Will TikTok Music be the next big podcast platform?
Selena Gomez would develop a A hard worker reboot, and I don’t know what to make of it. As the daughter of a girl from Staten Island who worked on Wall Street in the 80s, the original is too close to my heart.
Either way, let the river flow — Audacy and Snap are trying to be more like TikTok, TikTok is trying to be more like Spotify, and Spotify is trying to make you pay extra for a play button.
Audacy’s new podcast discovery app removes a page from TikTok’s playbook
Radio giant Audacy has acquired podcast discovery app Moonbeam, according to app founder Paul English. The discovery was a huge challenge for the industry, and Moonbeam is responding to it by operating less like a traditional podcast player and more like a social platform.
“We developed a feature called ‘Beam’ which started playing an episode immediately. If you didn’t like it, you swiped and we would then play another show,” English wrote in a blog post. was very inspired by TikTok, the best video discovery app.”
Audacy previously acquired top production teams such as Pineapple Street Studios and Cadence13 and has its own app for podcasts and radio streaming. Audacy did not say whether Moonbeam will continue to operate as a standalone app or whether its functionality will be integrated into the Audacy app.
English declined to disclose terms of the acquisition to The Boston Globeand Audacy did not immediately return hot capsulerequest for confirmation of the agreement. Audacy may provide the details when it reports results on Friday.
Spotify’s latest premium feature is a play button
Premium subscribers will now have access to separate play and shuffle buttons in the app. Spotify’s default shuffle has been the bane of extremely serious artists and playlist builders everywhere, so the development is probably welcome. Last year, the company introduced a dedicated play button for albums with some persuasion from Adele, who said, “We don’t create albums with as much care and think about our track list without raison.”
I’m all about the shuffle, but my Edge His colleague Chris Welch argued that an app-wide play button just for premium subscribers is an odd choice. “It seems a little silly that Spotify is now using buttons and its user interface as a differentiator between the service’s free and paid offerings, but here we are,” he wrote.
Acast’s investment spree is coming to an end
Swedish podcast distribution and advertising company Acast has been making big moves into the US market lately, announcing its $34 million acquisition of podcast database Podchaser last month and an ad sales deal three years with WTF with Marc Maron in May. As the economy depresses ad revenue, Acast will slow its frenzy, executives said Tuesday during its mid-year presentation to investors.
Emily Villatte, Acast’s chief financial officer, said on a call with investors that the company would “slow down that pace of investing.” But it looks like Acast’s expansion strategy is already paying off, posting 72% growth in North America in the second quarter, about 2.5 times its growth rate in Europe. It also adds podcasts to a clip, representing 66,000 shows, up from around 40,000 at the end of 2021.
But even with the addition of new shows and tools, the slowing ad market has forced the company to cut its annual sales growth forecast through 2025 from 60% to 40-45%. Acast shares are down almost 5% on the news, and that may be a warning sign for the entire industry. When the Interactive Advertising Bureau predicted the market would reach $4 billion by 2024, it depended on a healthy advertising market. If things continue, this figure could be out of reach.
Snap launches creative fund for independent artists
It’s been a tough few weeks for Snap, so the company is making a play for music artists on TikTok. Last week, the company announced the Snapchat Sounds Creator Fund in partnership with DIY music distributor DistroKid.
Snap is offering enticing grants of up to $100,000 to top music creators who distribute their tracks on the platform through DistroKid. In addition, selected artists will be placed in more visible places on the platform, such as Snapchat Lens or in Spotlight. Eligible entrants must be based in the United States and 16 years of age or older.
“We want to support independent and emerging artists who are driving creation on Snapchat,” Ted Suh, global head of music partnerships at Snap, said in a statement. “By providing meaningful funding and creative support, our goal is for artists to feel empowered to continue creating and pursuing a career in music.”
Snap introduced Sounds, which allows users to include music videos in their posts, in 2020. But its impact on the music industry has been fairly minimal so far. TikTok remains music’s most influential discovery tool, and it may not stop there…
TikTok Music could be the next big podcast app
TikTok parent ByteDance could be coming for Spotify lunch. As first spotted by Initiated, the Chinese company filed an application with the US Patent and Trademark Office for “TikTok Music” in May. In addition to music and videos, the filing says the new app would also support podcasts and digital radio content.
If a TikTok Music app comes to fruition, it wouldn’t be ByteDance’s first streamer. In 2020, it launched Resso, which is available in India, Brazil, and Indonesia (which is exactly where Spotify wants to expand). In June, Resso added podcasts to its library through a partnership with Acast.
Despite warnings from Senators Mark Warner and Joe Rogan about TikTok’s data practices, it seems basically unstoppable. Maybe Rogan will change his tune if he becomes a major podcast platform and his Spotify contract expires.
That’s all for today! Friday, I leave for Scandinavia, the country of
sound technology fjords and sandwiches open, so you’ll hear from Jake the next two Tuesdays. We meet on the other side.