Spotify has nearly twice as many US listeners as the next most popular digital audio platform, Amazon Music, at 103.6 million compared to 53.1 million, per our September 2024 forecast.
Our take: Customization has been key to Spotify鈥檚 success, and while podcast contracts and ad revenue are important to investors, a lackluster Wrapped coupled with a growing library of AI-generated music could alienate its most valuable asset: listeners.
According to a Signal Hill Insights report from fall 2023, AM/FM radio commanded a 75% share of time spent with ad-supported audio, followed by podcasts at 14% and free streaming at 11%. Our time spent estimates factor in ad-free subscription-based audio services like Spotify, which is the largest digital audio streamer in Canada. Social media time spent has jumped over the past five years.