Spotify Results Spell Dark Times For Podcasting As Commuters Stay Home

The podcasting business is experiencing acute pain during the pandemic, Spotify reported Wednesday morning, due to declining advertising revenue and disruption to consumers’ listening habits.Overall, Spotify performed well in the first quarter, adding 6 million new paid subscribers; its stock was up 15% Wednesday morning, making the company more valuable now than it was before the pandemic.

However, Spotify has invested heavily in podcasting to grow its business; it spent nearly $600 million over the past two years to acquire podcast networks likeWith consumers no longer commuting or going about their normal activities, listening habits are changing: “Every day now looks like the weekend,” the company said, noting that shift is having a greater impact on podcasts than music.

Advertising revenue is falling across the media industry, and it’s no different for Spotify: the company lowered its revenue guidance for the second quarter. Podcasting is almost entirely ad supported, meaning the industry could be particularly vulnerable to a dip in the ad market. Although it is safe to continue production on podcasts , Spotify reported that output of the top 1,000 shows still declined by 20%.Spotify’s warnings about podcasting corroborate findings by analytics firm Podtrac. Compared to the first week of March, podcast streams and downloads were down 23% during peak commute times between April 20-26.

Sorry BillSimmons, haven’t listened to a single pod since the NBA season stopped.

Probably bc no one used Spotify for podcasts beforehand

Makes sense. I used to listen to podcasts for 2-3 hours of commuting per day (depending on weather). Haven’t listened to one since the quarantine started 6 weeks ago. Miss my old friends! personaldevelopment

Probably because if they're at home, they want to listen to music or comedy because being home so often is very depressing.

Sad

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