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Spotify’s Advertising Business Is Booming Thanks to Podcasts

  • Ad sales increased 75% for the third quarter compared to 2020
  • Spotify also reported higher profit, margins than expected
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Spotify Technology SA’s move into podcasting is starting to pay off.

The company reported a 75% jump in advertising sales for the third quarter on Thursday and projected it would eclipse 1 billion euros ($1.16 billion) in advertising sales for the first time on an annual basis. The company reported overall sales of 2.5 billion euros and operating income of 75 million euros, both surpassing analysts’ forecasts.