Music streaming platform Spotify (SPOT) has added a new messaging feature directly inside its app. Indeed, while people have shared Spotify links through apps like WhatsApp (META), Instagram, or TikTok for years, this new feature lets users keep those conversations within Spotify and saves a history of what has been shared. Nevertheless, for now, messaging is one-on-one and only works if you have already interacted with someone on the app. This includes a collaborative playlist, a Blend, a Jam, or if you’re on a Family plan together.
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You can also accept chat requests when someone sends you a Spotify link from outside the app, or you can send them an invite if they are in your contacts. Once a chat is approved, users can view and respond to messages under the “Messages” section, which is found by tapping their profile picture. Notably, Spotify says that messages are encrypted during storage and while being sent, but are not end-to-end encrypted. In fact, the company checks messages for rule violations and lets users report anything they feel breaks Spotify’s terms of service.
It is worth noting that this update is part of Spotify’s plan to make the mobile app more interactive, which is a goal that was mentioned by Chief Product and Technology Officer Gustav Söderström. Indeed, Spotify has slowly added more social features, like podcast comments and a redesigned video-style feed. However, the new messaging feature will first roll out to users who are over 16 in some Latin and South American countries and will reach the U.S., Canada, Brazil, the U.K., EU, Australia, and New Zealand soon.
Is SPOT Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SPOT stock based on 20 Buys, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average SPOT price target of $767.12 per share implies 10.7% upside potential.
