Spotify Shares Rise Six Per Cent As It Prepares To Launch In 85 New Markets And Reach Over A Billion People.
SPOTIFY will nearly double its market presence by launching in 85 new markets in the next few days, making the music streaming service available to more than a billion people around the world. The company’s shares, which were down in early trading, reversed course to rise as much as six per cent to a record high.
The Swedish company, which started its streaming service more than ten years ago, is currently available in 93 countries and has over 345 million monthly active users. While Spotify is the leader in music streaming, an entry in new countries across Asia, Africa, Europe and Latin America would significantly increase the gap with its rivals, Apple Music and Amazon Music.
“Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Spotify Chief Premium Business Officer Alex Norstrom. “Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest-growing internet populations in the world.”
An earlier expansion drive in India, Russia and the Middle East has already brought in millions of subscribers. While paid subscribers got a boost during the coronavirus pandemic as people locked in their homes opted for its premium service, the company is now looking to boost its advertisement revenue.
In a one-and-half-hour Livestream, featuring singing by Justin Bieber, Spotify announced a host of new features for artists and tools for advertisers for better targeting its millions of users across music and podcasts.
In its efforts to make money from podcasts, Spotify also announced the creation of a podcast advertising marketplace where advertisers can buy across a network of original exclusive and independent podcasts and target audiences both on and off Spotify.
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