![]() It also provides Spotify a way to invest in original content that users can't get anywhere else. ![]() It should keep more members locked-in to Spotify's platform, creating a stronger competitive moat. This is beneficial for Spotify's business for a few reasons. Management so far has found podcast content increasing engagement and member retention on Spotify's platform. Most importantly, podcasts are helping to convert free users to try a paid subscription. Total podcast advertising revenue was estimated at $479 million in 2018 and is expected to reach more than $1 billion by 2021, according to a report from the Interactive Advertising Bureau and PwC. The company has scooped up a handful of podcast producers recently, including Gimlet Media, Parcast, and The Ringer, which is a leading creator of sports, entertainment, and pop culture content. Spotify has been expanding into podcasts to extend its long-term growth runway. The total user base increased by 31% year-over-year in the fourth quarter. ![]() ![]() It has 271 million total monthly active users, including both paying members and users who engage with the free ad-supported side of the service. Spotify reported revenue growth of 24% year-over-year in the fourth quarter of 2019. That is much faster than Apple's total revenue growth of 8.9%. Spotify is on a mission to be the largest audio provider in the world, and it seems to be well on its way to achieving that goal.
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