Dubawa, an independent verification and fact-checking media network, has refuted a claim made by Vice President Dr Mahamudu Bawumia during the launch of the recently-held Ghana Music Xperience (GMX) streaming platform on October 30, 2024, in Accra.
Dr Bawumia had said at the launch of GMX that Spotify’s market value or cap is $80 billion.
His statement emphasised the need for a universal music app only for the Ghanaian community.
“Spotify is a music streaming app, but the value of Spotify today is $80 billion. Right, that’s $80 billion. The total value of the Ghanaian economy is $75 billion. So, Spotify alone, as one app, is worth more than Ghana’s total GDP. That is just one app, and it just tells you the power of apps in the economy or the global economy of today,” he said.
Meanwhile, it is worth noting that Spotify is a Swedish audio streaming and media service provider founded on April 23, 2006, by Daniel Ek and Martin Lorentzon.
As of June 2024, it is one of the largest providers of music streaming services, with over 626 million monthly active users comprising 246 million paying subscribers.
DUBAWA decided to investigate the facts concerning Spotify’s market value on the international stock market.
Verification
As of the close of Oct. 31, 2024, Google Finance, a platform designed to help users analyse and compare stocks and markets, listed Spotify’s market cap as $77.33 billion against Dr Bawumia’s $80 billion claim.
Also, Yahoo Finance, a rich resource of financial market data and tools to find compelling investments, listed the market value of music streaming Spotify as 77.331 billion as of the close of Oct. 31, 2024, unlike Dr Bawumia’s claim that it is $80 billion.
Similarly, The Wall Street Journal, a newspaper and news agency based in New York, founded by Charles Dow, Edward Jones, and Charles Bergstresser in 1889, also listed Spotify’s market value or cap as of Oct. 31, 2024, as $77.23 billion respectively.
Conclusion
Vice President Dr Mahamudu Bawumia’s claim, made during the launch of the local music streaming app GMX on Oct. 30, 2024, that Spotify’s market value is $80 billion is false.
Latest Stories
-
From Gold Coast Ghana to Gold Cost Ghana?
6 mins -
There hasn’t been enough awareness about new curriculum – Parent
10 mins -
betPawa to invest GH¢7m into Ghana Premier League and Women’s FA Cup in 5yrs
14 mins -
Child poverty can be addressed with the right priorities and policies – UNICEF
14 mins -
Ghana’s exchange rate problems need more than gold purchases – IMANI
20 mins -
IMANI calls for review of Ghana’s procurement law to enhance transparency
20 mins -
Women in Worship organisers mad at Nigeria’s Ada Ehi over ‘no show’
21 mins -
Everything is more difficult now – Guardiola
26 mins -
Mahama will make the economy viable for the youth to become entrepreneurs – Osman Ayariga
31 mins -
East Legon crash: Police pursue TikTokers for ‘false claims’ about Salifu Amoako’s son’s location
59 mins -
Severe food shortage force some SHSs to serve repetitive meals
1 hour -
Don Julio 1942 launched by Guinness Ghana Breweries with an enchanting Halloween Ball celebration
1 hour -
3 Central Region MCEs intensify cholera control efforts after 5 deaths
1 hour -
Bawumia’s 12 ‘Bold Steps’ to expand educational opportunities for all
1 hour -
Mahama criticises NPP for accumulating energy debt to pass on to next NDC gov’t
1 hour