Spotify has become more than just a music streaming service, it has also fully embraced the world of podcasts. Previously, they have also said that they will bring more monetization options for podcast creators so they can take advantage of the more than 345 million monthly listeners on the platform. They have now started rolling out a paid subscription platform for podcasters, as well as tools to help them create more content to fully utilize this monetization option.
The paid subscription It will be implemented through the Anchor podcasting tool, which is also owned by Spotify. When they create their podcasts on Anchor, they can mark all episodes or specific episodes as subscribers only before posting to Spotify and other podcast platforms. The great news for these content creators is that for the first two years Spotify will not receive any commission and therefore 100% of the revenue will go to the creator. But by 2023, Spotify will receive a 5% fee.
At launch, there are 12 independent podcasters that will be part of this payment platform. Presentations from those on the waiting list will also open in the coming months. The subscription cost for consumers will be in three tiers: $ 2.99, $ 4.99, or $ 7.99. More details about the end consumer are likely to be released later. Spotify is also collaborating with NPR to have some unsponsored episodes for paid subscribers to encourage people to sign up later if they like the content.
Another thing Spotify is working on is allowing listeners who have subscribed to certain podcasts on other platforms to access Spotify content through their existing login information as well. Spotify Audience Network is also being rolled out so that advertisers can connect with the audience they want through the various podcast content on the platform.
The paid subscription platform will begin rolling out in the US and then other territories. Spotify Audience Network will also open to select independent creators starting May 1 via Anchor.