Spotify stock hits record high amid ‘Wrapped’ frenzy

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Spotify’s year-end playlists are music to investors’ ears.

The streaming giant’s stock price surged to an all-time high Wednesday as its annual “Spotify Wrapped” feature generated buzz online.

The Stockholm-based streamer also started promoting Joe Rogan’s popular podcast, “The Joe Rogan Experience,” as exclusive to the platform after inking a massive deal with the host earlier this year, adding to momentum for the shares, which jumped 12.6 percent to a closing record of $320.89.

Spotify became a trending topic on Twitter Wednesday following the launch of the “Wrapped” feature, which shows users the artists and songs they listened to most throughout the year.

The Spotify app jumped to No. 9 in US app store rankings on Wednesday from No. 27 on Monday amid the excitement, Evercore ISI reportedly said in a research note.

“Spotify always sees a jump in app store rankings in early December following the Year in Review campaign,” Evercore analyst Kevin Rippey wrote, according to Bloomberg News.

Spotify also appears to have finalized the exclusivity of Rogan’s podcast, which debuted on its platform in September. The company says his show was its most popular podcast globally this year.

Spotify’s deal with Rogan — which was reportedly worth more than $100 million — was a significant step in its efforts to expand its presence in the podcast market. The company has also acquired podcast producers such as Gimlet Media and The Ringer in recent years.

Spotify’s stock pulled back in premarket trading Thursday, falling about 1.2 percent to $317.21 as of 8 a.m.

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