- Spotify Technology S.A. (NYSE:SPOT) is shutting down its live-audio app Spotify Live, a company spokesperson confirmed on Monday.
- The company says it will continue to explore live features on its central platform.
- After a period of experimentation, Spotify decided to sunset the Spotify Live app, a spokesperson told TechCrunch.
- Based on its learnings, it no longer makes sense as a standalone app, highlighting the company’s struggle with live audio.
- Also Read: Spotify’s Profitability Likely To Breakeven Driven By Subscription Pricing Power And Expense Discipline, Analysts Say
- Spotify highlighted promising results in the artist-focused use case of ‘listening parties,’ which it will explore.
- In April 2022, Spotify integrated the live audio capabilities from its companion app, Spotify Greenroom, within the main Spotify streaming app and rebranded Greenroom as “Spotify Live.”
- Spotify acquired the app christening it Greenroom in March 2021 with its $62 million purchase of the startup Betty Labs. Known initially as Locker Room, the app focused on live audio’s intersection with sports content.
- Spotify rebranded the app and introduced it as Greenroom in June 2021.
- However, Greenroom failed to gain traction after Spotify rolled out weekly live shows.
- Last December, Spotify scaled back its live audio ambitions by ending production of several of its live audio shows, including “Deux Me After Dark,” “Doughboys: Snack Pack,” “The Movie Buff,” and “A Gay in the Life.”
- Meta Platforms Inc (NASDAQ:META) has discontinued its short-form audio Soundbites feature and Audio hub.
- Price Action: SPOT shares are trading lower by 2.07% at $133.62 premarket on the last check Tuesday.
A Look Into Seagate Tech Hldgs’ Debt
Over the past three months, shares of Seagate Tech Hldgs Inc. (NASDAQ:STX) rose by 9.25%. When understanding a companies price change over a time period like 3 months, it could be helpful to look at its financials.
