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With more than 480 million users, Spotify has positioned itself as the leading platform for streaming musical.
In 2022 Spotify generated revenue of more than 11.7 billion euros.
Ad spend on podcasts is expected to reach nearly $2.2 billion by 2023.
Spotify has announced that it will have a new tool that will be of great help to facilitate the conversion of live broadcasts into podcasts, this new function is called “broadcast-to-podcast” and with it even radio show hosts can convert their broadcasts into podcast episodes, the company believes that this solution will allow it to reach new audiences.
Spotify
Founded in 2006, Spotify based in Stockholm stands out for being a leader in music streaming services in recent years, its direct competitors in the market are Apple music and Amazon music. Since its launch, the company has provided through its platform a wide variety of musical content in addition to audiobooks and podcasts, being the reference option for many people.
The founders’ goal was to create a service that would allow users to listen to music online for free and legally. From there, the service began to gain popularity in Europe and eventually spread to other countries. In 2011, Spotify launched in the United States, immediately becoming one of the leading streaming services. streaming of music in the market.
According to Statista, in 2022 Spotify generated revenue of more than 11.7 billion euros compared to 9.67 billion the previous year. It should be noted that most of the company’s income came from its subscribers premium instead of implementing your ads.
One of the main features of Spotify is its ability to stream music online, with this users can access a wide variety of songs and artists from around the world and listen to them from their computer, smartphone or tablet.
Spotify introduces tool to turn live streams into podcasts
Spotify has implemented to its platform «broadcast-to-podcast» a tool that will serve to convert live broadcasts into podcasts, according to the company, ease of use and automation are the main benefits of this product. And it is that what is sought is also to save time, because as he mentions, publishing teams normally take between 30 and 60 minutes to manually convert each individual broadcast episode into a podcast, this includes downloading the episode from the radio platform, remove ad slots, place ad markers, and upload the episode to a podcast platform.
“After a simple setup process unique to Megaphone, Stream to Podcast will automatically create new podcast episodes from previously streamed content, making it easier than ever for broadcast publishers to reach new audiences with their content.” noted Spotify in its page Web.
The tool also allows radio content publishers to customize the content of their podcasts, so they could add new ads or replace old ones with other content. They can even take advantage of Spotify’s audience network to monetize unsold inventory.
It is clear that the company seeks to connect with the young generations, since lately it has been seen that it seeks to continue connecting mainly with generation Z and millennial And it is that advertising investment in podcasts is expected to reach almost 2.2 billion dollars by 2023. This would represent a revenue opportunity for broadcast publishers.
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