Spotify will launch its music streaming services in South Korea in the first half of 2021, giving Korean listeners access to over 60 million tracks and over 4 billion playlists. Korean artists will also gain exposure to Spotify’s 320 million listeners worldwide.
Spotify (SPOT) debuted its first K-pop playlist in 2014 and has seen growth of over 2,000% in the K-pop genre. The K-pop genre hub is available in over 64 countries and encompasses a wide range of Korean music, including “RADAR Korea,” a playlist that uncovers new up-and-coming music in the K-pop category.
Spotify’s mission of giving a million artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by it, will be further enhanced by entering the South Korean market, one of the fastest-growing major music markets in the world.
“We are excited about our upcoming launch in South Korea, a market recognized as an epicentre for music, culture and tech innovation,” said Alex Norström, Chief Freemium Business Officer of Spotify. “We’re looking forward to working with our valued local partners to uncover more Korean artists, and to connect them with fans in South Korea and all over the world.” (See SPOT stock analysis on TipRanks)
Morgan Stanley analyst Benjamin Swinburne reiterated his Buy rating on the stock yesterday and raised his price target from $300 to $350 (7% potential upside). Swinburne said that despite the negative effects of COVID-19 on the business, it was among the best performing of his coverage group and he is optimistic that the company will continue to outperform.
Consensus among analysts is a Moderate Buy based on 9 Buys, 6 Holds and 3 Sells. The average price target of $286.20 implies a potential downside of around 13% over the next 12 months.
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