Spotify’s global advertising revenue to hit A$3b this year
Spotify’s global advertising revenue will surpass A$3 billion this year, according to new data from WARC.
Campaign Asia reports that Spotify is set to make US$2.1 billion ($3.07 billion) in 2024, a 13% leap year-on-year.
Spotify currently has over 600 million users, with recent growth in the Middle East, Africa, and Asia region. It has also expanded into video streams, with a 44% year-on-year increase, driven mostly by video podcasts.
According to Performance Marketing World, campaigns that combine both video and audio formats on Spotify do better than audio-only advertising, with click-through sales boosted by 66% and purchase intent up 27%.
In June, Spotify launched an in-house creative agency, Creative Lab, and revealed their Quick Audio tool which allows advertisers to use AI to quickly generate scripts and voice overs for easily produced Spotify ads.
A Spotify spokesperson said of the in-house agency: “Every campaign Creative Lab touches is highly customised to each specific brand and business need.”
Mumbrella has contacted Spotify Australia for comment.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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