On the podcast content front, Spotify’s owned-and-exclusive strategy is geared around using “tentpole” shows - like top 10 podcasts “The Joe Rogan Experience,” Alex Cooper’s “Call Her Daddy” and Dax Shepard’s “Armchair Expert” - to attract podcast listeners from other platforms, said Dawn Ostroff, chief content and advertising business officer.
Podcasting is “a market that almost doesn’t exist, but it has a lot of tailwinds behind it.” Spotify also has big expectations for the audiobook market, which it entered with the acquisition of Findaway in November 2021.
To enter the podcast market, “we had to do a lot more heavy lifting” compared with music streaming, CEO Daniel Ek told investors. Long term, Spotify believes podcasts can achieve potential gross margins of 40%-50% within the next five years - even higher than its 30%-35% gross margin target for music.
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