23 Feb 2021
Spotify has announced it is planning to launch in 85 new markets.
This would almost double the music streaming service’s market presence and make the service available to over a billion people across the globe.
Spotify moving into new countries in Asia, Africa and Latin America substantially increases the gap with rivals Apple Music and Amazon Music.
Following Spotify’s announcement, shares in the Swedish company went up 6%.
The chief premium business officer at Spotify, Alex Norstrom said of the announcement: “Together these markets represent more than a billion people, with nearly half of them already using the internet. Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest growing internet populations in the world.”
He went on to say: “Having more listeners on our platform creates more opportunities for artists and podcasters to make a living from their work. And more creators means more audio content for our users to discover. This creates an essential flywheel between creators and listeners that is the foundation of our business — and in the end, it is what will propel the audio industry forward.”
In addition, Spotify is attempting to boost revenue from podcasts and has unveiled the creation of a podcast advertising marketplace.
Advertisers will have the option to purchase adverts in the marketplace for a wide range of podcasts, targeting audiences on and off Spotify, City AM reports.
Spotify has already allocated hundreds of millions of dollars to increase its podcast range.