New Spotify Podcast Subscription Service Launched
Spotify has just announced a new revenue stream for podcasters on the platform. The news comes from the ccompany website that there is a new Spotify podcast subscription program just launched. This is a gesture to help independent creators on their platform.
Users will have the option to subscribe to their favorite podcasters.
Listeners who like a podcast and want to help the creator will have the option to subscribe to their podcast. When you go to the podcaster’s page, you’ll see a padlock icon instead of the play button. This will give you the option to unlock the content behind the paywall. Creators who choose the content they want to be for subscriber ears only.
Those who want to put their podcast behind the paywall, however, will have to wait a bit. This is a gradual deployment. At the moment, only 12 podcasts support paid subscriptions. NPR will also broadcast ad-free versions of its shows on the platform.
There is a long waiting list of promising podcasts that want to start monetizing their content. Spotify says they will be adding more podcasts in the coming months. As with its partnership with Facebook, Spotify refers to this as an initiative to help independent creators.
Spotify podcast subscription will be free for creators for the first two years
Spotify will take its share of creator-generated revenue, but what’s new? However, Spotify may have the best deal for creators. From now until 2023, Spotify won’t charge creators a dime to monetize their content. They will be able to keep 100% of their income. Starting in 2023, the company will impose a 5% transaction fee for podcasters. It’s still very low compared to other platforms. Apple charges between 15% and 30% per transaction.
What is not certain is whether these fees can increase at any time in the future. What is also uncertain is when in 2023 these fees will start to be collected. We’re almost halfway through 2021, so hopefully the fee will hit the middle of 2023.
You will not be able to subscribe from the app
Funny enough, you won’t be able to subscribe to podcasts from the app. This means that you will need to access the browser version of Spotify or Anchor to subscribe. You can still listen to your subscriber-only content on the app.
According to The edge, you will have your choice among three subscription levels. There is $ 2.99 / month, $ 4.99 / month, and $ 7.99 / month. Spotify hasn’t said what you’ll get through each level. It can be similar to Patreon where creators can choose what content will be available at each level.
Spotify recently took some bold steps. Adventures like his Car thing and the Boombox project make us look forward to what the company has in store for us next.