SPOT is continuing with its strategy of dominating all things audio, announcing an acquisition of Parcast, its third podcast company acquisition in recent months (following Gimlet Media and Anchor). The deal is part of Spotify’s strategy to use podcasts to grow subscribers, market share, and advertising revenue. While the giants battle it out in the streaming video arena, Spotify may find a niche in owning the audio market.
Almost one year on, investors in the stock see it trading below its direct listing price levels. The stock seems to have traced out a messy inverse head and shoulders chart pattern, with prices then pulling back to retest neckline support. This could provide a good risk-reward opportunity for longs.
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