Spotify takes Podcasting Up a Level in Pivot to Audio Platform

Forget Spotify as just a music streaming leader.

In the stock market today on one of the businesest weeks of earnings, Spotify is a bright light.

The early signs of the pivot to an audio platform that is Spotify is undergoing points to a crazy new headline: Podcasts will be as critical to Spotify’s business as original shows and movies are for Netflix.

I love that because podcasts are educational content. They are inspirational content.

Spotify's stock is up 14% after positive user growth. Spotify added 5 million new paying subscribers in the third quarter, ending the period with 113 million premium subscribers. That's a viable global audio ecosystem with one of the industry's best algorithms.

Today is thus Spotify's best day ever on the stock market, October 28th, 2019.

Spotify is investing heavily in podcasts and it creates a superior user-retention product. Spotify is already must "must-have" tool for the gym and I'm not even a music lover. It's pure convenience when an algo can help me find the right music for my activity.

Think about it, in an era where Netflix won't be able to compete against so many new competitors, Spotify is a major first mover into Podcasting. What? While Spotify rose to prominence as a music streaming platform, it has significantly expanded into podcasting — building not just a large library of third-party shows, but offering original content exclusively for its users. 

Don't know where to find the world's best podcasts? Check out Spotify.

Earlier this year, Spotify acquired podcast companies Gimlet Media and Anchor, and said it would spend $400 million to $500 million in podcast acquisitions in 2019. 

Latin America and India are bright spots of global growth and engagement, meanwhile, the streaming service saw 248 million monthly active users. That's pretty epic, I love this company.

CNBC interviewed the founder 8 months ago and it all still holds true today.