Spotify hosted a virtual media event in India titled '2021 Love Audio', which shared insights on how the audio platform can reach consumers through multiple touchpoints. It also addressed the FMCG advertising trends and key marketers present on the platform.
Arjun Kolady, head of sales, Spotify India, conducted the virtual session.
The topic of discussion revolved around consumption patterns and brand discovery on the platform. Kolady shared that the pandemic called for a proliferation of audio devices on home speakers, gaming consoles, and smart TVs.
According to his presentation, over 33% of users discover brands through music streaming services, while more than 45% of them discover advertisements through sponsored content on podcasts.
He explained, "Think of audio as reaching the unreachable. When Netflix drops a particular show like Money Heist, the searches for the series' OST (Original Sound Track) playlist were searched for, multiple times. Anything that is trending in the world at large reflects our searches. This adds value to brands and allows them to create an integrated experience."
FMCG brands cashing in on an audio-first approach
The data on the platform highlighted that consumption of products in the FMCG category saw a transformational journey in the pandemic year of 2020.
The leading category in the FMCG space for Spotify are sweets and confectionary brands such as Mondelez. The second category that sees an upward trajectory on the platform is that of beverages.
Apart from FMCG, the M&E and technology sector too, have expressed advertising interest. According to Kolady, the next tier of brands to grow on the platform are from sectors like automobiles, BFSI and education.
Personalisation as a brand strategy
Believing that brands should have a content-first approach on Spotify, Kolady explained, "For instance, if a brand wants to reach a gaming cohort, they should align themselves with top gaming podcasts to drive home the message."
He ended his talk by stating that brands have the opportunity to intertwine content and music. "Content powered by the discovery search data can help brands be a major component in the audio culture and reach multiple touchpoints," he added.