Fresh off its first full year of profitability, Spotify is aggressively courting advertisers. At the first Spotify Advance presentation in New York last week, Spotify’s version of an upfronts presentation, the audio streaming giant announced several new offerings aimed at increasing advertising investment, including a broader rollout of its ad exchange, new AI tools, and new tech capabilities. Perhaps the largest bit of news to come out of the company’s presentation was the official rollout of its ad exchange, which was piloted late last year. The ad exchange, known as Spotify Ad Exchange, or SAX, enables advertisers to buy audio, video, and display ads programmatically; podcast ads are expected to roll out later this quarter, Chloe Wix, global head of product and commercial growth, said during the presentation. “Automation is table stakes for any ad platform looking to compete today,” Wix said. SAX, which is available through DSPs including The Trade Desk and Google’s Display & Video 360, will soon be available through other DSPs like Adform, Magnite, and Yahoo DSP. It’s already live in the US, Canada, and several other major markets, and more than 5,000 advertisers have already used the platform, Wix said. “There is no other channel poised for growth like audio is today,” Will Doherty, SVP of inventory development at The Trade Desk, said during a panel at the event. “It is the single biggest and most important channel for our marketers to invest in so that they can right-size their omnichannel approach.” Read more here about Spotify’s pitch to advertisers.—JS |