Spotify’s secret weapon
What stood out more than the attire and age gap, however, was McCarthy’s resume. He’d previously served as the CFO of Netflix, helping to take the company public. Now canada goose outlet canada goose store in usa he was pitching yet another entertainment service to Wall Street a coincidence he and Spotify made sure would not go unnoticed.
“Since my Netflix retirement [in 2010], its stock price has increased about ten times,” McCarthy told the investors, analysts and media outlets watching the presentation. “So you have to ask yourself: should I buy the stock now or Canada Goose Coats On Sale should I wait til this guy retires? I hope to answer that question for you today.”
He mentioned Netflix canada goose black friday sale three times in the first three minutes of his presentation, then name dropped it again in a Q that followed, hinting each time at the significant investment opportunity ahead.
On Tuesday, Spotify is going public in a highly unusual debut that sees it ditch the usual fundraising and fanfare. But the company is looking to lure canada goose outlet investors in part by comparing itself to a company with which Wall Street is very familiar.
“The comparison is good. It shows that Canada Goose Jackets even Netflix was underestimated and then they became this giant,” says Santosh cheap canada goose Rao, who tracks Spotify as head of research at Manhattan Venture Partners. “It shows that there is power in numbers.”
McCarthy is seen as the ideal pitchman.
“He’s the right person to sell that message,” says Michael Pachter, an analyst with Wedbush. “Barry has street cred, so it helps immensely.”
Related: Inside the war between Spotify and Apple
McCarthy joined Netflix in 1999, shortly after its founding, and helped take the company public in 2002 at a time when it was still losing money not unlike Spotify today. Fifteen years later, Netflix stock had jumped 14,000%.
“Barry was a brilliant partner through our IPO cheap Canada Goose and during his years as our CFO,” Reed Hastings, CEO and co founder of Netflix, said in a canada goose outlet new york city statement to CNN. “Spotify is official canada goose outlet fortunate canada goose outlet uk to have access to his no nonsense approach and deep understanding of markets and investors.”
While Netflix and Spotify are canada goose outlet jackets both streaming businesses, there are significant differences. The key to Netflix’s success in recent years has been spending heavily on original content to lure viewers. Spotify is less focused on exclusives than on developing algorithms to better personalize the music experience.
Spotify also faces steeper losses and stiffer competition than Netflix Canada Goose sale did when it went public, with Apple, Google and Amazon all offering rival music services.
McCarthy will have to navigate those challenges.
Spotify declined to comment for this story. Woody Marshall, a Spotify board member and canada goose outlet online uk a partner at Technology Crossover Ventures, called McCarthy a “great person and experienced executive.”
The only blight on McCarthy’s resume comes from canada goose outlet a role he held canada goose coats on sale in between Netflix and canada goose black friday sale Spotify. He briefly served as the COO of Clinkle, a canada goose factory outlet much hyped payments startup that nearly collapsed amid concerns canada goose outlet online about the leadership of its young CEO.
When McCarthy left Clinkle in 2014, he told cheap canada goose uk one publication that the startup was “not nearly as close to canada goose outlet store uk scaling the businesses as I thought they were when I came in the door. And that’s what I do.”
The next year, McCarthy joined Spotify. Clinkle now barely registers as a footnote. https://www.cheshuntteamministry.org.uk All that mattered to those watching McCarthy’s investor day presentation was Spotify and Netflix.