Facebook’s users will soon be able to listen to music hosted on Spotify while browsing. Project Boombox is the new initiative by the networking giant that cements the growing ties between the two companies. According to TechCrunch, Facebook users will soon be able to listen to songs and playlists without being externally linked to the music and podcast giant.
According to Techcrunch, Facebook (FB) plans to build an audio player that will link directly to the Spotify (SPOT) app or website. The integration will support both music and podcasts, with trials already started in Mexico and Thailand.
Enabling audio services on Facebook apps is part of CEO Mark Zuckerberg’s initiative to improve user’s experience on the various apps. The initiative should enhance creators’ experience on the platforms as they will now be able to share their work with ease.
“We think that audio is going to be a first-class medium and that there are all these different products to be built across this whole spectrum,” said the CEO.
He further added, “Of course, it includes some areas that, that have been, you know, popular recently like podcasting and kind of live audio rooms like this, but I also think that there’s some interesting things that are under-explored in the area overall.”
Analyst Brian White of Monness Crespi Hardt, maintains a Buy rating on Facebook with a $375 price target implying 24% upside potential from current levels.
“With sales up 37% per annum over the past five years, EPS turning in a 51% CAGR and one of the highest operating margins in our coverage universe, we believe Facebook should trade at a healthy premium to the market and tech sector,” White wrote in research note to investors.
Consensus among analysts is a Strong Buy based on 30 Buy and 4 Hold ratings. The average analyst price target of $344.81 implies 14.38% upside potential to current levels.
FB scores a 7 out of 10 on TipRanks’ Smart Score rating tool, signalling its performance is likely to align with the overall market.
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