For content creators, engaging with their audiences can go a long way toward boosting user engagement and catering to evolving audience tastes. Audio streaming giant Spotify’s (NYSE:SPOT) latest move is one such promising step in this direction. Users on its platform can now comment on their favorite podcasts.
Spotify’s “Comments” Move
The introduction of the comments feature could provide better insights for creators. Nevertheless, Spotify isn’t stopping at comments alone. The company is also launching a new mobile app for its podcasters, promising to help creators manage their shows more efficiently.
Importantly, the comments feature further builds upon Spotify’s Q&A and polls functionality. The company has seen an 80% year-over-year increase in the number of total Q&A responses and votes from audiences this year alone.
Until now, podcasts were largely a one-sided format. The introduction of the comments feature could potentially dramatically increase user retention and engagement, translating into another boost to Spotify’s earnings. Additionally, this move could help Spotify better compete with leading platforms such as Google’s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube, where comments have helped creators produce more engaging content for their audiences for years.
Upcoming Q2 Numbers
Separately, Spotify is slated to report its second-quarter results on July 23. Analysts expect the company to post an EPS of $1.15 on revenue of $4.13 billion for the quarter.
What Is SPOT Stock Target Price?
Spotify’s robust user growth has led to a nearly 98% jump in its share price over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average SPOT price target of $355.14.
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