STOCKHOLM, Oct 19 (Reuters) – Spotify (NYSE 🙂 Streaming music company plans to hire hundreds of employees to increase its advertising revenue in Europe and elsewhere as it seeks to increase customer revenue. However they do not pay monthly fees for most of their user site.
“We are increasing our ‘marketing’ numbers for the advertising business in Europe, Australia and Canada by more than 70% … it comes from a very significant platform,” said Lee Brown, head of advertising for Spotify Advertising.
The company has hired an advertising department executive with 25 years of international experience to drive international sales, Brown said, though not named.
Spotify wants to add additional tools for advertisers and make its megaphone advertising and podcast launch site available in Germany, France, Spain and Italy.
Spotify has spent hundreds of millions to improve its podcast business. Its competition with Apple (Nasdaq) has intensified since the two launched paid subscription sites for podcasters earlier this year.
According to consulting firm Emarketer, the Swedish company is expected to surpass Apple in the number of podcast listeners for the first time this year.
(Reporting by Subantha Mukherjee, European Telecommunications and Technology Reporter; edited by John Harvey; translated by Flora Gomez)
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