Spotify closed at an all-time high, at the price of $320.89 per share, with investors musing over its new features. The surge pushed the audio-streaming platform’s capitalization to $60.8 billion and stock more than doubled in value.
Spotify unveiled its annual Wrapped personalized experience including in-app quizzes, and new personalized playlists. The platform in its statement said the year-end Wrapped event is designed to drive listening across Spotify’s global user base which totaled 144 million paying subscribers and 320 million at the end of the third quarter 2020. This year, the platform opened up the annual event to non-Spotify users who have access to the global listening trends. It also rolled out the Wrapped creator experience for podcasters and artists, giving them an customized Wrapped microsite experience to explore the ways in which their fans listened to their content in 2020.
Moreover, Spotify highlighted that Anchor, self-publishing podcast platform which it acquired in 2019, was used to create 80 per cent of the new podcasts added to the platform in 2020. The platform said that of its total catalog of 1.9 million podcasts, Anchor powers 70 per cent. It also introduced new metrics showing how users listened to podcasts. Spotify has revamped its podcast charts, as such, listeners can now see the top 200 shows, the top 50 in over a dozen categories and the top 50 trending podcasts daily.
Over the last two years, the platform has pumped in over $800 million on podcast content and technology deals. The company said that last month, it acquired Megaphone, a podcast publishing and advertising company, for $235 million in cash. And it has to mentioned that earlier in year, Spotify bought Bill Simmon’s The Ringer podcast and media startup in a nearly $200 million deal.