On Monday, Spotify said it will almost double its market footprint by launching in the next few days in 85 new countries, rendering the music streaming service accessible to more than a billion people across the globe.
The shares of the firm, which were down in early trading, reversed course to rise to a record high of as much as six percent.
The Swedish business, which began its service more than a decade ago, currently has 345 million monthly active users and is available in 93 countries.
Although Spotify is the pioneer in music streaming, with its rivals Apple Music and Amazon Music, entry into new countries across Asia, Africa, Europe and Latin America will dramatically increase the gap.
“Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Spotify Chief Premium Business Officer Alex Norstrom. “Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest-growing internet populations in the world.”
In India, Russia and the Middle East, an earlier expansion drive has already brought millions of subscribers in.
During the coronavirus pandemic, though paying customers got a boost as people locked in their homes opted for their premium service, the company is now looking to boost its advertising revenue.
Spotify launched a host of new features for artists and promotional resources in a one-and-a-half-hour livestream featuring Justin Bieber’s singing to better target its millions of users via music and podcasts.