Why Spotify Shares Popped 19% in May

Shares of Spotify (NYSE: SPOT) soared 19.4% in April, according to data from S&P Global Market Intelligence.

That move sent the stock from $152 per share to $181 during the month. For context, the stock bottomed around $118 in March in the midst of the COVID-19 downturn and jumped 24.8% in April to $152 before last month's additional 19.4% move higher.

During May, the big news for Spotify was its announcement that it had signed The Joe Rogan Experience (JRE) podcast to a multiyear exclusive licensing deal. This is really big because JRE "has long been the most-searched-for podcast on Spotify and is the leading show on practically every other podcasting platform," according to Spotify.

Source Fool.com