Advertising PerformanceReported declines in advertising revenue and a drop in revenue per premium subscriber point to pressure on core monetization channels.
Cost Pressures And MarginsRising core operating costs and stepped-up marketing spending, combined with higher label and wholesale costs, could compress gross margins and hurt profitability.
Subscriber Growth And CompetitionSlowing subscriber growth and intense competition, including from emerging AI-driven music apps, could limit future revenue expansion and weaken user engagement.