Spotify Stock Soars After #Wrapped Feature Goes Wild Online
Spotify’s stock soared to a record high this week after its 2020 Spotify Wrapped feature sparked a social media frenzy.
The music streaming giant’s shares jumped by 12.6% to an all-time high of $320.89 after the unique #Wrapped feature became a trending topic on Twitter.
#Wrapped analyses user data during the year and offers a personalised wrap-up of top songs and genres listened to in 2020.
The Spotify app jumped to no. 9 on the US app store admit the frenzy too.
The Stockholm-headquartered company’s shares then dipped by 1.2% on Thursday to $317.21.
In the third quarter of 2020, Spotify generated revenue of over 1.98 billion euros ($A3.2bn), up from 1.73 billion in the corresponding quarter.