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Spotify (SPOT) up 2% on Prince Harry and Meghan Markle podcast deal
Spotify (SPOT) shares climbed 2% in Tuesday’s trading after the audio streaming service revealed that it was bringing Prince Harry and his wife Megan Markle to the platform to host podcasts as part of a multi-year deal.
Spotify has signed a host of big-name podcast deals during the last year or so, with Barack and Michelle Obama, Joe Rogan and Kim Kardashian West among those to have featured.
Prince Harry and Markle are now expected to release a holiday special with the help of the couple’s new production company, Archewell Audio, before the end of the year.
In a statement, the pair said: “What we love about podcasting is that it reminds all of us to take a moment and to really listen, to connect to one another without distraction.”
Spotify’s chief content officer Dawn Ostroff said that the Duke and Duchess of Sussex are hoping to “elevate underrepresented voices” through the power of podcasts and audio storytelling.
Spotify’s global reach, which includes 320 million monthly active users, should help them to achieve that objective.
Following the news, SPOT shares climbed 2.32% on the New York Stock Exchange and were valued at $327.80 by around 2pm ET.
Online fashion retailer RealReal (REAL) also made gains on Tuesday, rising 11.29% following bullish coverage from Piper Sandler.
Analysts set an overweight rating on expectations that gross margin value will accelerate in the first half of 2021.
RealReal needs a post-vaccine rebound as shares have slumped 20% for the year to date.
Piper Sandler’s Erinn Murphy believes that the recent decline means that REAL now offers a “compelling entry point” for investors.
This seemed to be the case on Tuesday as shares surged to $17.08 just before close on the Nasdaq.
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