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Spotify podcasts failing citi4/15/2023 Apple already has a popular podcast app but does not own the content it distributes. The Information’s report, corroborated by Bloomberg, reveals Apple is intent on following Spotify’s lead in switching its focus from a music-focused platform to one with both music and spoken word. Amazon has the opportunity to bundle podcast and music subscriptions.Īlso on Friday, news broke that Apple is planning a podcast subscription service that would compete with a similar offering Spotify is reportedly mulling over. Apple can fold a podcast subscription into Apple One or offer a standalone music-podcast bundle. 30, 2020, enough for more acquisitions and production expenses for original content.ģ) Spotify lacks a bundle. It had €1.18 billion ($1.43 billion) on its balance sheet on Sept. If turning a music service into an all-around audio service attracts subscribers and reduces churn, record labels and publishers will benefit.Ģ) Regardless of how its podcasts perform in the next year or two, Spotify has the resources to see its strategy through. The 25 analysts covering Spotify have a median price target of $298.53 with a high of $425.90 and a low of $141.30, according to Refinitiv.ġ) The three leading audio streaming companies - Spotify, Apple and Amazon - are pushing hard into podcasts. Some experts would argue it’s still too high. Spotify’s share price was already in retreat, dropping 12.5% from an all-time high of $370.95 reached on Wednesday (Jan. Music Stocks Are Skyrocketing Past Analyst Expectations
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