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Apple Inc. (NASDAQ:AAPL) is set to lose its top spot for U.S. podcast listenership to Spotify Technology S.A. (NYSE:SPOT) this year, according to a new market forecast by eMarketer.
What Happened: According to eMarketer’s projections, 28.2 million people will listen to podcasts on Spotify at least monthly, compared with 28.0 million listeners for Apple Podcasts. Spotify, which has experienced significant growth in recent years, is projected to grow 41.3% this year.
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In comparison, Apple’s podcast listener share is projected to fall to 23.8% this year from 34.0% in 2018, when eMarketer first started tracking the metric. According to the firm, Apple has been losing podcast listener share since 2018.
Spotify is projected to further grow to 33.1 million podcast listeners next year, while Apple is expected to edge up to 28.5 million listeners. By 2023, the gap is expected to further widen, with Spotify pegged at 37.5 million listeners compared to Apple’s 28.8 million.
“By putting podcasts and music in one place, Spotify quickly became the convenient one-stop-shop for everything digital audio,” said eMarketer forecasting analyst at Insider Intelligence Peter Vahle.
The analyst added that Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.
Why It Matters: Unlike Apple, Spotify has been investing significantly in podcasts. Last week, the company announced new products and features, including its plan to launch paid podcast subscriptions and a new audio advertising marketplace called Spotify Audience Network.
Spotify and DC Comics, a unit of WarnerMedia, said last week they plan to expand their multiyear deal reached in June last year for narrative-scripted podcasts on DC’s superheroes.
See Also: Barack Obama, Bruce Springsteen Launch Spotify Podcast Series
In comparison, Apple has split off podcasts as a separate app, instead of offering music and podcasts on a combined app. However, the tech giant recently launched the first podcast based on “For All Mankind”, one of Apple TV+ shows.
Price Movement: Apple shares closed more than 2 percent lower on Tuesday at $125.12, while Spotify shares closed almost 0.5 percent higher at $322.74.
Read Next: Apple Likely To Beat Street Estimates For Services Revenue In March Quarter: Analyst
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.