Spotify has announced it will be launching new ad technology to help advertisers track the performance of their ads among podcast listeners.
The new tech dubbed Streaming Ad Insertion (SAI) will provide advertisers with data like how many times Spotify podcast users heard an ad, what its reach was, as well as the age and the gender of the program’s listeners.
Launched at the global consumer and electronics show (CES) in Las Vegas this week, head of podcast operations at Spotify Matt Lieber said the streaming services hopes SAI will boost the ad market for podcasts.
“Let’s bring advertising up to par, get more advertisers spending in the space, get more dollars into the industry, which is only going to fuel more creation and more quality,” said Lieber.
The podcast industry has exploded in recent times; the industry generated an estimated $479.1 million in revenue in 2018 and is expected to produce more than $1 billion by 2021, according to reports from the Interactive Advertising Bureau (IAB) and PwC.
And, Spotify has been investing heavily in the podcast space, buying several podcast-related companies in 2019 year.
The streaming service said podcast listening increased 39 per cent from the second to third quarter last year.
It is unclear when the SAI service will be available to use.
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