- Facebook rebranded Meta Platforms, Inc (NASDAQ:FB) has pulled out of podcasts, looking to remove them from the social-media service starting June 3, taking the edge off Spotify Technology S.A. (NYSE:SPOT), Bloomberg reports.
- Facebook announced various audio efforts in April 2021 to tap the budding market ruled by Spotify.
- The metaverse-focused company seemed more focused on its growing rivalry with TikTok via short-form videos Reels. Reels now make up over 20% of the time spent on Instagram, Bloomberg notes.
- Part of Facebook will stop letting people add podcasts to the service.
- Facebook will halt its short-form audio product Soundbites and remove its central audio hub.
- Facebook does not look to alert users that podcasts will no longer be available. Facebook left it up to the publishers to decide how they wanted to disclose that information.
- Facebook will integrate Live Audio Rooms into Facebook Live, suggesting users can choose to go live with just audio or audio and video.
- Price Action: FB shares closed higher by 5.32% at $211.13 on Monday.
- Photo courtesy Facebook
