Spotify Stock Rises 28% In Just 9 Days
Shares of Spotify are up 27% in the last 9 trading days. The stock opened Thursday at $245.00. On June 11 the stock traded as low as $178.68.
That puts Spotify’s total market cap at nearly $50 billion.
Spotify’s market cap dwarfs Warner Music Group’s which stands at less than $17 billion and even beats UMG at a $43 billion valuation.
Investor interest comes as Spotify invests heavily in podcasts and toys with video and part of a move to limit its current reliance on major label deals.
A new Video tab was spotted in Spotify’s Now Playing screen, alongside the Album Art and Canvas tabs.
“The average podcast listener has heard a countless number of ads ending with promo codes or show-specific websites, carefully repeated three times so as not to forget it,” said Joel Withrow, senior product manager of Podcast Monetisation at Spotify. “In-app offers makes it vastly simpler for listeners to redeem deals whenever they come back to the app, and we can all benefit from one fewer ‘w-w-w-dot’ spelling lesson from our favourite podcast creators.”