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Spotify reported its quarterly earnings on Wednesday. In that report the company says it continues to see exponential growth in podcast consumption. “More than 16% of our Total Monthly Active Users now engage with Podcast content, and consumption hours in Q4 have grown nearly 200% year over year.
Spotify has been very aggressive in the podcast space, spending hundreds of millions of dollars to purchase companies, hoping to take advantage of the consumer craze with the medium as well as put a dent in Apple’s leadership. Apple podcasts continues to lead the pack as the number one way consumers listen to podcasts. Spotify is second.
There are now over 700,000 podcast titles available on Spotify. The company added personalized elements to the podcast experience in Q4 with the launch of Your Daily Podcasts in several markets including the US. Spotify also released 26 shows in markets outside the US to capitalize on the growing global trend of consumption.
During the quarter Spotify held its first-ever Spotify for Podcasters summit in Brazil, a 2-day event in Sao Paulo with more than 1,000 creators with 32 panels and 11 workshops.
Spotify reports that it has a growing body of evidence showing there are significant benefits to engagement, retention, and conversion of users from Ad-Supported to Premium stemming from the consumption of its Podcast content.