Spotify credits podcast popularity for 24% growth in subscribers

Strategic shift beyond music content helps streaming service to grow advertising income by 29% to 281m

Spotify recorded a doubling in podcast listening hours in the fourth quarter of 2020, as locked-down listeners hunting for entertainment tuned in to Michelle Obama and the Duke and Duchess of Sussex, driving a Wall Street-beating 24% year-on-year increase in paying subscribers.

The audio streaming company, which now has 155 million paying customers, saw its total monthly user base, including those on its free, advertising-supported tier, grow 27% year-on-year to 345 million.