Spotify Bets The Future Includes Podcasts With Video

Spotify Technology SA said on Wednesday it would roll out new features like smart shuffle and previews of podcasts and music playlists on its audio streaming platform, as it crossed 500 million in monthly active listeners.  The Swedish company, which has invested heavily in building up its podcast and audiobooks business in recent years in a bid to attract users and advertisers, announced the "new re-imagined user interface" at its Stream On event.

Spotify on Wednesday also unveiled a series of new podcasts, partnerships and features as part of its effort to dominate in all things audio, despite recent challenges and controversies in the space, reports The L-A Times.

At an event near its offices in Los Angeles’ Arts District, the Swedish music streaming giant unveiled a partnership with popular online content creator Markiplier — whose shows “Distractible” and “Go! My Favorite Sports Team” will launch exclusive video episodes on Spotify.

The company also announced a scripted Batman spinoff series called “The Riddler: Secrets in the Dark,” starring Hasan Minhaj, who played the villain in last year’s “Batman Unburied.”

Though podcasts are traditionally an audio-focused format, Spotify is hoping shows that incorporate video, like Markiplier’s, will be a big part of its future.

Daniel Ek

Spotify Chief Executive Daniel Ek boasted about Spotify’s rapid growth in podcasting, saying the company has gone from about 10 million podcast listeners in 2018 to more than 100 million currently.

Spotify has been trying to establish itself as a leader in the podcast space, looking to draw in new subscribers and diversify its offerings beyond music, even as investors have sometimes expressed doubt about the play. Competition is fierce, with Apple and YouTube serving as major platforms for podcasts and TikTok and Twitch attracting hordes of young, digitally savvy viewers.

The company acquired a handful of podcast networks including the Ringer — a popular sports and culture brand — Gimlet Media and Parcast, as well as the podcast distribution platform Anchor FM. In 2020, Spotify became the exclusive home of the influential “The Joe Rogan Experience” in a deal said to be worth around $100 million.

Partnerships with celebrities such as Kim Kardashian, Meghan Markle and Jordan Peele helped Spotify make inroads into the densely packed podcasting space.

Spotify on Wednesday also announced a handful of new tools meant to make the platform more accessible to podcasters. A “reenvisioned” Spotify for Podcasters hub will centralize the company’s podcasting tools — including monetization tech as well as video podcasting and interactive episode capabilities — in one place, the company said. A new partnership with digital subscription platform Patreon is aimed at making it easier for podcasters to turn listeners into paying customers.