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Spotify climbs 6% as company announces expansion to 80 new markets, target of 1 billion customers

Published by Business Insider on Tue, 23 Feb 2021

<p><img src="https://static3.businessinsider.com/image/60340f6438aa9f00185e048e-2273/Spotify app and headphones.jpg" border="0" alt="Spotify app and headphones" data-mce-source="Olly Curtis/Future via Getty Images" data-mce-caption="An Android smartphone with the Spotify Music logo visible on screen, alongside a pair of earphones."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Shares of Spotify Technology climbed 6% on Monday as the audio-streaming company announced plans to expand in 80 new markets, targeting one billion users worldwide.</p><p>The Swedish company will nearly double its presence in parts of the world including Asia, Africa, and the Caribbean, as part of a "sweeping expansion."&nbsp;</p><p>Spotify outlined its plans during a streamed event on Monday, which included appearances by Billie Eilish and Barack Obama, among others.&nbsp;</p><p>In a statement after the event, the company said it is seeking to grow its footprint in untapped markets. It also plans to add 36 languages to its platform.&nbsp;</p><p>"So as we enter new markets, we'll accelerate the discovery of more genres like K-Pop, reggaeton, and amapiano that have earned a place in the global music arena," the company said. Amapiano is a genre of music that emerged in South Africa.</p><p>Spotify, which already operates in 93 countries or territories, said it plans to collaborate with local creators and partners to expand its music offerings and "deliver a Spotify experience that meets the unique needs of each market."&nbsp;</p><p>The audio-streaming company has 345 million users, yet fewer than 20% come from Asia, Africa, and the Middle East, <a href="https://www.bloomberg.com/news/articles/2021-02-22/spotify-expands-to-80-new-markets-targeting-1-billion-customers">Bloomberg reported</a>.</p><p>Another major announcement was Spotify's offering of new tools for podcasts to earn money beyond advertising revenues.</p><p>Spotify has been far outpaced by movie streaming services such as Netflix due to the complicated nature of securing music rights.&nbsp;</p><p>Spotify is trading 2.33% higher, at $373.08 as of 2:58 pm ET Monday.</p><p><a href="https://markets.businessinsider.com/news/stocks/spotify-stock-price-climbs-as-company-announces-expansion-2021-2-1030109268#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-travel-during-coronavirus-outbreak-planes-airports-virus-2020-3">Here's what it's like to travel during the coronavirus outbreak</a></p>
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