Spotify Pulls Down Curtains On Spotify Live, Highlights Struggle With Live Audio - Spotify Technology (NYSE:SPOT)

Spotify Technology S.A. SPOT is shutting down its live-audio app Spotify Live, a company spokesperson confirmed on Monday.
The company says it will continue to explore live features on its central platform.
After a period of experimentation, Spotify decided to sunset the Spotify Live app, a spokesperson told TechCrunch.
Based on its learnings, it no longer makes sense as a standalone app, highlighting the company's struggle with live audio.
Also Read: Spotify's Profitability Likely To Breakeven Driven By Subscription Pricing Power And Expense Discipline, Analysts Say
Spotify highlighted promising results in the artist-focused use case of 'listening parties,' which it will explore.
In April 2022, Spotify integrated the live audio capabilities from its companion app, Spotify Greenroom, within the main Spotify streaming app and rebranded Greenroom as "Spotify Live."
Spotify acquired the app christening it Greenroom in March 2021 with its $62 million purchase of the startup Betty Labs. Known initially as Locker Room, the app focused on live audio's intersection with sports content.
Spotify rebranded the app and introduced it as Greenroom in June 2021.
However, Greenroom failed to gain traction after Spotify rolled out weekly live shows.
Last December, Spotify scaled back its live audio ambitions by ending production of several of its live audio shows, including "Deux Me After Dark," "Doughboys: Snack Pack," "The Movie Buff," and "A Gay in the Life."
Meta Platforms Inc META has discontinued its short-form audio Soundbites feature and Audio hub.
Price Action: SPOT shares are trading lower by 2.07% at $133.62 premarket on the last check Tuesday.

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