More Than a Stream: Advertising on Spotify
Social media advertising is a very lucrative business in today’s day and age. One platform advertisers may be overlooking is that of music streaming- specifically Spotify. Spotify is one of the most popular music streaming platforms in the world. They offer a free, ad-based service as well as a premium, ad-free service. Their ad-supported service is the preferred option, with 117 million of their 217 million members using this service.
Spotify has a range of advertising services they support. Currently, Spotify offers display ads, video ads, and audio ads. Audio advertisements are preferable because they provide a 24% increase in recall than their display counterparts. With Spotify’s new Ad Studio, it’s easier now than ever to create this type of ad. You can build an audio campaign in 10 minutes, complete with the ability to forecast impression estimates based on target audience and track and manage campaign reporting.
The best part about this service is that you can choose your audience, based on age, gender, location, activity, and taste in music, making your ads as effective as possible. Most recently, Spotify made it possible to target audiences based on what podcasts they listen to. This is even more effective than targeting audiences based on music taste because this offers insight into what topics the consumer is passionate about, allowing advertisers to target their audience on a deeper level.
Auditory advertising isn’t a new idea, people have been doing it on the radio for decades. What makes these advertisements unique? Unlike your typical radio ad, where there is no direct action the listener can take, through Spotify, the consumer can click on the ad right then and there. This increases the chances of a purchase being made, or at the very least, brand recognition. Another huge factor is that millennials typically stream music over listening to the radio. If advertisers want to market to this generation, their best bet is Spotify.
Spotify Ad Studio already has a huge fanbase with many complimenting the speed and ease of ad creation, as well as its effectivity. These advertisers include the University of Denver, the Honeypot Company, John Hughes, TMRW Music, Greater Cleveland Aquarium, Charleston County Park and Recreation Commission, National Shows 2, Kwantlen Polytechnic University, and Kovic Productions. What’s stopping you from joining this list? If it’s cost, think again. You can build a campaign starting at $250.
