Spotify has announced its new podcast space in West Hollywood and made it easier for creators to monetise video content on the platform.
This comes as the Golden Globes introduced a Best Podcast category.
To celebrate the new category, the music streaming service will be hosting celebrations.
In a media release, Spotify estimated that it had invested more than US$10 billion in the podcast industry, saying it represented its deep commitment to the creator economy.
“Being recognised at the Golden Globes for the first time is a stop-sign moment for podcasting,” Spotify VP global herald of podcasts Roman Wasenműller said.
“It reflects how far the medium has come, the opportunity that still lies ahead, and the creativity, diversity, and ambition of the creators shaping podcasting today.”
Alongside the podcast celebrations, Spotify is making it easier for creators to make money from video content on the platform by allowing more creators to join the Spotify Partner Program through lowering the eligibility for the program.
Creators now only need 1,000 engaged audience members, 2,000 hours consumed in 30 days and three episodes.
Spotify will also be making sponsorship management more flexible for creators in the Partner Program.
The platform will also introduce Spotify Distribution API, allowing creators to publish and monetise videos on Spotify directly from participating hosting platforms without needing to change how they work or re-upload any content.
Some of the confirmed platforms are Acast, Audioboom, Libsyn, Omny, and Podigee, with others joining soon.
“As the world’s largest video podcast network, this new offering allows us to support creators in both growing their audiences and unlocking additional revenue opportunities,” Audioboom CEO Stuart Last said.
Alongside the new monetisation opportunities, Spotify has created Sycamore Studios, its new podcast space in West Hollywood.
At the time of writing, Spotify (NYSE: SPOT) stocks had fallen by 0.32% to US$569.62. Its market capitalisation is US$117.28 billion.
