Facebook Pulls Out Of Podcast Endeavor

Facebook rebranded Meta Platforms, Inc 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. 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.
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