But the rest of digital advertising brings in more than $107 billion in the US. Podcasting advertising is supposed to generate more than $860 million this year and $1 billion in 2021. That’s up from 11 percent a decade ago.īut advertisers usually take a while to follow users. Last year, Edison Research estimated that 32 percent of people in the US over age 12 - that’s 90 million people - listened to a podcast each month. Podcasting is growing fast, but it is still a niche business compared to the rest of the ad world. “Our incentives are really aligned,” added Paul Vogel, Spotify’s chief financial officer. “I wouldn’t have done the deal if I didn’t feel that Bill was in it for the right reasons, and didn’t want to build something much bigger.” Spotify wouldn’t say how long Simmons intended to work for his new employer, but Ek said he believed Simmons would stick around so he could continue to build the company he founded five years ago. If there are other deals of that caliber we would consider it.” “When you get a chance for a property like The Ringer, and you see the fits, and what Bill wants to do, it just made a ton of sense. It’s a strong currency to have.” And he said Spotify would continue to buy podcasting companies if it thinks they can grow faster inside of Spotify. In its fourth quarter earnings statement released Wednesday morning, Spotify said it was seeing “ exponential growth” in podcast consumption on its platform.Įk said adding The Ringer would help boost his company’s appeal to sports fans, which he described as “super engaged and super loyal. The company is also building up a podcast advertising business, which promises to target listeners based on their demographics and online behavior. Spotify executives have argued that adding a podcast business to its core music service will help them bring in new users, and keep existing users around longer. This is the fourth podcast company acquisition Spotify has made in the last 12 months last year it spent about $400 million to buy Gimlet Media, Anchor FM, and Parcast. They appreciate what we do and they want us to be us.- Bill Simmons February 5, 2020 Couldn’t be more excited to work with and his phenomenal team. This morning we announced that is acquiring The Ringer.
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