WMG boss: ‘We’re very happy that Spotify is investing in podcasting’
Posted on: 4 août 2020, by : Stuart Dredge

Having published its latest financial results this morning, Warner Music Group held its quarterly earnings call this afternoon, with CEO Steve Cooper and CFO Eric Levin fielding questions from analysis.
One of those questions focused on Spotify’s podcasts expansion, and whether it’s causing tensions around the potential impact on royalties paid out to companies like WMG. It’s safe to say Spotify will be pleased with Cooper’s answer.
“We’re very happy that Spotify is investing in podcasting. It gives them an opportunity to create another vertical that they can create not only an ad/free service around, but presumably over time a premium service,” he said.
“I believe personally that there will be people that come to Spotify for a podcast and stay for music, and that there will be people that come to Spotify for music and stay for a podcast. It does not impact our economics either on the free side or the subscription side,” continued Cooper.
“But hopefully what it will do is create appeal to a broader audience… I am sure that there will be an overlap in those Venn diagrams to drive people from podcasting to music, and music to podcasting. I also believe that that being said, that Spotify’s basic foundation stone or basic foundation will always be music. I don’t see that changing anywhere near the foreseeable future.”
The post WMG boss: ‘We’re very happy that Spotify is investing in podcasting’ appeared first on Music Ally.
Source: Music ally

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