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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.

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