“It’s a super-hard question to answer, like asking why the momentum changes in a sporting event.” John Canavan, an analyst at Oxford Economics, said that “the sell-off was overdone and it had to do more with a panicky decline than it had to do with any rational adjustment to economic or Fed expectations.” “There was no news or Fed commentary to speak of,” Michael Antonelli, a strategist at Baird, told DealBook of Monday’s turnaround. At one point, the S&P 500 was in a correction, a decline of 10 percent from a recent peak, for the first time since the start of the pandemic. Yesterday, after an initial plunge in which stocks dropped as much as 4 percent - the biggest one-day drop in nearly a year - the market rallied and ended the day with a slight gain. 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.So far, 2022 is off to a rocky start for the stock market. The company said that last month, it acquired Megaphone, a podcast publishing and advertising company, for $235 million in cash. Over the last two years, the platform has pumped in over $800 million on podcast content and technology deals. 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. It also introduced new metrics showing how users listened to podcasts. The platform said that of its total catalog of 1.9 million podcasts, Anchor powers 70 per cent. 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. 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.Īlso Read: Diesel Fadelite Smartwatch: beauty with technology makes an excellent addition to holiday gifting list This year, the platform opened up the annual event to non-Spotify users who have access to the global listening trends.
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.
Spotify unveiled its annual Wrapped personalized experience including in-app quizzes, and new personalized playlists. The surge pushed the audio-streaming platform’s capitalization to $60.8 billion and stock more than doubled in value. Spotify closed at an all-time high, at the price of $320.89 per share, with investors musing over its new features.
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