Spoken-word content on Spotify is growing – and eating into the bread and butter of record labels
spent over $400 million on acquiringThe primary reason SPOT loves talk-content so much is financial; Spotify founder Daniel Ek let slip on an earnings call in February that Spotify believes podcasts can help it “shift [our] cost base from variable to fixed.” In less investor-y speak, that simply means:
Ten months on, that “opportunity” is rapidly maturing – and eating into the bread and butter of record labels.survey. The results haven’t been granted half enough of the attention they deserve in music biz circles. To put that into context, let’s say a teenager spends four hours a day listening to audio content; in 2014, they would have spent over 3.5 hours of that time consuming music; yet five years on, in 2019, this number has fallen by 17 minutes per day, by two hours every weekto suggest the music business has reason to fear the growth of podcasts.
According to Daniel Ek, on average, a music track is a “three-minute time commitment,” while a podcast is an “hour’s time commitment.” Presuming that those 35 million people only listened to one podcast each in Q3 , that would mean that podcasts on Spotify were being listened to for 35 million separate hours in the quarter; if those hours were filled with music consumption instead of podcast consumption, they would have resulted in 700 million plays of three-minute songs.somewhere around $0.
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