Spotify remains bullish on podcasts as a key growth driver for the company, across both the ad-supported and premium tiers of service. While podcast adoption remains relatively low across Spotify's user base, podcasts are driving higher engagement on the platform — which should boost monetization of its free-tier users.
About 14% of Spotify's total MAU — around 35 million users — listen to podcasts via the app. And total podcast hours streamed increased 39% QoQ in Q3, thanks primarily to consumption in the US and several European countries. Spotify makes much more off of its premium sub base than it does from its free tier, despite still having more ad-supported users: Ad-supported users account for 56% of Spotify's user base, but just 10% of its total revenue. Rising global engagement with podcasts could help Spotify increase the ARPU of its free-tier users as podcast advertising has grown increasingly appealing to brands.
Podcast listening could also be driving some ad-supported users to convert to premium subscribers. Although Spotify couldn't prove causality, the company noted that there's a strong correlation between podcast engagement and conversion of free to paid users.
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