SPOTIFY GOING LIVE IN LOCKER ROOM

Eyeing an opportunity to enter the live audio space and compete with Clubhouse, Spotify is acquiring Betty Labs, the company behind the sports-focused live audio app Locker Room.

A Spotify blog post says the streamer will “evolve and expand Locker Room into an enhanced live audio experience for a wider range of creators and fans.” Content will include “a range of sports, music and cultural programming, as well as a host of interactive features that enable creators to connect with audiences in real time.”

“Creators and fans have been asking for live formats on Spotify, and we’re excited that soon, we’ll make them available to hundreds of millions of listeners and millions of creators on our platform,” said Gustav Söderström, Chief Research & Development Officer at Spotify. “The world already turns to us for music, podcasts and other unique audio experiences, and this new live audio experience is a powerful complement that will enhance and extend the on-demand experience we provide today.”

Betty Labs is a team of developers, engineers, product thinkers and sports fans focused on creating live experiences. Locker Room was introduced in October. Spotify says it will leverage Betty Labs’ data, insights and strength in user experience to build out a full complement of live and on-demand offerings for users and creators.

The news helped Spotify stock rebound; it rose $10 a share to $260 between 10 and 11:30am ET.