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Below is an adaptation of an internal update on Spotify’s podcast business. Sahar El Habashi, Vice President, Head of Podcast Business.
At the beginning of 2019, we saw an opportunity to invest in the small but fast-growing podcasting space and have been helping transform the industry ever since…
- Spotify is currently the most used audio podcast platform in most regions of the world and the number one podcast publisher in the US.
- Spotify now has over 100 million podcast listeners (a 10x increase)
- Over 500 million people listen to podcasts on Spotify since we entered the space
- Consumption increased by over 1,400%
- Spotify grows podcast content from 200,000 titles to over 5 million shows
- 165 Spotify Original and Licensed Shows to Top Charts in 99 Markets in 2022
- Podcast ad revenue to record high double-digit growth from 2021 to 2022
In addition to fueling the media revolution, this large group of creators and listeners has taught us a tremendous amount about the state of podcasting today and where it’s headed tomorrow. We know creators are embracing a global audience on our platform, but we want to improve our discovery power to grow our audience. We also know that while they appreciate our tools and support-a-creator program, they want more options and flexibility when it comes to monetization. Luckily, Spotify is by no means a company that sits idle.
Given these learnings and our leadership position, we recently embarked on the next phase of our podcast strategy. It’s focused on delivering even more value to creators (and users!). This starts with maximizing consumption from the large audiences we have established through format innovation, and the success of more creators in more places. At the same time, we are working with the podcasting community to expand our analytics capabilities by extending Spotify For Podcasters. This allows creators to maximize their audience on her Spotify and beyond. Underpinning this effort is the continued leveling up of our advertising services and the introduction of more business models so that more creators can earn meaningful income from their work.
We are expanding our partnership efforts with leading podcasters around the world, with an approach optimized for each show and creator. This radical shift away from a more uniform proposal will allow us to better support our creator community. However, you have to adapt to it. Over the past few months, our senior executive team has been working closely with Human Resources to determine the best organization for the next chapter. As a result, we have made the difficult but necessary decision to strategically reorganize the Group and reduce our Global Podcasts division and other functions by approximately 200 people, representing 2% of Spotify’s workforce.
Unfortunately, this means saying goodbye to close colleagues and friends. We know news like this is never easy, especially for those affected. We do not make these decisions lightly. We want to thank those who are leaving for everything they have done for podcasting and Spotify. Those affected by this change have already received an invitation today for his one-on-one conversation with a member of the HR team, and we know that each step of this process will be done with the utmost empathy and respect. We are working hard to ensure that The company supports these people with generous retirement packages, including expanded medical coverage and immediate access to outplacement assistance.
Going forward, we will continue to work on original programming as a key component of our focus on creators. As part of this next phase, Parcast and Gimlet will combine to operate new Spotify Studios, which will continue to produce a wide range of influential original productions, including: stolen journal science vs heavyweight serial killer and conspiracy theory. The Ringer continues to build unparalleled programming across sports, culture and technology. In addition, both studios will greenlight new shows, with an increased focus on always-on programming that attracts engaged and loyal viewers and attracts advertisers.
Julie McNamara (Vice President, Head of Global Podcast Studios) will continue to oversee the Spotify studio organization. Liliana Kim Responsible for the current content of the Spotify studio Liz Gately Who will be responsible for development? Bill Simmons will continue to lead The Ringer’s MD and podcast innovation and monetization, working with Julie and me to enhance monetization opportunities across all podcasts. We continue to expand the team that supports creator partnerships. Brian Thorensen (Head of Content Partnerships) We are increasing our focus on the millions of creators who are building audiences and businesses on our platform.
Our continued success in growing the podcast ecosystem is based on the need for the Spotify machine to always be on. And because these changes will drive strong discovery and podcasting habits for users, monetization and audience growth for creators, and a valuable and profitable business for Spotify, Spotify’s podcasts Accelerate to the next chapter. We appreciate your continued understanding and cooperation. I have a lot of faith in this team and believe that this next stage will bring opportunities that have never been seen before.
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