Spotify to launch podcast ad marketplace in five countries

Spotify has announced the expansion of its advertising marketplace for podcasts, known as the Spotify Audience Network, into five new markets, including Sweden and India. This move is part of Spotify's efforts to facilitate monetization opportunities for podcast publishers and creators.

Initially launched in 2021, the Spotify Audience Network was accessible in nine countries, such as Germany and the United States, aiming to empower content creators to capitalise on their podcast content.

Having heavily invested over a billion dollars to enhance its podcast portfolio, boasting 5 million titles and catering to an audience of 100 million podcast listeners, Spotify now shifts its focus towards augmenting advertisement revenue from podcasts.

Brian Berner, Spotify's global head of advertising sales, highlighted the challenges faced by advertisers in targeting podcast audiences effectively. He emphasised the significance of addressing these challenges, stating, "We often hear from our customers that they have been reticent to invest in podcasts because of the lack of audience targeting and challenges reaching podcast listeners at scale. The Spotify Audience Network addresses these two challenges head-on."

Spotify's recent financial report for the third quarter revealed a 16% increase in advertising revenue compared to the previous year, with podcast advertising revenue experiencing growth in the double-digit range. This strategic move to expand the Spotify Audience Network aligns with the company's objective to leverage the surging popularity of podcasts and maximise revenue potential from this format.

(With Reueters Inputs)