Spotify has finally decided to join the latest live audio trend by acquiring live audio social app Locker Room’s makers Betty Labs. Spotify, which is popular for its music streaming business, has not revealed the terms of the deal yet. However, the company has shared its plan for the future of the Locker Room. Spotify said that is looking to expand Locker Room into an ‘enhanced live audio experience.’ The latest acquisition shows how serious the company is when it comes to the future of live, social audio. Its intentions are also evident by the move of acquiring the Lightspeed Ventures and GV-backed company.
Spotify said that the deal will help the company’s ‘unparalleled data, insights, and strength’ in providing users a better experience. The latest deal by Spotify is simply an addition to the list of acquisitions and deals the company has signed over the past couple of years. The social audio feature has gained a lot of popularity in the last one year. Especially after the launch of Andreessen Horowitz-backed Clubhouse. It is an invite-only app and became extremely popular during the coronavirus pandemic. As of March 14, 2021, Clubhouse has been downloaded 12.7 million times. The app provides users virtual rooms where they can anything and everything. From Bitcoin to the political scenario in China, the space is being widely used to discuss all sorts of things.
Its popularity drew the attention of other social media companies who are now trying to enter into the live audio space. They are looking to win some of the space in this market. Twitter has already entered the market with it ‘Spaces.’ The microblogging site is now working on rolling out the feature to more users. Social media giant Facebook too is reportedly working on a new audio chat product. Tech giant Microsoft is apparently interested in purchasing the chatting app Discord. The deal is expected to cost the company around USD 10 billion.
