The Spotify logo is being displayed on a smartphone with the Spotify icon visible in the background in this photo illustration on Feb. 11, 2024 in Brussels, Belgium.Spotify continued its remarkable run this week by briefly surpassing a $100 billion market capitalization before falling slightly by the close of trading on Friday . The company’s shares rose 4.5% to $498.63, marking the music streamer’s second-best closing price ever. The best closing price of $502.
The $100 billion threshold arrived the same day Spotify launched its 2024 Wrapped, the personalized, data-driven product that breaks down listeners’ streaming time and ranks their most popular artists and tracks. Wrapped, first launched in 2015, hasAt Friday’s closing price, Spotify has gained 165.4% in 2024, making it the only music company to have a triple-digit gain. This improvement is three times higher than that of Live Nation, which has risen 46.1% this year.
Most other streaming companies were gainers this week. Tencent Music Entertainment rose 10% to $11.54. Cloud Music increased 9.7% to 129.40 HKD . LiveOne jumped 6% to $0.88. Deezer improved 2.9% to 1.37 euros . Abu Dhabi-based Anghami fell 6.8% to $0.73. on Tuesday that it spent $25 million repurchasing its Class A common shares due to their price “relative to the company’s long-term growth potential.” Elsewhere, Live Nation fell 1.1% to $140.26 while Sphere Entertainment Co.
Elsewhere, stocks were mostly up globally. In the United States, the Nasdaq composite rose 3.3% and the S&P 500 gained 1%. In the United Kingdom, the FTSE 100 improved 0.3%. China’s Shanghai Composite Index grew 2.4%. Dragged down by
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