Audio streaming giant Spotify has introduced the Spotify Audience Network in India.
This audio-focused advertising platform offers brands in India the chance to engage in audience-targeted podcast advertising. Additionally, it provides an avenue for podcast creators in these markets to monetise their content.
The Spotify Audience Network launched in the U.S. in 2021 and is now available in more than a dozen global markets. Now, Spotify has introduced the product in four other markets including Sweden, Brazil, Mexico, and Japan besides India.
“In Q3, our global advertising revenue grew 16% YoY and podcasts played a critical role. Building on the same success and keeping in mind that India is a significant growth market for podcasts, we are unlocking this growing marketplace for local advertisers and publishers,” Arjun Kolady, head of sales – India, Spotify, said.
“This expansion is the latest in a series of investments Spotify has made to take podcast and audio advertising to the next level by enabling brands to reach these uniquely engaged listeners at scale,” Kolady added.
As per a PwC report, India ranks as the third-largest podcast listening market globally, trailing behind China and the US. Despite witnessing year-on-year growth in podcast consumption, India faces challenges in effectively monetising this trend.
Meanwhile, Spotify is also looking at enhancing its subscription business in India. Recently, it moved many of its regular features behind the paywall and imposed a host of new restrictions for its free users in India. The move has likely been undertaken to expand its paid subscriber base in the country.
As per the latest changes, free users will not be able to repeat songs, skip back to specific parts of songs, rearrange the streaming order, or disable Spotify’s ‘smart shuffle’ setting. The traditional shuffle mode will now become a premium feature.
The Indian music streaming industry is projected to reach a size of $473.60 Mn in 2023 and expected to register a CAGR of 8.72% between 2023 and 2027 to become a $661.70 Mn market by 2027, as per a report by Statista.
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