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Shares of Chinese Software Company Agora Soar on Clubhouse Success

The audio-based social networking app is gaining momentum.
(Boumen Japet)
(Boumen Japet)
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Agora, a Chinese software developer listed on the Nasdaq, has seen its shares soar “150% in recent weeks after talk that the hit app Clubhouse uses its software,” The Information reports.

Why It Matters: Well, it’s not 100% clear that Clubhouse is an Agora client, but there are signs. Meanwhile, “Agora’s software development kit for integrating voice and video chat functions into apps have led it to a market value of nearly $10 billion.”

The success of Clubhouse (and possibly Agora) has generated other interest in getting involved. The New York Times reported Facebook was in the early stages of building a Clubhouse rival.

  • The report also notes that CEO Mark Zuckerberg has a strong interest in audio-based social networking and ”should come as no surprise given Facebook’s reputation for brazenly copying competitors over the years.”
  • Twitter has slowly rolled out its app called Spaces, a knock-off of Clubhouse that lets users create and host audio rooms with followers.

Meanwhile, Clubhouse is on its own run.

  • It recently raised funds at a $1 billion valuation.
  • Clubhouse is also working on paid features (possibly tipping) and an Android version of its app.

The Takeaway: Clubhouse’s growth trajectory continues to trend up. Last month, The Information reported it had 2 million weekly active users on the app at one point.

Justin Oh:

Lots of people are asking me to go live on Clubhouse. I have an account, but I’ll have to check it out over the weekend.

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