On the restructuring front, the company recently announced $1 billion of share buyback as artists call for fairer compensation. On the video podcast footprint, the company expanded to Xbox gaming consoles and went live with Spotify X1 integration to Rogers Communications customers in Canada.
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On the Apple Watch, the company rolled out the capability for users to download playlists, albums and podcasts to the device.On the product side, the company introduced a new mini player experience that allows listeners to share, explore and discover audio from Spotify directly within Facebook.This is likely to give Storytel subscribers the ability to enjoy their library of audiobooks on Spotify. In May 2021, the company partnered with Storytel – the World’s leading audiobook streaming service.As part of the company’s Open Access platform strategy, the company announced several new partnerships aimed at opening the platform to third-party paywalled content with the goal to become the world’s leading audio browser.
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Rising disposable income, an increase in the number of consumers opting for paid subscriptions and a likely substantial improvement in the internet bandwidth, are some of the key growth drivers for the global music streaming markets in the years ahead. The increased prevalence of several handheld devices like tablets, smartphones have drastically contributed towards the revenues of the music streaming companies. Time will tell if Spotify’s long view will pay off.Substantial improvement on the internet bandwidth and increased prevalence of handheld devices largely contribute to music streaming industry growth The app is also releasing new features fairly consistently, and is investing in itself. While things may look bleak in this narrow scope, Spotify’s spending habits and projections suggest that the company is staged to springboard. Its share value has been down 30% since the beginning of 2021, and reached its all-time 2021 low last week at $202 dollars. He even remained popular despite the controversy surrounding his show.Ģ021 has been a bearish year for the stock market. Podcast star Joe Rogan was a huge component of the meteoric rise in Spotify’s stock valuation in May of 2020. And has been the trailblazer in the acquisition of highly popular podcasting content, paying tens of millions of dollars for even a single creator. The company recently pumped 235 Million into acquiring, Megaphone, an advertising and publishing platform. “WE BELIEVE THIS IS AN ATTRACTIVE USE OF CAPITAL, AND BASED ON THE STRENGTH OF OUR BALANCE SHEET, WE CONTINUE TO SEE AMPLE OPPORTUNITY TO INVEST AND GROW OUR BUSINESS.” The Long View “THIS ANNOUNCEMENT DEMONSTRATES OUR CONFIDENCE IN SPOTIFY’S BUSINESS AND THE GROWTH OPPORTUNITIES WE SEE OVER THE LONG TERM,” SAID VOGEL, WHO’S WORKED AT SPOTIFY FOR OVER HALF A DECADE.