Spotify is now valued at $50 billion dollars.
Stocks are are currently on the up, pushing the platform over the $50 billion mark. Spotify’s shares, known as SPOT, rose 10% in value last Friday, according to DJ Mag, adding $4 billion to Spotify’s overall market value and $2.6 million in public value.
Spotify currently reigns as the most popular global audio streaming subscription service with 286 million users, including 130 million subscribers, across 79 markets. With this news, Spotify seems to have quite an edge on its competition as well, which includes Apple Music, Amazon Music, TIDAL, YouTube, SoundCloud, Pandora, Deezer and more.
Recently, a campaign launched calling for Spotify to increase royalty payouts, especially in light of the ongoing coronavirus (COVID-19) pandemic and the artists affected by it. More on that here.
Check out more official numbers via Spotify here.
Source: DJ Mag