Spotify (SPOT) reached $354.60 per share on Friday on the New York Stock Exchange, marking an all-time high for the Swedish audio streaming platform and valuing the company at $66.1 billion, according to Billboard.
At Friday’s market close, Spotify sat at $353.48, up almost 200% from its 2020 low of $117.64. On Wednesday, Bank of America Merrill Lynch analyst Jessica Reif Ehrlich raised the stock’s price target from $357 to $428, clearly factoring in Spotify’s 12.1% five-day growth. Additionally, the NYSE as a whole grew over 3% this week, which would have a factor as well.
Perhaps the biggest factor in Spotify’s 12-month growth, however, is the addition of the Joe Rogan Experience podcast. In May, news broke that the JRE would become a Spotify exclusive by the end of the year, and since the announcement the company’s stock price has more than doubled. Rogan has had an inarguable impact on the company’s stock price. After launching on the platform back in September, Spotfiy’s stock price dropped over 8% after some of the episodes in Rogan’s back catalog featuring polarizing guests were not immediately added to the platform, according to Billboard. The stock price, of course, quickly recovered.
Furthermore, investors’ bullishness could be attributed to rumors of service price increases and the company’s commitment to make improvements on profitability and profit margins.
News of Spotify reaching its all-time high comes just over two months from the announcement of Justice At Spotify. Back in October, the Union of Musicians and Allied Workers launched the campaign demanding higher payments from Spotify to artists. Justice At Spotify also calls for more transparency and ending pay-to-play arrangements among other demands.