Dubawa, an independent fact-checking media network, has debunked a claim made by Vice President Dr Mahamudu Bawumia during the launch of the Ghana Music Xperience (GMX) streaming platform on October 30, 2024, in Accra.
Dr Bawumia asserted that Spotify, a music streaming app, has a market value of $80 billion.
He used this claim to underscore the necessity for a music app tailored specifically for the Ghanaian community. However, Dubawa decided to examine the accuracy of Dr Bawumia’s assertion regarding Spotify’s market value.
According to Google Finance, as of October 31, 2024, Spotify’s market cap was recorded at $77.33 billion.
This figure contradicts Dr Bawumia’s statement of $80 billion. Similarly, Yahoo Finance and The Wall Street Journal also reported Spotify’s market value as $77.331 billion and $77.23 billion, respectively, on the same date.
Therefore, it can be concluded that Vice President Dr Mahamudu Bawumia’s claim about Spotify’s market value being $80 billion is inaccurate.
The actual market value of Spotify on the international stock market as of October 31, 2024, was approximately $77 billion.
