As today’s listeners move away from physical recording in favour of online music libraries, the need for music streaming services becomes increasingly bigger. While most services offer varied amount of songs, features, and quirks, only a select few have what it takes to join the list of the best.
The best music streaming service on the market today is Spotify. The Swedish streamer is a freemium music discovery platform with a catalogue of 30 million+ songs. It is free to use if you do not mind audio ads being run between songs every 15 minutes. There are also premium packages available for those that want ad-free playlist, which start at $10 per month ad-free for single users and $15 ad-free for families (up to six users). Students pay half price. Spotify’s motto: if you cannot find the song on Spotify, it will be hard to find it anywhere else.
In addition to being to being the most well-rounded, intuitive, and hassle-free music streaming service, Spotify is home to one of biggest online advertising platforms in today’s digital world. It was voted Ad Age’s 2018 In-House Agency of the year. As well, GP Bullhound predicted that it may become the third largest online advertising platform (after Facebook and Google). Last September, Spotify launched a self-serve advertising platform called Spotify Ad Studio, which shows how dedicated they are to pulling in more advertising revenue and becoming more accessible to small businesses.
When thinking about your marketing budget, it is essential to consider how an advertising campaign via Spotify can be beneficial for your business. The following resource written by our internet marketing agency outlines the ways your business can take advantage of Spotify’s online advertising platform.
How to Set Up Audio Ads on Spotify | Digital Marketing Agency Tips
Currently, businesses are able to create their own ads on Spotify through their self-serve platform, Ad Studio. Another option is to purchase ad space directly through Spotify for Brands or through a third party company like iRISEmedia.
As the Ad Studio platform is still in beta, there is a short waitlist for becoming an advertiser. To be considered, businesses must sign up to join the waitlist. Only upon approval, you are able to create an advertising account. After you have created your account, click Your Ads in the top right-hand corner, then select Build Ad.
Follow these 5 steps to creating an ad. The process is simple:
- Choose your objective and name for your ad.
- Select your audience. Advertisers are able to target users by locations, age, and gender.
- Specify your budget and start and end dates. Add your payment information, too.
- Create your ad(s). You can upload your own audio or request a voiceover actor to record a tagline based on a script you provided.
- Upload an image to display on listeners’ screens. As well, add a headline for your ad and your website URL.
The Advertising Budget | Digital Marketing Agency Tips
Advertising with Spotify does not come cheap. The minimum amount needed to run a campaign is $25,000, with CPMs ranging from $5-$30. Smaller businesses that cannot afford to pay the cost of ad campaigns have the option of running individual ads on Ad Studio. Individual ads require a minimum budget of $250.
The downside to Ad Studio is that it does not support content ads. Advertisers are also not allowed to promote Spotify songs, playlists, and albums. If you would like to promote content or songs, it is recommended that you email email@example.com first.
The Key to Keeping Spotify Advertising Costs Down | Digital Marketing Agency Tips
Advertising on Spotify can be very costly, but there’s one excellent digital marketing strategy that will not cost you a penny: creating a playlist.
Since Spotify’s creation, millions of playlists have been created by businesses, and they can help get your company’s name out there. A well-branded playlist moves the audience toward the feelings you want your customers to experience when interacting with your brand. That said, treat playlists should be treated like ads: both the order of the songs and the choice in music should be taken into consideration.
About iRISEmedia | Digital Marketing Agency | Toronto
iRISEmedia is an internet marketing company located in Toronto that focuses on helping clients in Canada, the U.S. and globally with digital marketing services consisting of social media marketing, website design, SEO and SEM, app development, online reputation management and online PR. Our team helps clients manage and grow their online presence and branding to increase their social media presence, qualified web traffic and online leads. For any internet marketing needs or inquiries, please contact us today. We would love to hear from you.