Entertainment service provider Spotify Technology S. A. (SPOT) last week, has made several announcements and reported that its investment is beginning to pay off in the podcast industry.
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For its customers, Spotify Technology has launched many new features, including the ability to perform surveys, premium marks for certain seasoned users, new custom playlists, the format of social media stories, and more. For podcast creators, the company also announced new opportunities including a deeper understanding of the audience and the output of each of the episodes produced. This will include new tools for writers to attract more listeners and increase content awareness.
Spotify Technology has concentrated on the podcast production market for many years. The company purchased the start-up Anchor two years ago, which helped it produce about 80% of all new podcasts on the site. At the same time, the podcasts released on Spotify Technology by Joe Rogan and Michelle Obama was among the world’s five most popular podcasts this year.
These data suggest that the emphasis on the content of the original author has had a positive effect on Spotify Technology’s business. This year, Apple, which was previously the leader in the podcast industry, has overtaken the Spotify Technology.
Perhaps one of Spotify Technology’s next moves would be to add subscriptions to some popular podcasts. It is not clear how soon such a decision will be taken by the company, or if it will make it at all but it was previously reported that the streaming service is conducting a survey among its users about their attitude towards paid podcasts. Spotify Technology may enhance monetization if such a function becomes available. About half of the service’s more than 280 million users were charged in the first half of the year.
Spotify Technology S. A. (SPOT) fell -6.12 percent on Monday to close the session at $320.34.