Jim Cramer: Spotify Is 'Very Good,' Netflix Is 'Unbelievable'
Spotify reached a deal to make its offerings available across cable giant Comcast's Xfinity.
The agreement, whereby Spotify launches on Xfinity X1 and Flex, calls for the music and audio streaming service’s 50 million music tracks and more than 1 million podcasts to be available to stream on Xfinity.
Comcast said streaming-music consumption among its TV and broadband users has grown by double-digits percent year over year.
This trend has grown as more people are working from home due to the coronavirus pandemic.
The agreement with Comcast is the latest in a series of deals for Spotify. Last month, the company unveiled an agreement with podcaster Joe Rogan, host of "The Joe Rogan Experience," to move his show exclusively to Spotify.
The company has also inked agreements with Kim Kardashian West for a podcast on criminal-justice reform, and AT&T's Warner Bros. and DC Entertainment to launch an exclusive set of "narrative scripted podcasts" involving DC Comics superheroes.
"What should investors do with Spotify, the music streaming service that was a red-hot IPO in 2018 but had seemingly lost its mojo until recently? Cramer said Spotify is back and it's time for investors to step up and take notice. After falling from $150 a share in February to lows near $110 in March, Spotify has gotten its groove back and is ready to roar higher," wrote TheStreet's Scott Rutt in his Mad Money recap.
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