During the past week, Spotify Technology (SPOT) unveiled a playback system for cars. An announcement of the novelty appealed to investors, and the shares rose. Are you hoping to grow your Spotify business with this new product?
Car Thing, Spotify’s first hardware release, offers audio playback. Displays playlists, select podcasts, and different types of audio content via a touch screen. While driving, the player maintains an internet connection in connection with the audio system of the car.
At the moment, the player is not being sold but instead given away to some subscribers; sign up for the queue if you want to get your hands on it. Similarly, one can study the demand for devices like the Car Thing through a similar strategy.
Spotify Technology (SPOT) may have a lot of potential with physical ad players. One example is the sale of physical ad players, including a basic set of services that can be subscribed to for the extended account. Thus, Spotify’s first physical player since the early 1990s could give it a pretty big boost to user appeal. Listening to music or Internet content in the car can be challenging for many people, even though driving is a significant part of their lives.
While some vehicles come with audio systems with Wi-Fi connections, some drivers remain distracted while driving by their smartphone screens, which is uncomfortable and dangerous. Selling hardware is typically less profitable than selling software, but Spotify has more impact on retaining consumers and creating a positive consumer experience.
Spotify Technology (SPOT) shares have grown 91.56% since its 52-week low price of $261.71. A high of $267.265 and a low of $250.61 have been reached in intraday trades for SPOT shares. Over the last 52 weeks, the stock’s range has been $387.44, while its intraday performance on the recent trading session has been -3.50%.