The commercial streaming team in the country is expected to double by the beginning of 2023, the company said.
Spotify announced the expansion of its advertising operation in Brazil, expanding the organization and sales services with the aim of supporting the growth of the advertising business and increasing the digital audio advertising industry in the market.
In addition to hiring new professionals in the area of Client Partners, Account Managers and Campaign Managers, the commercial team in the country should double by the beginning of 2023, including the development of new business verticals in the structure such as fintechs, games, government and apps. The addition of these segments will complete Spotify Brasil’s vertical sales team, serving 12 business segments in total.
Over the years, the company has seen an increasing demand for digital audio from advertisers and has plans to add more music and podcast advertising solutions to help advertisers reach Spotify’s engaged listeners in Brazil and generate real impact.
“Brazil is one of the main markets in Latin America, which currently accounts for 21% of monthly active users on Spotify. Due to a growing demand from advertisers in audio streaming, we want to reinforce our offer in reaching a highly immersed and engaged audience in on a large scale, providing tools to help them with the best strategy and the right content to market their brands as digital audio consumption continues to grow every year,” said Diana Ramirez, head of the Spotify Advertising division in Latin America.
According to the “IAB Internet Advertising Revenue Report: Full Year 2021” survey, digital advertising had the highest growth in the last 15 years, with emphasis on audio, which grew by 57.9%. Based on Spotify’s Q3 financial report this year, global streaming audio advertising revenue grew 19% year-over-year, reflecting growth across all regions and sales channels.
Since 2018, Spotify has tripled its music and podcast advertising revenue and, over time, expects global advertising revenue to exceed €10 billion annually.
We believe there is still a huge opportunity for technology to make digital advertising even more efficient and innovative in Brazil and we are excited to be able to further help brands capture what is already an engaged audience on our platform. We are a leader in the audio segment and we are prepared to lead the expansion of digital advertising with audio”, said Jos Melchert, director of Spotify Advertising Brasil.
