On Wednesday,sex chair video Spotify revealed its latest earning report and, rest assured, the company still reigns over music streaming services with two times the subscribers of Apple Music. But it's also quickly catching up on podcasts.
The past quarter was Spotify's fastest-growing one in terms of subscriptions. With a 29-percent increase in subscribers compared to the same period last year, Spotify now boasts 124 million premium subscribers compared to the 60 million Apple last reported.
Though Spotify expects a financial loss in the first quarter of 2020, it's also projecting continued growth in monthly active users and premium subscribers.
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More importantly, Spotify is growing where it matters. As the number of podcast listeners in the U.S. continues to grow, so does podcast consumption on Spotify. Compared to the same period last year, Spotify saw a 200-percent increase in podcast-streaming hours in the last quarter.
Part of that might have to do with the fact that Spotify is making strides in the podcast game.
In 2019, Spotify partnered with the Obamas' production company and acquired podcasts companies Gimlet, Anchor, and Parcast. In 2020, it adds to that list.
Just Tuesday, Spotify announced that it's purchasing The Ringer, sportswriter Bill Simmons' podcast-focused online media company, which Spotify Chief Content Officer Dawn Ostroff said the company is supporting with its "full power."
Though podcast solutions company Voxnest reports that Apple remains the most popular app for podcasts, Spotify is differentiating itself in a major area: original podcasts.
SEE ALSO: Spotify suspends political ads — for nowSpotify already debuted its first original podcast in 2018 and has since unveiled even more. But Recode reported that Apple executives said they are "unlikely to compete in today's version of the podcast industry" since its ad-supported model contradicts Apple's pro-privacy stance.
Still, rumors from July 2019 claimed Apple would fund exclusive podcasts produced by other media companies. But it only recently began discussing the idea of making original podcasts related to its programs on Apple TV+.
As of 2019, 51 percent of Americans over the age of 12 claimed to have listened to podcasts. And by betting on more podcasts, Spotify seems confident that market will help them grow their streaming dominance over Apple.