Dive Brief:
- Spotify is now offering mobile advertisers its Billboard display format, calling it Overlay Mobile, which guarantees 100% viewability.
- The move comes as more Spotify users are taking advantage of the streaming music service on mobile devices, with 65% of global streams now happening on mobile devices. Adding a new mobile ad format is a natural next step in order to follow audience behavior.
- According to Jeff Levick, chief revenue officer for the digital music streaming company, Spotify’s advertising business has doubled year-over-year.
Dive Insight:
Levick told Adweek that average daily consumption on Spotify is up 28 minutes over last year, reaching 148 minutes a day. "There are very few mobile platforms that have this level of a highly engaged audience. And not just a high engagement, but an attractive audience of 18 to 34 year olds and actually reaching them at that real-time, interest-based level," he explained to Adweek.
Along with the new mobile display format, Spotify has continued to enhance targeting for marketers by adding 100 interest-based audience segments through a partnership with Krux, a data management platform. These segments include moviegoers, car buyers, luxury shoppers, sports fans, parents and fitness enthusiasts.
In other recent Spotify ad news, last month it announced it would become fully programmatic this year expanding its private exchange to include audio ads along with its current display and video ad formats.
Despite the recent entry of other players in the music streaming space, Spotify has been able to amass data and leverage it to its benefit by using it to take the pulse of what its listeners want – and in turn offer relevant ad experiences.
