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Spotify, the popular streaming music platform that may never become profitable, isn't going to go down without a fight and is planning on taking on the tech behemoth Apple Inc. (NASDAQ:AAPL), Bloomberg reported.Spotify will begin promoting podcasts it offers such as "Pod Save America" both inside the Spotify app and through ads on buses. By allocating more cash toward promoting its podcasts, Spotify would be diversifying its business away from music in which royalties to the music owners account for more than 75 percent of its costs.
But focusing on podcasts means Spotify would be competing against Apple — a leader in the podcasts with a market share estimated at 55 percent. Although Apple once held a 70 percent market share, its current status still means it is bigger than everyone else combined.
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Nevertheless, Spotify boasts 140 million users, 50 million of whom pay a monthly subscriber fee. As such it already has a huge audience available that may be attracted to a new lineup of original podcasts in the coming months, Bloomberg added.
Spotify is also expected to add a new podcast tab in its app but is still working on a game-plan so it can implement a consistent strategy moving forward.
"It doesn't seem like there's a concentrated, thought out strategy,'' Nick Quah, author of the weekly newsletter "Hot Pod," told Bloomberg. "They are juggling a lot of things as a company, and podcasting is an interesting, experimental channel for them.''
On the other hand, Spotify does have the "potential to do a lot for podcast," Quah added. All it would take to succeed would be a "few tweaks here and there" so that pod-casting can succeed "in the foreground for the daily listeners."
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.