Spotify’s big push on making podcasts as much a part of their platform as music is working as streaming lovers mix up their listening with podcasts more and more.
Spotify have just revealed their Q2 earnings for 2020 showing that Coronavirus hasn’t impacted on continuous growth. As the streaming platform grows it has become clear that their last few years of focus in expanding podcasts on their platform is helping to solidify their growth and position in the competitive music streaming market.
After introducing podcasts alongside their huge music catalogue, 21% of Spotify’s Monthly Active Users (MAUs) now listen to podcasts on the platform. With 299 million MAUs globally the uptick from 19% in Q1 is a huge new crowd of users tuning in to Spotify’s 1.5 million podcasts – roughly 4 million people in one quarter.
Speaking of Spotify’s huge catalogue of 1.5 million podcasts available on their platform, half of those were added in 2020 alone. With huge new exclusive podcasts on the way including Michelle Obama’s new podcast and Joe Rogan’s hugely popular podcasts, Spotify seem to be cornering the podcast market.
Spotify are playing a very smart game by diversifying their value particularly after Apple heated up the competitiveness of the music streaming market when they launched Apple Music. With such a diverse and continuously growing catalogue of podcasts Spotify have effectively become a broad audio platform rather than competing solely on the basic of music streaming.
With triple digit growth on the amount of podcasts being consumed Spotify are clearly hitting the right mark with their user base. Expect podcasts to become an increasingly larger part of Spotify’s platform as the year progresses.