By Tanzeel Akhtar
Spotify Technology SPOT 1.11% shares were trading slightly higher on Tuesday after it emerged British royals, the Duke and Duchess of Sussex have inked an exclusive multi-year deal with the company to host and produce podcasts.
What Happened: Prince Harry and Meghan Markle announced they will form a new production company Archewell Audio with Spotify. The aim of the podcasts is to that uplift and entertain audiences.
“What we love about podcasting is that it reminds all of us to take a moment and to really listen, to connect to one another without distraction,” the Duke and Duchess of Sussex said in a joint statement.
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“With the challenges of 2020, there has never been a more important time to do so, because when we hear each other, and hear each other’s stories, we are reminded of how interconnected we all are,” added the couple.
Why This Matters: In recent years, Spotify has beefed up its podcast streaming library. The company announced it will acquire Megaphone for $235 million in November.
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In 2019, Spotify announced a partnership with the former U.S. President Barack Obama and his wife Michelle Obama.
SPOT Price Action: Spotify shares were trading up 1.52% at $325.20 at publication time.
This article originally appeared on Benzinga and has been reposted with permission.