Spotify hits record high on New York Stock Exchange
On January 8, according to DJ Mag, Spotify rose up to the top of the Stock Exchange charts, this was an all-time high for the streaming platform on the stock market. In that same week, Spotify’s stock market jump also received a nudge from the Bank of America, where its share price target rose from $357-per-share to $428, a climb up to 12% from its initial 7% closing price. Friday saw Spotify’s value to be a total of $66.1 billion. 2020 was also a big year for the music app, as it saw its total user amount reach to 144 million paying subscribers, alongside 320 million active users.
The success of Spotify within the EDM industry is a no-brainer either, as multiple artists have reached the 1 billion charts multiple times, such as Calvin Harris, Marshmello, or the likes of Kygo. French artist DJ Snake has also hit the 1 billion listeners mark three times, thanks to his hit singles ‘Taki Taki’, ‘Let Me Love You’ and ‘Lean On‘. 2021 may have just started, but the year is most likely projected to be an even bigger one for the Swedish music streaming platform. In October last year, the UK government announced that through a new enquiry entitled Economics of Music Streaming, parliament would be investigating a number of core aspects of streaming, including what the business models of the streaming companies, how algorithms and playlists have shaped music consumption and what the long term economic impacts of streaming might be on the wider industry.
Check out the news below with the following tweet regarding the story:
The streaming platform’s value rose to roughly $66.1 billion last week https://t.co/DPWZoLrum2
— DJ Mag (@DJmag) January 13, 2021