Record labels have seldom strayed from their business of identifying and developing new musicians. But they have grown more interested in podcasting as listenership has soared. More than 100 million people in the US listen to a podcast every month, according to Edison Research. Ad sales grew 48 per cent last year, reaching $708.1 million, according to the Interactive Advertising Bureau.
Sony’s music division and its peers have become even more interested as Spotify Technology SA, their biggest partner, has invested hundreds of millions in the industry. Founded as a music streaming service, Spotify now identifies itself as an audio company and has argued that podcasting will grow into a multibillion-dollar advertising business.
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