Spotify launches Audience Network to monetize podcasts in India
Spotify's new initiative in India, the Spotify Audience Network, allows brands to advertise on podcasts that cater to particular audiences. Spotify is making a calculated move in an attempt to pay podcast creators for their work. Notably, Spotify intends to increase the number of premium subscribers it attracts and impose limitations on free users in order to strengthen its subscription business in India.
It is the first publishers in India that will leverage the Network to monetize content through advertisers, include Audio Pitara and Ideabrew Studios.
In 2021, the Spotify Audience Network was launched in the U.S. and now it is available in over a dozen global markets across North America, Latin America, Europe and Asia. Over the past 12 months, advertisers participating in the marketplace have grown over 45% while opted-in podcast publishers have increased more than 70%.
The new initiative is also introduced in Sweden, Brazil, Mexico and Japan.
“In Q3, our global advertising revenue grew 16% YoY and podcasts played a critical role. Building on the same success and keeping in mind that India is a significant growth market for podcasts, we are unlocking this growing marketplace for local advertisers and publishers. This expansion is the latest in a series of investments Spotify has made to take podcast and audio advertising to the next level by enabling brands to reach these uniquely engaged listeners at scale”, said Arjun Kolady, head of sales - India, Spotify.
“We are always looking for new ways to bring in advertising that not only drives greater revenue but also provides personalised and valuable messaging for our listeners. The Spotify Audience Network will be a critical addition to our monetization efforts by bringing us incremental, unique demand that helps ensure more of our impressions are filled by high-quality and brand-safe ads,” said Tapan Gupta, co-founder, Audio Pitara.
“Podcasts are an immersive medium, and so, while we focus on finding innovative avenues to integrate advertising, we also want to ensure that the brand and the messaging is relevant to our audience. The inclusion of the Spotify Audience Network is pivotal to our growth strategy, as it adds distinctive demand”, explains Aditya Kuber, co-founder and chief executive officer of Ideabrew Studios.
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