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Spotify the output of podcast increases as cumulative listening returns.
Spotify 's listening hours rose to the same amount as before the pandemic, the company reported today in its new earnings statement. It recorded that the recovery was greatest in places where the spread of the COVID-19 virus appears to be slowing. Spotify has said that the overall audience of podcasts has more than doubled. Spotify posted a net loss of €356 million during the period, the Wall Street Journal said, following an rise in the number of paid users.
Only three months earlier, Spotify announced significant shifts in listening patterns as a result of the COVID-19 pandemic. Every day now feels like a holiday, the company wrote in its new earnings report, pointing to the improvements in the morning habits it saw as people spend more time at home. As of the end of June, however, it has been reported that consumption hours are back to pre-pandemic levels, although it is acknowledged that this differs across the world.
Spotify said that Europe and Asia, where the transmission of the virus seems to be under control, "dominated the rebound in consumption," while Latin America is still 6% below its height after being hit hard by the pandemic. However, it also said that Latin America is still one of the fastest-growing markets, with a 33 per cent growth in monthly active users year-over-year.
While the rates of consumption have risen to pre-pandemic rates, Spotify said that the areas where people listen to Spotify are still distinct. In-car listening is still less than it was before the pandemic, for example, but it is stated to be rising.
Spotify has said that its podcast business continues to expand. The Wall Street Journal reports that the number of daily monthly users listening to podcasts has risen marginally from 19 to 21 per cent, but the volume of podcast material they access has more than doubled. Spotify is investing extensively in podcasts, and revealed back in May that Joe Rogan's podcast will become a Spotify exclusive in September, and pushed out support for live podcasts earlier this month. Today, Michelle Obama's podcast was shared online exclusively on Spotify. The growth in podcasting is positive news for Spotify's ad company, as this is a fairly small part of its total sales.
Overall, Spotify reported that it currently has 299 million active users per month, an increase of 29 per cent relative to last year, while subscribers rose by 27 per cent to 138 million.
