Spotify has introduced podcast listener-segment targeting to accompany its existing offerings for advertisers.
The move means brands can now reach specific listeners based on whether they listen to categories like comedy, lifestyle, health, business or technology.
It also allows podcasts to help the company gain radio ad money through targeting.
The company believes podcasts give businesses the opportunity to connect with distinctly niche audience segments.
“No matter the topic, people are turning to the medium [podcasts] to find their tribes,” said Spotify in a recent report.
“Your brand can reach streamers who are actively connecting with these microcommunities through our podcast listener-segment targeting.
“Just remember that with this audience, authenticity is key — so make sure you are giving fans contextual messages relevant to the topics (and hosts) they love.”
Podcasting has been a big area of focus for the Swedish-based company in recent times.
It recently signed on Barack and Michelle Obama to co-produce podcasts exclusively for the platform and has recently acquired podcasting players Anchor, Gimlet Media and Parcast.
The latest ‘Your Library’ refresh combines music and news show podcasts to give listeners a more diverse experience.
But according to experts, Spotify has struggled to monetise its podcasts.
Paid subscriptions still account for the majority of Spotify’s earnings, recently announcing it had reached 100 million paying subscribers, representing approximately $2,260,000,000 in revenue.
This is compared to $205,500,000 in advertising revenue.
Despite these enormous numbers and the fact it has 217 million subscribers overall, Spotify was unprofitable in Q1 2019, according to its last earnings report.