Spotify is set to expand its podcast advertising marketplace, the Spotify Audience Network, to five additional markets, including Sweden and India. Launched in 2021, this platform is currently available in nine countries, including Germany and the United States. It provides podcast publishers and creators an opportunity to monetize their content effectively.
The company’s move comes after a substantial investment of over a billion dollars in its podcast business, as it aims to significantly the wing’s revenue after several quarters of costly losses. In the third quarter, the company reported a 16% increase in advertising revenue compared to the previous year, with podcast advertising revenue experiencing double-digit growth.
Spotify’s Global Head of Advertising Sales Brian Berner said, “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.”
