Etiraf edir\u0259m… M\u0259n qulaqc\u0131qlar\u0131m\u0131 taxanda bir az \u00e7ox y\u00fcks\u0259k s\u0259sl\u0259 oxuyanlardan biriy\u0259m.<\/p>\n
M\u0259n buna k\u00f6m\u0259k ed\u0259 bilmir\u0259m, musiqi m\u0259ni… dinl\u0259m\u0259 diapazonunda olan h\u0259r k\u0259si k\u0259d\u0259rl\u0259ndirir.<\/p>\n
\u018fslind\u0259, iPhone yadda\u015f\u0131m\u0131n \u00e7oxu m\u0259nim \u00e7al\u011f\u0131 siyah\u0131lar\u0131ma h\u0259sr olunub. Bu yax\u0131nlarda yadda\u015f\u0131m\u0131 t\u0259kmill\u0259\u015fdirm\u0259zd\u0259n \u0259vv\u0259l, b\u00fct\u00fcn musiqil\u0259ri barma\u011f\u0131m\u0131n toxunu\u015fu il\u0259 partlama\u011fa haz\u0131r saxlamaq \u00fc\u00e7\u00fcn foto\u015f\u0259kill\u0259ri silm\u0259li oldum.<\/p>\n
\u0130ndi \u00e7ox yerim var… amma bir problem var.<\/p>\n
Apple-dan mahn\u0131 almaq \u00fc\u00e7\u00fcn ayda 20 dollardan \u00e7ox pul x\u0259rcl\u0259diyim m\u0259lumdur. Bilir\u0259m ki, bug\u00fcnk\u00fc ax\u0131n texnologiyas\u0131 il\u0259 bu tamamil\u0259 laz\u0131ms\u0131zd\u0131r. Amma yollar\u0131mda ili\u015fib qalm\u0131\u015fd\u0131m.<\/p>\n
Bel\u0259likl\u0259, bu yax\u0131nlarda m\u0259n “\u00f6z\u00fcmd\u0259n \u00e7\u0131xd\u0131m”… v\u0259 \u0130sve\u00e7 \u0259silli m\u0259\u015fhur birba\u015fa dinl\u0259m\u0259 xidm\u0259tin\u0259, Spotify-a qo\u015fuldum. V\u0259 he\u00e7 vaxt geri d\u00f6nm\u00fcr\u0259m.<\/p>\n
Bel\u0259likl\u0259, Spotify – t\u0259xmin\u0259n 20 milyard dollar d\u0259y\u0259rind\u0259 – unikal bir \u015f\u0259kild\u0259 mart\/aprel aylar\u0131nda birja t\u0259klifi il\u0259 birjaya \u00e7\u0131xaca\u011f\u0131n\u0131 elan etdikd\u0259, h\u0259y\u0259canland\u0131m. M\u0259n ba\u015fl\u0131qlar\u0131 ara\u015fd\u0131rma\u011fa ba\u015flad\u0131m v\u0259 art\u0131q analitikl\u0259r bunu 2018-ci ilin \u0259n b\u00f6y\u00fck texnoloji ilkin k\u00fctl\u0259vi t\u0259klifi (IPO) adland\u0131r\u0131rlar. G\u00f6zl\u0259m\u0259 b\u00f6y\u00fckd\u00fcr!<\/p>\n
Amma heyf ki, m\u0259n kinli adamam. H\u0259y\u0259canlar\u0131ma baxmayaraq, \u00f6z\u00fcm\u0259 sual verm\u0259li oldum… Spotify s\u0259hml\u0259ri il\u0259 ba\u011fl\u0131 \u015f\u0131r\u0131nga h\u0259qiq\u0259t\u0259n buna d\u0259y\u0259rmi? Bel\u0259likl\u0259, bu g\u00fcn bunu \u00f6yr\u0259nm\u0259k \u00fc\u00e7\u00fcn bu IPO-ya \u0259trafl\u0131 n\u0259z\u0259r salaq.<\/p>\n
Musiqi \u0130nqilab\u0131ndan Dan\u0131\u015fmaq<\/strong><\/p>\n Fikrimc\u0259, Spotify musiqid\u0259ki \u0259n vacib yeniliyin bir hiss\u0259sidir, \u00e7\u00fcnki b\u0259lk\u0259 d\u0259 Kurt Kobain yeniyetm\u0259l\u0259rin ehtiraslar\u0131 il\u0259 ba\u011fl\u0131 qula\u011f\u0131 par\u00e7alayan r\u0259yl\u0259r v\u0259 s\u0259liq\u0259siz, xo\u015fag\u0259lm\u0259z s\u00f6zl\u0259r k\u0259\u015ff etdi.<\/p>\n Konsepsiya sad\u0259dir: Siz internetd\u0259 musiqi yay\u0131mlay\u0131rs\u0131n\u0131z. Pulsuz. V\u0259 ya, \u0259n \u00e7ox, ki\u00e7ik $9.99 ayl\u0131q \u00f6d\u0259ni\u015f. B\u00fct\u00fcn bunlara daxil olmaq \u00fc\u00e7\u00fcn siz\u0259 sad\u0259c\u0259 Spotify proqram\u0131 laz\u0131md\u0131r.<\/p>\n Spotify 2008-ci ilin oktyabr\u0131nda i\u015f\u0259 sal\u0131nd\u0131qda, bu, da\u011f\u0131d\u0131c\u0131, inqilabi bir fikir idi. Buna g\u00f6r\u0259 d\u0259 \u015firk\u0259t Apple Music (2015-ci ild\u0259 \u00e7ox sonra canl\u0131 yay\u0131mlanan Apple-\u0131n yay\u0131m xidm\u0259ti) kimi xidm\u0259tl\u0259r\u0259 yol a\u00e7araq musiqi ax\u0131n\u0131 bazar\u0131nda pioner olma\u011fa k\u00f6m\u0259k etdi.<\/p>\n Spotify sonsuz, istifad\u0259\u00e7i dostu x\u0259zin\u0259 sand\u0131\u011f\u0131d\u0131r.<\/p>\n N\u0259 ist\u0259s\u0259n, ist\u0259diyin yerd\u0259, ist\u0259diyin zaman dinl\u0259yirs\u0259n. T\u0259tbiq komp\u00fcterl\u0259rd\u0259n tutmu\u015f smartfonlara v\u0259 plan\u015fetl\u0259r\u0259 q\u0259d\u0259r a\u011fl\u0131ma g\u0259l\u0259n h\u0259r bir cihazla uy\u011fun g\u0259lir.<\/p>\n \u018fg\u0259r b\u00fct\u00fcn bu musiqil\u0259r h\u0259dsiz s\u0259sl\u0259nirs\u0259, narahat olmay\u0131n – siz h\u0259m\u00e7inin musiqi z\u00f6vq\u00fcn\u00fcz\u0259 uy\u011fun mahn\u0131lar\u0131 tapmaq \u00fc\u00e7\u00fcn onun unikal musiqi k\u0259\u015ff x\u00fcsusiyy\u0259tind\u0259n istifad\u0259 ed\u0259 bil\u0259rsiniz.<\/p>\n B\u00fct\u00fcn platforma b\u00f6y\u00fck bir fikirdir.<\/p>\n T\u0259\u0259ss\u00fcf ki, bizim kimi investorlar bu inqilabi xidm\u0259td\u0259 i\u015ftirak ed\u0259 bilm\u0259dil\u0259r, \u00e7\u00fcnki \u015firk\u0259t son on ild\u0259 \u00f6z\u0259l idi. Bel\u0259likl\u0259, tezlikl\u0259 s\u0259hmd\u0259 i\u015ftirak ed\u0259 bildiyimiz \u00fc\u00e7\u00fcn onun investisiyaya d\u0259y\u0259r oldu\u011funa \u0259min olmal\u0131y\u0131q.<\/p>\n The Times, onlar 1,8 trilyon dollarl\u0131q bir s\u0259naye \u00fc\u00e7\u00fcn d\u0259yi\u015fir<\/strong><\/p>\n Qeyd etm\u0259k laz\u0131m olan ilk \u015fey odur ki, PwC-y\u0259 g\u00f6r\u0259, qlobal \u0259yl\u0259nc\u0259 s\u0259nayesinin 2016-c\u0131 ild\u0259ki 1,8 trilyon dollardan 2021-ci il\u0259 q\u0259d\u0259r 2,2 trilyon dollara y\u00fcks\u0259l\u0259c\u0259yi g\u00f6zl\u0259nilir. Bu, \u00e7ox g\u00f6z\u0259ldir, lakin bu, illik 4,2%-lik m\u00fcr\u0259kk\u0259b art\u0131m tempini t\u0259msil edir \u2013 4,4-d\u0259n a\u015fa\u011f\u0131. 2016-c\u0131 ild\u0259 proqnozla\u015fd\u0131r\u0131lan %.<\/p>\n Bu o dem\u0259kdir ki, k\u00f6hn\u0259 m\u0259kt\u0259b \u0259yl\u0259nc\u0259 s\u0259nayesi platoya ba\u015flay\u0131r. Bunu d\u00fcz\u0259ltm\u0259k \u00fc\u00e7\u00fcn s\u0259naye m\u00fc\u015ft\u0259ril\u0259rl\u0259 davaml\u0131 \u0259laq\u0259l\u0259r qurma\u011fa diqq\u0259t etm\u0259lidir.<\/p>\n Ax\u0131 istehlak\u00e7\u0131lar krald\u0131r. S\u0259s yaz\u0131lar\u0131na g\u0259ldikd\u0259 – film, televiziya, musiqi – g\u00f6rm\u0259k, e\u015fitm\u0259k v\u0259 ya\u015famaq ist\u0259dikl\u0259rimizi dikt\u0259 edirik. Vaxt\u0131m\u0131z, diqq\u0259timiz v\u0259 ki\u00e7ik bir abun\u0259 haqq\u0131 il\u0259 s\u0259s veririk (Netflix, Amazon Video v\u0259 Hulu d\u00fc\u015f\u00fcn\u00fcn).<\/p>\n S\u0259hiyy\u0259, avtomobill\u0259r, soyuducular, termostatlar v\u0259 sair kimi s\u0259naye v\u0259 m\u0259hsullar\u0131n inqilaba ehtiyac\u0131 oldu\u011fu kimi – d\u0259qiq tibb\u0259 v\u0259 \u018f\u015fyalar\u0131n \u0130nternetin\u0259 bax\u0131n – \u0259yl\u0259nc\u0259 d\u0259 el\u0259 idi.<\/p>\n V\u0259 o inqilab buradad\u0131r. Spotify yaln\u0131z b\u00f6y\u00fck oyun\u00e7ulardan biridir.<\/p>\n Buna g\u00f6r\u0259 Spotify-\u0131n t\u0259xmin\u0259n 140 milyon aktiv dinl\u0259yicisi var v\u0259 onlardan 70 milyonu qabaqc\u0131l x\u00fcsusiyy\u0259tl\u0259r \u00fc\u00e7\u00fcn y\u00fcks\u0259k \u00f6d\u0259ni\u015fl\u0259r \u00f6d\u0259yir. Daha yax\u015f\u0131s\u0131, xidm\u0259t 30 milyon mahn\u0131ya malikdir v\u0259 g\u00fcnd\u0259 20.000-d\u0259n \u00e7ox \u0259lav\u0259 edir.<\/p>\n O, h\u0259m\u00e7inin \u015firk\u0259tin artan istifad\u0259\u00e7i bazas\u0131 (m\u00fc\u015ft\u0259rini daha birba\u015fa c\u0259lb ed\u0259n \u0259la ideya) t\u0259r\u0259find\u0259n yarad\u0131lan 2 milyarddan \u00e7ox pleylist\u0259 malikdir v\u0259 h\u0259r g\u00fcn daha 5 milyon pleylist yarad\u0131l\u0131r v\u0259 ya redakt\u0259 edilir.<\/p>\n Bu, a\u00e7\u0131q-ayd\u0131n, b\u00f6y\u00fck bir imkand\u0131r. Ancaq bir problem var …<\/p>\n Problem: pul, pul, pul<\/strong><\/p>\n B\u00fct\u00fcn bunlara baxmayaraq, Spotify qazanc \u0259ld\u0259 etm\u0259yin yolunu tapmad\u0131.<\/p>\n B\u0259li, 2016-c\u0131 ild\u0259 sat\u0131\u015flar 52% artaraq 3,09 milyard dollara \u00e7at\u0131b. Lakin xalis z\u0259r\u0259r iki d\u0259f\u0259d\u0259n \u00e7ox artaraq 568 milyon dollara \u00e7at\u0131b. (Baxmayaraq ki, xalis d\u00fcz\u0259li\u015f edilmi\u015f z\u0259r\u0259r 310 milyon dollara yax\u0131nd\u0131r.)<\/p>\n M\u0259s\u0259l\u0259n, bu g\u0259lirin t\u0259xmin\u0259n 2,62 milyard dollar\u0131 sat\u0131lan mallar\u0131n d\u0259y\u0259ri il\u0259 birlikd\u0259 buxarland\u0131. Daha 440 milyon dollar sat\u0131\u015f v\u0259 marketinq x\u0259rcl\u0259rin\u0259 yoxa \u00e7\u0131xd\u0131 v\u0259 s.<\/p>\n Faizl\u0259r, vergil\u0259r, amortizasiya v\u0259 amortizasiyadan \u0259vv\u0259l \u0259n az\u0131 m\u0259nf\u0259\u0259t 2016-c\u0131 ild\u0259 m\u0259nfi 169,2 milyon dollar olub, \u0259vv\u0259lki ild\u0259ki 180 milyon dollar z\u0259r\u0259r\u0259 qar\u015f\u0131, Bilbord <\/em>hesablanm\u0131\u015fd\u0131r.<\/p>\n Ancaq \u015firk\u0259tin m\u00fcsb\u0259t g\u0259lir \u0259ld\u0259 etdiyini g\u00f6rm\u0259liyik.<\/p>\n Spotify deyil. Bel\u0259likl\u0259, r\u0259q\u0259ml\u0259r m\u0259ni bir qa\u015f qald\u0131rd\u0131. Bunu n\u0259z\u0259r\u0259 alaraq, Spotify-\u0131n ictimai siyah\u0131s\u0131 haqq\u0131nda fikirl\u0259rini \u00f6yr\u0259nm\u0259k \u00fc\u00e7\u00fcn Paul Mampilly-\u0259 m\u00fcraci\u0259t etdim.<\/p>\n Paul Mampilly Spotify Stock haqq\u0131nda dan\u0131\u015f\u0131r<\/strong><\/p>\n Paul h\u0259r \u015feyi pozan texnoloji i\u015fl\u0259r\u0259 m\u00fcraci\u0259t ed\u0259n adam\u0131m\u0131zd\u0131r, ona g\u00f6r\u0259 d\u0259 onun bu bar\u0259d\u0259 maraql\u0131 fikirl\u0259ri olmas\u0131 laz\u0131m oldu\u011funu bilirdim. Budur, o m\u0259n\u0259 dedi:<\/p>\n Spotify-\u0131n ictimai siyah\u0131s\u0131 iki bax\u0131mdan maraql\u0131d\u0131r: Birincisi, bu, qeyri-\u0259n\u0259n\u0259vi IPO-dur, \u00e7\u00fcnki o, Wall Street-i qiym\u0259td\u0259n k\u0259narla\u015fd\u0131r\u0131b. S\u0259hml\u0259ri geni\u015f ictimaiyy\u0259t\u0259 t\u0259qdim etm\u0259k \u0259v\u0259zin\u0259, Spotify \u00f6z\u00fcn\u00fc birba\u015fa birjada siyah\u0131ya alacaq. Bu o dem\u0259kdir ki, yaln\u0131z institusional investorlar\u0131n \u00e7\u0131x\u0131\u015f\u0131 var – banklar\u0131n ilkin qiym\u0259t t\u0259yin etm\u0259 ehtiyac\u0131n\u0131 aradan qald\u0131rmaq, sat\u0131c\u0131lar v\u0259 al\u0131c\u0131lar\u0131 \u0259laq\u0259l\u0259ndirm\u0259k v\u0259 s. Bu, ilkin ticar\u0259ti v\u0259h\u015fi kart hal\u0131na g\u0259tir\u0259n bir \u015feydir, \u00e7\u00fcnki Wall Street-in i\u015ftirak\u0131 IPO-lar \u00fc\u00e7\u00fcn qiym\u0259t sabitl\u0259\u015fm\u0259sini t\u0259klif edir.<\/em><\/p>\n \u0130kincisi, b\u00f6y\u00fck abun\u0259\u00e7i bazas\u0131na malik olsa da, Spotify h\u0259l\u0259 d\u0259 pul itirir. Bununla bel\u0259, bu, h\u0259m d\u0259 abun\u0259 i\u015fidir, y\u0259ni g\u0259lirin t\u0259krarlanmas\u0131 dem\u0259kdir – v\u0259 bu, \u0259la modeldir. \u00dcst\u0259lik, Netflix kimi, bu, qlobal bir biznesdir, buna g\u00f6r\u0259 d\u0259 b\u00f6y\u00fcm\u0259y\u0259 davam ed\u0259 bil\u0259r. <\/em><\/p>\n Bel\u0259likl\u0259, Spotify \u00fc\u00e7\u00fcn \u0259n b\u00f6y\u00fck narahatl\u0131q budur: 1-ci g\u00fcnd\u0259n IPO-da olmaq ist\u0259m\u0259yiniz \u00fc\u00e7\u00fcn kifay\u0259t q\u0259d\u0259r insan IPO alacaqm\u0131? \u00c7\u00fcnki \u0259ks\u0259r hallarda daha a\u015fa\u011f\u0131 qiym\u0259t\u0259 almaq \u015fans\u0131n\u0131z olur. Bunun s\u0259b\u0259bi, insanlar\u0131n \u00e7oxunun ilk g\u00fcnd\u0259 v\u0259 ya h\u0259ft\u0259d\u0259 s\u00fcr\u0259tli bir pop \u00fc\u00e7\u00fcn IPO oynamas\u0131 v\u0259 sonra onu atmas\u0131d\u0131r.<\/em><\/p>\n M\u0259n deyir\u0259m ki, s\u0259hml\u0259ri investisiya olaraq almaq ist\u0259y\u0259n insanlar vaxtlar\u0131n\u0131 s\u0259rf etm\u0259li, s\u0259hml\u0259rin nec\u0259 ticar\u0259t edildiyini v\u0259 Spotify biznesinin bir ne\u00e7\u0259 r\u00fcb \u0259rzind\u0259 nec\u0259 f\u0259aliyy\u0259t g\u00f6st\u0259rdiyini g\u00f6rm\u0259k \u00fc\u00e7\u00fcn g\u00f6zl\u0259m\u0259lidirl\u0259r. Sonra h\u0259r \u015fey yax\u015f\u0131 g\u00f6r\u00fcns\u0259, zamanla m\u00f6vqeyinizi qura bil\u0259rsiniz.<\/em><\/p><\/blockquote>\n \u00dcmumiyy\u0259tl\u0259, Spotify \u0259la modeli olan heyr\u0259tamiz m\u0259hsuldur. Bu, son n\u0259tic\u0259d\u0259 yolda g\u0259lirliliy\u0259 s\u0259b\u0259b ola bil\u0259r. Ancaq bu, “g\u00f6zl\u0259 v\u0259 g\u00f6r” \u00fcsuludur. H\u0259l\u0259lik b\u00fct\u00fcn \u015f\u0131r\u0131ngaya qap\u0131lmay\u0131n!<\/p>\n