Shares of the Swedish company rose 6% to a record high of $ 387.44.
Spotify said on Monday it would almost double its market presence by entering 85 new markets in the coming days, making the music streaming service accessible to more than a billion people worldwide.
Shares of the company, which were down at the start of trading, reversed course to as high as 6% to hit a record high.
The Swedish company, which started its service more than ten years ago, is currently available in 93 countries and has 345 million monthly active users.
While Spotify is the leader in music streaming, entering new countries in Asia, Africa, Europe and Latin America would significantly increase the gap with rivals Apple Music and Amazon Music.
“Together, these markets represent over 1 billion people, nearly half of whom already use the Internet,” said Alex Norstrom, Chief Premium Business Officer of Spotify. “Some of the places we go, like Bangladesh, Pakistan and Nigeria, have the world’s fastest growing internet populations.”
A previous expansion campaign in India, Russia and the Middle East has already attracted millions of subscribers.
While paid subscribers received a boost during the coronavirus pandemic as people locked in their homes switched to its premium service, the company is now looking to increase advertising revenue.
In a 1.5-hour livestream featuring vocals from Justin Bieber, Spotify released a host of new artist features and advertiser tools to better target its millions of users across music and media. podcasts.
In its effort to make money from podcasts, Spotify has announced the creation of a podcast advertising marketplace where advertisers can buy from a network of exclusive and independent original podcasts and target audiences both on and off. from Spotify.
The company has spent hundreds of millions of dollars to expand its podcast lineup, which now boasts more than 2.2 million podcast titles, including The Michelle Obama Podcast and one by Prince Harry and his wife, Meghan.
Higher Ground Productions, the production company of Barack and Michelle Obama, has announced another new show with Bruce Springsteen for Spotify titled Renegades: Born in the USA.
On Monday, Spotify announced a partnership with AGBO – a company run by Anthony and Joe Russo, creators behind films such as Avengers: Infinity War – for several podcast series. He also signed a deal with Warner Bros. and DC for a range of narrative podcasts.
The first, Batman Unburied, will be released later this year as part of a character set whose stories will be explored via audio, including Superman, Wonder Woman, Joker, and Catwoman, among others.
Spotify has also launched a new subscription service, Spotify HiFi, with which premium subscribers in certain markets will be able to improve the sound quality of songs to “lossless” CD-quality music.
Shares hit an intraday high of $ 387.44.