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Spotify (SPOT) to expand into 85 new markets, shares down 8%
Spotify Technology (SPOT) said that it is ready to launch its audio streaming service to 85 new countries on Tuesday, but the Swedish company’s stock plunged 8% in trading on the New York Stock Exchange.
In addition to announcing a new high–fidelity lossless streaming tier, Spotify confirmed plans to expand into a range of developing countries around the world, which will potentially open up its popular podcasts and music to a billion more listeners.
Spotify’s Alex Norström said that the new markets can expect a tailored experience with bespoke payment formats and localised language translations.
He added: “Some of the places we’re going, like Bangladesh, Pakistan and Nigeria, have the fastest growing internet populations in the world.”
Spotify announced the news during a livestream event that featured a number of stars, including Prince Harry and Meghan Markle, who also recently starred in a new podcast series after signing a deal with the service.
Investors were not buying into SPOT on Tuesday though, as shares sank 8% to $322.63.
This was partly due to a downgraded rating from Atlantic Equities analysts, who offered a new neutral rating, down from overweight, and a $370 price target.
Spotify did slightly underwhelm with its Q4 report in early February after coming in with a wider-than-expected loss.
However, revenue did rise 9.8% to €2.17bn, while the number of average users topped forecasts by almost 12m at 345m for the quarter.
In other news, Starbucks Corporation (SBUX) fell 1.36% to $100.43 on the Nasdaq, even though BMO Capital raised its rating for the coffee chain to outperform on what it sees as “meaningful potential upside” for the next 12 months.
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