23 Dec Is Advertising on Spotify Worth the Hype?
Spotify has become everybody’s favourite online music app. It has tremendous amount of songs, podcasts, and other audios for its millions of subscribers. Spotify premium is a paid-version for an ad-free experience, which comes at $11.99 per month.
The good news for you is not many Spotify listeners use the premium version. This is one of the reasons why many businesses have started advertising on Spotify. But it is not enough for starting to advertise on Spotify. We bring 4 reasons to why you should advertise on Spotify and 4 reasons to why you should not.
Let’s begin with the pros first!
No skipping from your ads
The Spotify Free users cannot skip or fast forward your advertisements while listening to their playlists. The ads appear after every few songs they listen to and are mandatory to listen if the users wish to continue listening to their favourite songs.
Take leverage of Spotify’s large audience
Spotify says it has over 141 million ad-listening users, which is a great deal for your target audience. Also, the audience includes users of various age groups and demographics. You can easily filter out your target audience for your advertisement.
Users listen to your ad while browsing internet
Unlike YouTube, Spotify lets its users to browse the internet while listening to their favourite music. This implies that they listen to your ads too! Also, Spotify is the largest online music streaming application, making it way ahead of its competition.
Ranked #1 for time spent on mobile apps
Spotify has been ranked on top for most time spent on the mobile apps by the users. This increases the room for you to reach your audience through Spotify advertising. Moreover, Spotify lets you monitor your advertisement’s performance. It lets you to see whether your audience is visiting your website/app or not.
But wait, let’s not forget the cons of Spotify advertisements.
Not the best location targeting options
Spotify lets you target your audience by country, state, city, or Designated Market Area (DMA), but not hyperlocal targeting. This doesn’t sound good if you offer different discounts and offers for different locations.
Difficult to choose the right match based on interests
You might find it hard to match your ad with your target audience based on their music preferences. It is difficult to predict someone’s interest in your product or service based on their streaming behaviour.
Low Conversion Rates for Bank Advertisement
Spotify ads are great if you want increased brand awareness out of them. If you want your audience to avail home loans at reduced interest rates through your ad, that might fetch low conversion rates. They will dig deeper, ask friends or relatives before going with your offer. You might see them at your office asking about the offer, but rarely signing up for the loan through your ad.
Don’t know how much to spend on Spotify Ad
Spotify Ad’s budget could range from $250 to as much as you wish to spend. The upper limit is often confusing and could cost you a fortune. You want your ad to perform best but also, don’t want to spend thousands of dollars. Spotify Ads require analysis from your side before going live. They might work for your business and might not. They work best for brand campaigns. You can always consult the advertising agency for setting up the advertisement on Spotify.