Podcast Listening Way Up At Spotify
Spotify reported its quarterly earnings on this week. The company reports it continues to see exceptional growth in podcast consumption. “More than 16% of our Total Monthly Active Users now engage with Podcast content, and consumption hours in Q4 have grown nearly 200% year over year.
Spotify is very aggressive as it enters the podcast business, spending hundreds of millions of dollars to purchase companies, to take advantage of huge growth in podcasts both in terms of numbers of podcasts, but also the number of people consuming podcast content. Apple podcasts remains in first place as the most popular source for podcasts. Spotify is second, but growing rapidly.
There are now over 700,000 podcast titles available on Spotify. The company added personalized elements to the podcast experience in Q4 with the launch of Your Daily Podcasts in several markets including the US. Spotify also released 26 shows in markets outside the US to capitalize on the growing global trend of consumption.
Spotify reports that it has a growing body of evidence showing there are significant benefits to engagement, retention, and conversion of users from Ad-Supported to Premium stemming from the consumption of its Podcast content.