“First, we tested a number of price points and we frankly haven’t seen the volume at the higher prices that would make the current product financially viable,” Vogel said, speaking last week. “First, we tested a number of price points and we frankly haven’t seen the volume at the higher prices that would make the current product financially viable” The move weighed on the group’s reported gross margin for the second quarter, the company said, after incurring a one-time charge of $31 million.ĭuring last week’s earnings call, Spotify Chief Financial Officer Paul Vogel said the company’s decision to discontinue Car Thing was due to a few factors including pricing, inflationary pressures and supply chain difficulties. The company disclosed its decision to discontinue Car Thing in its most recent ( Q2 2022) earnings report on July 27. The discount could mean that the device wasn’t selling out as fast as the company had hoped. Spotify recently slashed the price of the product by 44% to $49.99, according to its dedicated microsite for the product. Car Thing was ideal for vehicles that don’t have Apple CarPlay or Android Auto installed, although it still required a connection to users’ Spotify app on their smartphones.
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