Spotify's decision to invest in skilled podcasters, as well as going beyond music, resulted in a 29% increase in advertising income Q4 2020.
Podcasting is projected to grow at a faster rate as the bandwidth and connection of smartphones and digital assistants improve. According to Grand View Research, the global podcasting industry is projected to grow 27.5% through 2027.
Companies looking to invest in podcasts can implement Spotify's approach, which involves increasing audience engagement, diversifying revenue and providing exclusive deals to podcasters. Creating quality podcasts with unique content and style can help marketers grow organically on audio platforms.
With more than 80 million Americans claiming to be weekly podcast listeners, as per Convince & Convert, hosting podcasts can augment engagement. Leverage podcasts to grow on other platforms, enhance brand name, communicate brand expertise, upload internal company updates, and boost conversions.
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