• Loading stock data...
Sunday, November 24, 2024

Spotify Users Grow As Sports Content Ramps Up

  • Spotify grew its listener base by over 20 percent, while improving its ad monetization in the second quarter.
  • The company has steadily added sports content to its catalogue of audio offerings.
Spotify/Design: Alex Brooks

Spotify doubled its ad revenue from a year ago as it continues to invest heavily in sports audio.

The 15-year-old audio streaming company posted $2.75 billion in Q2 revenue, a 17% bump from the same period last year. Monthly subscribers rose 20% to 165 million, and active ad-supported users were up 24% to 210 million.

The company’s ad revenue rocketed up 110% year-over-year to $324.4 million. Ad sales increased 28% from Q1, despite only 1% growth among users with ad-supported memberships.

While it started with a heavy focus on music, Spotify has sought new users through sports content.

  • In March, Spotify made sports a centerpiece of its live audio push by acquiring Locker Room and its creator, Betty Labs. The app relaunched as “Spotify Greenroom” in June.
  • In February 2020, Spotify acquired The Ringer and its 30+ sports and culture podcasts for $196 million. 
  • Last August, Spotify and Riot Games partnered to create a hub for “League of Legends” esports podcasts.

Spotify CEO Daniel Ek would like to take his sports ties a step further. Ek, who has a net worth of $4 billion, put together a $2.83 billion bid for Arsenal FC. The offer was rebuffed by owner Stan Kroenke.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Bob Iger Calls ESPN’s Upcoming Flagship the Best Sports Product Ever

The full, streaming version of ESPN will feature a wide array of advanced features.
Nov 5, 2023; New York, NY, USA; Hellen Obiri of Kenya celebrates after finishing first place in the NYC Marathon.

On Brand Posts Record Sales, Says It’s No Longer ‘Just a Running..

The Swiss company credited its full-price strategy for its stellar quarter.
Vanderbilt Commodores quarterback Diego Pavia (2) throws the ball as Auburn Tigers take on Vanderbilt Commodores at Jordan-Hare Stadium in Auburn, Ala., on Saturday, Nov. 2, 2024. Vanderbilt Commodores defeated Auburn Tigers 17-7.

Vandy QB Pavia Sues NCAA for 2 More Years of Eligibility

Diego Pavia beat Alabama. Can he beat the NCAA’s eligibility rules?
DraftKings

DraftKings Lowers Full-Year Guidance After Brutal NFL Outcomes

DraftKings cited a tough start to the fourth quarter in lowering its 2024 guidance.
podcast thumbnail mobile
Front Office Sports Today

How Conference Expansion Has Changed College Football

0:00

Featured Today

Can an Elite Women’s Soccer School Survive the New College Sports Moneyball?

Santa Clara faces an uphill battle in the new college sports landscape.
Nov 16, 2024; Washington, District of Columbia, USA; Washington Spirit forward Trinity Rodman (2) celebrates after defeating NJ/NY Gotham FC in a 2024 NWSL Playoffs semifinal match at Audi Field. Mandatory Credit:
November 22, 2024

The Washington Spirit’s Business Makeover Carried Them to the Finals

The team’s return to the NWSL championship looks a lot different from 2021.
Nov 18, 2023; Las Vegas, Nevada, USA; Williams Racing driver Logan Sargeant of the United States (2) during the Las Vegas Grand Prix at Las Vegas Strip Circuit.
November 21, 2024

F1 Grand Prix Upended Vegas Last Year. Stakes Are High for Its..

Stakes are high as F1 gears up for a successful second act.
Classic Football Shirts New York Pop-Up
November 18, 2024

Vintage Soccer Jerseys Have Found a Sweet Spot in the Lucrative U.S...

The money-making shirts are at the prime intersection of memorabilia and fashion.

Reader Mailbag: Why Are NBA Ratings Down to Start the Season?

NBA viewership is down 28% on ESPN through the first four weeks.
A photo of Around the Horn's set
November 21, 2024

‘Around the Horn’ to End 23-Year ESPN Run in 2025

ESPN had reportedly been thinking of canceling the show since the summer.
November 22, 2024

DirecTV-Dish Deal Is Dead, Spelling More Trouble for Pay TV

Bondholder objections undo an agreement to create the largest U.S. pay-TV distributor.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
November 21, 2024

NBA Legend Hubie Brown Stepping Away From ESPN at 91

Brown has been associated with the league for over 50 years.
Nov 19, 2024; Boston, Massachusetts, USA; The Boston Celtics and Cleveland Cavaliers play during the second half at TD Garden.
November 20, 2024

Cavs vs. Celtics Draws Big TV Numbers in NBA Cup Showdown

The game averaged 1.94 million viewers and peaked at 2.7 million.
November 20, 2024

NFL Ratings Hold Strong Through Election Season, Chiefs Lead TV Pack

In 2016, NFL ratings fell 8% from the prior year.
November 20, 2024

Comcast’s SpinCo: New Home for USA Network, Golf Channel, Sports Rights

The move by NBC Sports’ parent company reflects how dramatically the linear television business has changed.