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Spotify announced Tuesday that it is buying podcast advertising and publishing platform Megaphone for $235 million, further expanding its efforts to monetize a booming industry.
The acquisition will let brands advertise on Spotify’s original and exclusive podcasts, and let podcast publishers make more money from their audio, Spotify said.
Megaphone, headquartered in Virginia and founded in 2015, is a podcast tech firm which makes tools for podcasters to host their content and insert ads into podcasts. It also aims to help brands better target their ad spending.
On Tuesday at an event in New York, Spotify gave press and advertising partners a first look at a new ad-supported version of its app that 90 million consumers use to stream music for free. However, if you create a playlist with just 'The Humpty Dance,' Spotify will make free-tier smartphone users listen to a few additional tracks and ads, so it's not a pure on-demand experience.
Spotify said that it would extend new advertising tech it unveiled in January — called Streaming Ad Insertion (SAI) — to third parties for the first time, via Megaphone. SAI allows podcast advertisers to measure ad reach, recall, listening frequency per user, and anonymized audience data like age and gender.
The original version I was allowed to use, but when I tried using the newer cover of that song, YouTube blocked the song so I had to trim that part out of my video. I then posted a video that is just an upload of an episode of an old show from 1970, but with me narrating over it. I assumed it would be free domain since the show is so old.
“This means that podcast publishers can offer more-valuable podcast audiences to advertisers based on confirmed ad impressions,” the company said. Filehorse spotify app.
Spotify said the closing of the deal was subject to customary regulatory approvals.
“We are still in the early chapters of the streaming audio industry story, but it is absolutely clear that the potential is significant,” said Dawn Ostroff, Spotify’s chief content and advertising business officer.
Advertising Video On Demand Free Spotify Playlist
“We look forward to Megaphone joining Spotify on our mission to accelerate smarter podcast monetization for advertisers and podcast publishers powered by a scaled audience and state-of-the-art technology,” said Ostroff.
Brenden Monaghan, CEO of Megaphone said: “We are incredibly excited to join Spotify to help advance the podcast medium for publishers and advertisers alike. We believe that Megaphone and Spotify’s shared value in innovation will drive the podcast ecosystem forward around the world. “
Read more: Joe Rogan’s blockbuster deal with Spotify is the streaming giant’s biggest signal that it wants to dominate podcasting. Here’s what it means for other show personalities and advertisers. Spotify app not on samsung tv.
Spotify said in its statement that its Q3 earnings showed “22% of our total monthly average users engaged with podcasts last quarter and that podcast advertising revenue is up nearly 100% year over year.”
Since 2008, Spotify has gained 320 million users worldwide, including 144 million subscribers, stretching across 92 markets.
The audio-streaming subscription service has more than 1.9 million podcast titles including hits from Michelle Obama, Kim Kardashian, and Joe Rogan’s “The Joe Rogan Experience,” which will be exclusively available on the platform next year.
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Spotify and Megaphone’s deal comes at a time when the podcast industry is booming, and advertisers are taking notice. In November 2019, a study from Edison Research and the PodcastOne network showed that 70% of podcast listeners — who listened for five or more hours a week — considered buying a new product or service after hearing about it on a podcast.
Spotify is now considering a separate paid subscription service specifically for podcasts, according to a survey the company recently sent out.
Spotify app download radio. Spotify isn’t the only company hoping to boost its podcast business through …read more
Source:: Business Insider
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