Spotify Technology’s (SPOT) stock is at an all-time high after rising more than 10% since the beginning of September.
The company’s share price was pushed to a record close on the New York Stock Exchange after Chinese social media platform TikTok announced that it is shutting down its music-streaming service.
The end of TikTok’s music-streaming service is seen as positive for Spotify as it removes one of the audio streaming giant’s main competitors.
Swedish-based Spotify, which is known for its music streaming and podcasts, has also seen its stock more than double this year as it overhauls its business and reports record profits.
TikTok Music, which is mostly available in Asia and South America, will shutdown on Nov. 28 of this year, according to the company.
Spotify currently has more than 600 million monthly active users, and analysts say that number is likely to grow once TikTok Music ceases operations.
Spotify has slashed costs this year and raised prices. In June, the company increased prices for its monthly individual premium and family plans.
The stock of Spotify has gained 103% so far this year to trade at $383.96 U.S. per share.
