Jun 12, 2022
In General Discussions
Spotify acquired Betty Labs, the creators of sports-focused live Coinbase User List audio app Locker Room, per a press release. The deal values Betty Labs at around $50 million, and the value could climb closer to $80 million if certain targets are met, a person familiar with the transaction Coinbase User List told The Wall Street Journal. Spotify plans to expand the Locker Room app’s positioning to reach a wider range of creators and fans, offering a range of sports, music and cultural programming along with interactive features. The platform will give professional athletes. Musicians, podcasters and other voices a range of Coinbase User List audio experiences, per a blog post. Betty Labs was initially backed by Lightspeed Venture Partners and more recently by Google Ventures and Precursor Ventures. Its acquisition by Spotify allows the streaming platform Coinbase User List to get in on the live audio space, which is quickly ramping up due to interest in apps like Clubhouse. Dive Insight: Spotify’s acquisition of Betty Labs and its Locker Room app point to the “future formats of audio” that the platform is developing, per the company’s blog post. Live audio apps like Locker Room and Clubhouse Coinbase User List have quickly grown popular by offering an interactive alternative to podcasts and chat services. Compared to Clubhouse, which surged to 2 million users in January, Locker Room has seen about 19,000 installs since its October launch, per Sensor Tower data cited by the Journal, suggesting that Spotify is getting in on the ground floor of a burgeoning media platform.