The music streaming market leader Spotify is reaping the first fruits of its podcast offensive.
In the past quarter, advertising revenues jumped 75 percent year-on-year to 323 million euros. Their share of the entire Spotify business rose from a good nine to around 13 percent. Spoti-fy had invested a lot in the expansion of the podcast offer in the past few months with acquisitions and exclusive deals.
Subscription revenues rose in the third quarter by 22 percent to around 2.18 billion euros, as the company from Stockholm announced on Wednesday. Spoti-fy now has 172 million subscription customers.
The free version with advertising has access to 220 million users. As before, Spot-ify expects up to 181 million subscription customers and 407 million users in total at the end of the year. The Spoti-fy group turnover grew by 27 percent to 2.5 billion euros.