How to Utilize Spotify as a Platform of Opportunity to Grow?

Spotify is one of the platforms that developed a lot based on the Freemium framework. Freemium refers to giving services for free initially and restricting the significant features as ‘premium’ in the later stages. In recent years, Spotify’s attempt to urge people to become premium users has increased. And it has created a mild commotion among free users. So, in 2024, do you consider Spotify a platform for growth or an inhibition? Is it an opportunity or a challenge?

The ultimate power of Spotify plays:

Spotify plays are one of the best metrics that help podcasters critically analyze their reach. The performance of the episodes can be identified individually with play count. You can track them to keep a check on your progress. Plays are the first point of contact between you and your listeners. They result in gaining you new listeners. That is the primary reason why people choose to buy Spotify plays. Buying Spotify plays has helped many people grow as artists and podcasters and build their careers. Spotify has further benefits that make people choose it. 

Why do People Choose Spotify specifically?

Spotify is the only trusted podcast host platform that is free to podcasters. Other host platforms charge podcasters. Spotify has gained fame and credibility as a brand. It possesses the potential to attract new subscribers who will be interested in listening to podcasts. Spotify is the avant-garde in the digital music industry. They have gained loyal listeners and enticed music enthusiasts in recent years. Spotify’s analytics are clear and straightforward. You can analyze your performance and find what to improve. Spotify also has interaction tools embedded to make your podcasts engaging. 

Features to Grow: Follows, Polls and Comments

With features like Spotify follows, polls, and comments, you can build a community that supports them across all platforms. Your followers will be notified about your new releases and are more likely to increase the initial play count. The number of plays and listeners you get in the first 24 hours on Spotify is crucial. It plays a significant role while the algorithm determines where your podcast needs to be recommended. Polls and comments are some interactive tools that help you keep your audience hooked. You can put up a poll, asking when your audience wants you to post or what content they prefer. 

Effects of Podcasts being Posted as Videos:

At present, the major video streaming platforms are flooded with podcast videos. Does that affect the interest of people who only listen to podcasts? Earlier podcasts were mostly created in an audio format. Now, people post the video along with it. So, some people want to choose to only listen to podcasts. But the idea of missing out on the video creates discomfort. This is a challenge to both podcast creators and Spotify. They have to choose whether they endorse video formats of podcasts.

Is Monetization Difficult on Spotify?

Here is where it becomes a challenge for podcasters! Ads are the foremost way to generate revenue on Spotify. Remember, only podcasters using Spotify as the host platform can place ads. Moreover, you need many Spotify plays and followers to place ads. Generally, people tend to skip podcasts with ads. You must have created a value and fanbase for people to refrain from skipping. Spotify has also eased the process of placing ads. You only need to select ad breaks; Spotify will automatically curate and insert ads for your content.

Significant Role of Podcast Subscriptions:

You can only set up a podcast subscription if you have at least two published episodes and one hundred listeners in the last two months. In the settings, click ‘Monetize,’ find subscriptions, and tap ‘Get Started.’ You will be able to set up a Stripe account. This facilitates smooth transactions. Next, you will have to choose your monthly basis price. Choose episodes you want to include in the subscription and click ‘update.’ Your episodes will be updated, and subscription options will be made available. Podcast subscriptions have both advantages and disadvantages. Some listeners may not be willing to pay you to listen, but others will be willing. It may seem like a risk, but in the end, you will reap the benefits if your episodes do not compromise quality, considering external factors.

Wrapping Up:  

As a digital music platform, Spotify has several features that help artists and podcasters grow. They can even generate revenue based on their fanbase. While it is a great opportunity, it also throws some challenges, like the ones discussed above. Some challenges are even blessing in disguise. They involve a certain percentage of risk factors but yield good results. The interactive tools, monetization tools, and Spotify analytics are certainly a boon for artists and podcasters. Understanding the role of such tools and employing them in alignment with your goals makes Spotify a granary of opportunities!