Spotify has been doubling down on its podcast efforts
This month, Spotify (SPOT) has made a few moves on the podcast front. The music streaming giant has launched the “Your Daily Drive” playlist, a feature targeting commuters, and the “Your Library” tab, which gives paid subscribers easier access to their podcasts.
Targeting based on podcasts will give brands better insights
Spotify announced yesterday that advertisers can now offer ads based on the podcasts its free-tier users are streaming. Previously, brands were only able to target free-tier streamers based on their preferred genres or playlists. The new option could be valuable to these brands, as they will have access to more specific data. It is set to be available for brands advertising in the lucrative US market and nine others.
Spotify’s recent podcast moves have boosted its stock by ~20% since June 3. Broader markets’ rally has also helped the stock, which has struggled in the last ten months.