Shares of Spotify Technology climbed 6% on Monday as the audio-streaming company announced plans to expand in 80 new markets, targeting one billion users worldwide.
The Swedish company will nearly double its presence in parts of the world including Asia, Africa, and the Caribbean, as part of a “sweeping expansion.”
Spotify outlined its plans during a streamed event on Monday, which included appearances by Billie Eilish and Barack Obama, among others.
In a statement after the event, the company said it is seeking to grow its footprint in untapped markets. It also plans to add 36 languages to its platform.
“So as we enter new markets, we’ll accelerate the discovery of more genres like K-Pop, reggaeton, and amapiano that have earned a place in the global music arena,” the company said. Amapiano is a genre of music that emerged in South Africa.
Spotify, which already operates in 93 countries or territories, said it plans to collaborate with local creators and partners to expand its music offerings and “deliver a Spotify experience that meets the unique needs of each market.”
The audio-streaming company has 345 million users, yet fewer than 20% come from Asia, Africa, and the Middle East, Bloomberg reported.
Another major announcement was Spotify’s offering of new tools for podcasts to earn money beyond advertising revenues.
Spotify has been far outpaced by movie streaming services such as Netflix due to the complicated nature of securing music rights.
Spotify is trading 2.33% higher, at $373.08 as of 2:58 pm ET Monday.