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The news: Spotify’s ad revenues jumped 75% year over year (YoY) in Q3 to €323 million ($368.3 million), the company reported in its earnings on Wednesday.
Key stats: The audio giant now expects its total 2021 ad revenues to hit €1 billion ($1.16 billion) for the first time.
What this means: Spotify’s massive investments in podcasting are largely responsible for this boom.
What’s next? Per our forecasts, podcast listeners will keep rising steadily, and Spotify’s share of those listeners will keep pace.
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