Spotify Technology S.A is a Luxembourg-based company that owns Spotify AB, it is a Swedish audio streaming and media services provider, which was founded in the year 2006 by Daniel Ek. Spotify is headquartered in Stockholm, Sweden, with offices in 17 different countries around the globe.
Application Betty Labs
The music streaming app is one of the world’s largest music streaming service providers, with over 345 million monthly active users, which includes 155 million paying subscribers, for December 2020. The audio streaming app offers digital copyright and recorded music and podcasts, which consist of more than 70 million songs, from record labels and media companies.
The audio streaming app offers offline listening and commercial-free listening and gives offers paid subscriptions. Users can search for music based on artist, album, or genre, they can also create, edit, and share playlists.
Spotify buys the Locker room application and what plans it has for the app?
Spotify announced on Tuesday it has purchased Betty Labs, the company which is known for being sports-focused social audio app Locker Room, to increase its move into live audio. New voice-based platforms, now include invite-only social app Clubhouse, it has seen rapid growth in recent months due to the ongoing COVID-19 pandemic. Locker Room was launched in October 2020
me a really popular spot for sports fans to chat and organize watch parties.
The music-streaming service announced that in the coming months it would grow and expand” Locker Room by offering sports, music, and cultural programs along with live discussions with professional athletes, musicians, and other renowned personalities.
Spotify did not reveal the cost of the acquisition. Betty Labs was initially financed by Lightspeed Venture Partners and later by GV, Alphabet Inc’s venture capital company, and Precursor Ventures.
Spotify has also been making a mark into podcasting and has spent hundreds of millions of dollars to increase its podcast range and has marked its debut in a podcast advertising company and brand.
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