Shares of audio platform Spotify Technology (NYSE: SPOT) were down 20.2% in September, according to data provided by S&P Global Market Intelligence. Analyst Barton Crockett of Rosenblatt Securities lowered the firm's price target for Spotify stock from $118 per share to $112 per share on Sept. 7, according to TipRanks. The bigger drop for Spotify stock appeared to coincide with the latest data on U.S. inflation.
Audio-streaming service Spotify Technology SA on Wednesday said it had acquired Kinzen, a firm that has helped it identify harmful content on the platform. The acquisition is part of Spotify’s efforts to deal with harmful content on its service after a backlash earlier this year over "The Joe Rogan Experience," in which the podcaster was accused of spreading misinformation about COVID-19. The Dublin-based firm has been working with Spotify since 2020, initially focusing on the integrity of election-related content around the world.
The audio streamer has been hit hard by the current bear market, but there are reasons to be optimistic about the long-term growth of this business.