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Spotify soars 13% after announcing AI music deal with UMG, guidance

Spotify shares jumped 13% on Thursday after the music streaming platform laid out guidance for 2030 and reached an artificial intelligence deal with Universal Music, as the technology sparks major disruption concerns across the industry.The company expects revenue at a compounded annual growth rate in the mid-teens and gross margins between 35% and 40%. Spotify referred to plans to reach 1 billion subscribers and $100 billion in revenue as its "north star.""We are still firing on all cylinders,"...

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