Spotify buys Betty Labs, owner of the Locker Room app that broadcasts live sports audio

Business

By CAPosts 30 March, 2021 - 03:30pm 133 views

Spotify reported Tuesday that it bought Betty Labs, the company behind sports-focused social audio app Locker Room, to accelerate its move to live audio.

New voice-based platforms, including invitation-only social app Clubhouse , have seen rapid growth in recent months during the Covid-19

pandemic. But Locker Room, which launched in October 2020, became a popular app among sports fans. They use it to chat and party.

In addition, the music streaming service said that in the coming months the Locker Room will "evolve and expand" to offer sports, music and cultural programming, as well as live discussions with professional athletes, musicians and other personalities.

"Creators and fans have been asking for live formats on Spotify, and we are excited that we will soon make them available to hundreds of millions of listeners and millions of creators on our platform," said Gustav Söderström, Head of research and development of Spotify.

© Pixabay. Spotify is moving forward looking to provide live audio with a new acquisition. Spotify is advancing its ambitions to have live audio

However, Spotify did not disclose the cost of the acquisition. Before, Betty Labs was endorsed by Lightspeed Venture Partners and later by GV. The latter is the venture capital arm of Alphabet and Precursor Ventures. Then, last October, Betty Labs raised $ 9.3 million (191.7 million pesos) in seed funding led by GV.

“We are excited to join forces with Spotify and continue to build the future of audio: we will invest more in our product, open the experience to the Spotify audience, we will diversify our content offering and continue to expand the community we have built, ”said Betty Labs founder and CEO Howard Akumiah.

Also, Spotify has already entered the podcasting segment; there he spent hundreds of millions of dollars to increase his podcast variety. In addition, it launched an advertising market for that type of programming.

On the other hand, screenshots shared by a Twitter user last week showed that Spotify was polling some users on how often they used Clubhouse.

Even Twitter is testing Spaces, a live audio application - which plans to launch publicly in April — and Facebook tests its own live audio offering.

With information from Reuters.

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Source: MSN