Eat your heart out, Taylor Swift: Spotify is seeing a big revenue boost — even without your tunes.
The streaming music platform saw a 53% jump in ad revenue year-over-year for the first quarter, according to Music Business Worldwide. The company has not specified just how much money Spotify made.
The company, based in Sweden, also saw a 380% jump in mobile advertisements.
Starting next month, Spotify will offer even more ways for advertisers to reach music listeners:
Starting on May 1, brands will be able to target audience segments based on streams from Spotify’s 1.5 billion-plus playlists. This will help them deploy appropriate ads towards consumers looking to workout, chill etc.
In addition, Spotify says that brands can now target audience segments based on who they are (age & gender, geography, language), what they’re listening to (playlist, genre), and when and how they’re listening (time of day and by platform/device).
The streaming music business has rapidly expanded in recent years, although it has been a struggle for companies to find revenue streams. One of Spotify’s biggest competitors, Beats, was sold last year to Apple (AAPL).
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