Podcasts have sent Spotify’s valuation soaring in recent weeks, but they’re also starting to generate income for the company.
Yesterday, it announced a ‘strategic podcast advertising partnership’ with advertising giant Omnicom Media Group, which sees the latter committing a $20m spend for the remainder of 2020.
Note, this is a drop in the ocean of Omnicom’s $35bn annual spend – 0.06% to be specific – but it’s a start as Spotify looks to grow advertising revenues for its non-music content.
The two companies will also develop “joint research and best practices across targeting, reporting, and measurement capabilities, and custom audio solutions” together.
Meanwhile, the new podcasts keep on coming for Spotify: Arab-Israeli vlogger Nuseir Yassin is launching a weekly ‘Nas Talks’ show on Spotify, one of its first original shows from that region.
Also, the much-anticipated ‘An Oral History of The Office’ podcast (about the US version of British sitcom The Office) will debut on Spotify this month too.