The Swedish company’s shares rose as much as six percent to a high of $ 387.44.
Spotify said Monday it would almost double its market presence by launching in 85 new markets in the next few days, enabling the music streaming service to be available to more than a billion people all over the world.
The company’s shares, which were down in early trading, reversed a course of rising up to six percent to a high.
The Swedish company, which started its service more than a decade ago, is currently available in 93 countries and has 345 million monthly active users.
While Spotify is a leader in music streaming, entry into new countries across Asia, Africa, Europe and Latin America would greatly widen the gap with its competitors, Apple Music and Amazon Music.
“Together these markets represent over a billion people, with almost half of them already using the internet,” said Spotify Chief Business Officer Alex Norstrom. “Some of our places like Bangladesh, Pakistan and Nigeria have the fastest growing internet numbers in the world.”
An earlier expansion campaign in India, Russia and the Middle East has already attracted millions of subscribers.
While paid subscribers saw an increase in the spread of coronavirus infection as homebound people opted for its main service, the company is now looking to boost advertising revenue. .
In an hour-and-a-half-long live stream of singing by Justin Bieber, Spotify released a number of new features for artists and tools for advertisers to better target millions of users across music and music. podcasts.
Play a podcast
In its efforts to make money from podcasts, Spotify announced the creation of a podcast advertising market where advertisers can shop across a network of independent original podcasts and target an audience of both some on and off Spotify.
The company has spent hundreds of millions of dollars to grow its podcast range, which now has over 2.2 million podcast titles, including The Michelle Obama Podcast and one with Prince Harry and his wife, Meghan.
Higher Ground Productions, the production company of Barack and Michelle Obama, has announced another new production by Bruce Springsteen for Spotify called Renegades: Born in the USA.
On Monday, Spotify announced a partnership with AGBO – a company led by Anthony and Joe Russo, creators behind films like Avengers: Infinity War – for several podcast series. He also signed a contract with Warner Bros. and DC for a range of podcasts with commentary scripts.
The first, Batman Unburied, will be released later this year as part of a set of characters whose stories will be explored through audio, including Superman, Wonder Woman, Joker, and Catwoman, among others.
Spotify has also launched a new membership service, Spotify HiFi, which will enable high-end subscribers in selected markets to upgrade the sound quality of their songs to “no-lose” CD music.
Shares reached a high within $ 387.44.