Progress for AI Regulation in the EU; Spotify Exceeds Q3 Expectations

In today's ExchangeWire news digest: lawmakers in the EU make significant progress towards the regulation of AI; Spotify reports a profit for Q3 2023; and e-commerce platform Vinted considers a secondary share sale.

EU lawmakers inch closer to AI regulation

Lawmakers in the EU have agreed on a critical element of new rules to regulate artificial intelligence. Late on Tuesday (24th October), lawmakers agreed on the majority of Article 6 of the draft AI Act, a piece of legislation which will define which types of AI systems must be held to greater regulatory scrutiny.

Spotify posts better-than-expected results for Q3

Price hikes and cost cutting measures appear to be paying off for streaming behemoth Spotify. The company posted 226 million premium subscribers at close of Q3, an increase from 220 million in June and 2 million more than expected. The quarter also proved profitable for the Stockholm-headquartered firm, which reported net income of €65m (~£56.5m) on €3.4bn (~£2.9bn) in revenue for the period ending 30th September.

Vinted contemplates secondary share sale

Preloved fashion marketplace Vinted is reportedly considering a secondary share sale worth more than €200m (~£174m). The Lithuanian company is exploring its financial options with Morgan Stanley, although discussions are at an early stage. The move comes just days after Vinted launched its product verification service, to confirm the value of high-price items listed on the platform.

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Fact of the Day

26.4% – Spotify's gross profit margins in Q3 2023.

Source: The Financial Times