February 24, 2021
07:11
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The streaming platform continues to expand around the world and wants to make a return on its investment in the spoken format, enriched by major partnerships.
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The future of Spotify will be thanks to the podcast. In short, this is what you should remember from Spotify’s “Stream On”, the Swedish company’s virtual event which took place on Monday. She presented her projects and ambitions for the future..
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This year, most of the major announcements concerned the spoken format, always more fashionable. A choice which is in line with the strategy started in 2019. For two years, the company has made a series of acquisitions of all kinds in the field, whether for increase its offer or expand the services related to the podcast, such as selling advertisements in this type of format.
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The strategy is already reflected in its offering, with the number of podcasts tripling in one year, from 770,000 to over 2.2 million at the last count. The company thus responds to the significant demand for this type of format. Faced with the craze, Spotify is considering other sources of income.
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Paid podcasts
From spring, the platform will offer podcasts in paid form. The test will first be done in the United States. A first for the company which has until now, and like most of its competitors, favored content accessible free of charge but with advertising.
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“We have found that podcast listeners tend to be willing to financially support the shows they like.”
Michael Mignano
Co-founder of Anchor, subsidiary of Spotify
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Initially, the platform will let the creators manage their offer themselves, choosing the price and any advantages, such as the absence of advertising or access to additional bonus content. The new formula will be done in collaboration with Anchor, the specialist in the creation of podcasts, which recently became a subsidiary of Spotify.
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“We have found that podcast listeners tend to be willing to financially support the shows they like”, explained to the specialized site TechCrunch, Michael Mignano, CEO of Anchor.
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Advertising nevertheless remains crucial in the strategy. Spotify has therefore also announced the launch of Spotify Audience Network, which will facilitate the management of advertising space for advertisers.
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Batman, Meghan et Barack
Still with this podcast development perspective, Spotify has also confirmed the signing of major partnerships with production giants Warner Bros. and DC Comics. The aim of these new collaborations is to diversify the offer with narrative podcasts. An audio “Batman” will soon be offered.
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Riding on the craze, Spotify multiplies prestigious collaborations. During Monday’s presentation, Prince Harry and Meghan Markle notably intervened in a video to promote their podcast. Spotify also marked the occasion by presenting this week the first two episodes of a long conversation between former President Barack Obama and rock star Bruce Springsteen.
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Storming the rest of the world
In addition to its diversification ambitions, the Swedish company continues to conquer the world. 85 more markets will soon be covered by Spotify. Most are in Africa. On the European continent, Georgia and San Marino will be added. This new expansion will allow the group to potentially reach over a billion additional people. To do this, 36 languages will also be added.
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Who says new market also means more varied offer. The company ensures that it intends to strengthen the presence of certain genres, such as Reggaeton or K-Pop, very popular in Asia.
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The company currently has more than 340 million subscribers worldwide. 150 million people also use the free version with ads.
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©EPA
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