrote to clients their belief that Spotify’s foray into podcasting hasn’t been working.

The cadence of Premium gross additions (through 3Q20) and app download data (through 4Q20) do not show any material benefit from recent podcast investments (that began in 2019). The firm downgraded the stock to sell from neutral. Spotify’s stock was down more than 6.5% in the afternoon.

Check It Out: Analysts Say Spotify’s Podcasting Isn’t Working Out

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