Spotify podcast listeners to top Apple’s for the first time in 2021, forecast claims
Investors have been waiting for Spotify’s multimillion-dollar bet on podcasting to pay off, in terms of increased paid subscriptions or improved revenues. But before that can occur, Spotify has to get more people listening to podcasts through its app. On that front, the streaming service has momentum. According to a new market forecast, Spotify’s U.S. podcast listenership will surpass Apple Podcasts for the first time this year when 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts.
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Dive Brief:
Spotify unveiled an audio advertising marketplace as it simplifies the process of running campaigns across its properties, according to a blog post and announcement at the platform s Stream On event.
Spotify Audience Network allows marketers to manage campaigns across the streamer s ad-supported music offerings, podcasts and on content from Megaphone and Anchor. The network includes tools designed to engage listeners during screenless moments, as well as targeting and addressability products such as Spotify s Streaming Ad Insertion (SAI) for podcasts.
Spotify is working to lessen fragmentation in the audio advertising market with the move. At the same time, the platform is adding a self-serve option for podcast advertising to its existing Spotify Ad Studio to attract a wider swath of marketers.
Stream On launch event, they announced services to over eighty new markets expanding to additional one billion customers. They also announced their Audience Network which will accommodate cross-advertising between music and podcasts. This will, especially, increase revenue for podcasters in the region through per stream advertising. Spotify has exclusive podcast deals with Barack and Michelle Obama and comedian Joe Rogan who reportedly got paid over one hundred million dollars for his content.
This is welcoming news for the creative industry in the Caribbean as more persons are developing intellectual property specific to the niche audiences in the region. As Spotify grows so will creators on the platform. The Spotify Audience Network will bring money to creators and with popularity hosts can court local advertisers to capitalize on their audience reach.