GoPro Brings in The Cash This Black Friday and Spotify Looking to Become the King of Podcasts
GoPro closed the week higher last week after disclosing “record-breaking sales” during the Black Friday and Cyber Monday weekend. On Thursday, GoPro shares were up close to 5% and on Friday, closed the week up around 2.5%.
According to the announcement, the company has brought its subscriber count above 670,000 for the first time ever. Chief Executive Nick Woodman had this to say on the matter: “with well over 700,000 subscribers,” who pay for perks such as unlimited cloud storage and discounts on GoPro accessories, We are confident about our ability to exit 2020 with low channel inventory and a promising outlook for 2021.”
The demand in many industries have plummeted since the coronavirus pandemic began. When one door closes, another one opens. As much as people slowed down air travel spending for example, one area that got a boost is digital audio.
Spotify has been positioning themselves to not only be the king of rap and streaming music but it’s making a big shift into the podcast industry. With 2 million podcasts on its platform, and the brand and cash to back it up, maybe the company has a chance of achieving its goal of becoming “….to be No. 1 in podcasts,” according to chief content and advertising business officer Dawn Ostroff.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.