Amazon Plans to Reinvent Radio with Live Audio App Amp

Amazon (AMZN) has launched a new live audio app that lets people be their own DJs in live radio shows. Amp is the new app that lets people play their favorite songs from a huge catalog powered by Universal Music Group, Sony Music Entertainment, and Warner Music Group. AMZN shares fell 1.05% to close at $2720.29 on March 8.

Amazon is a U.S. company that offers online retail services. It also offers cloud computing services. Amazon’s upcoming earnings report for Q1 2022 is scheduled for April 28, 2022.

Amazon’s Amp

The invite-only app is still in the beta phase and will require an access code. The limited access will allow Amazon to partner with early adopters in a diverse community of creators. In addition, it should allow the company to enhance the experience and better serve people when it officially launches.

While allowing creators to grab a microphone and run the airwaves, Amp will let users chat with listeners on the app. Amazon says Amp will also make it easier for people to create live shows alongside some of the biggest names. Some of the big personalities that will be part of the Amp launch include Nicki Minaj with the Queen Radio show, songwriter Pusha T, and Travis Barker, among others.

Amazon hopes to enhance what listeners love about radio with the Amp live audio app. It plans to do so by allowing fans to go deeper into the experience of live audio while enhancing the sharing of playlists in a new way.

Stock Rating

Last month, Bank of America Securities analyst Justin Post reiterated a Buy rating on the stock with a $4,450 price target, implying 63.59% upside potential to current levels.

Consensus among analysts is a Strong Buy based on 34 Buys. The average Amazon price target of $4,218.56 implies 55.08% upside potential to current levels.

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