As audio becomes an ever-present texture in consumers’ lives, and excitement grows around the potential of sonic brand communications, platforms like Spotify are well-placed to benefit.
The Swedish streaming service has declared its intention to be the “world’s largest audio platform”. It added 15 million users in Q2 2019, reaching a total of 232 million monthly active users, including both ad-supported and fee-paying premium accounts, an increase of 6.9% quarter-on-quarter.
The company has also announced an ambitious acquisition strategy to grow its share of the burgeoning podcast market, with plans to spend between $400m and $500m on podcast-related investments. It now boasts 450,000 podcast titles, up from 185,000 in February of this year. Content partnerships have been signed with the likes of Higher Ground, the production company set up by Barack and Michelle Obama.