(CTN News) – As part of its expansion strategy, Spotify announced a few weeks back that it would launch its podcast advertising marketplace in five new markets, including Sweden andpart of its journey to expand the 21st century.
A Spotify Audience Network, launched in 2021, is a monetization platform for podcast publishers and creators to monetize the content they create through Spotify. It is available in nine countries, including Germany and the United States.
There have been over one billion dollars invested by the company in the development of its podcast business. With over 120 titles and 100 million listeners, the company is now looking to increase the amount of advertising revenue as part of its business strategy in order to remain competitive.
In recent months, we have heard from our customers that they have been reticent to invest in podcasts due to the lack of audience targeting and the difficulty in reaching podcast listeners at scale without a specific audience targeting strategy, said Brian Berner, global head of advertising sales at Spotify.
This is why Audience Network is the perfect solution to both of these challenges.”
In the third quarter of this year, the company’s advertising revenue grew by 16 percent over last year, as well as its podcast advertising revenue grew by double digits over last year.
Does Spotify pay you for podcasts?