Spotify’s Big Bet On Podcasts Is Failing, Citi Says

An anonymous reader quotes a report from CNBC: Spotify’s multimillion-dollar bet on podcasting may not be working out, Citi analysts wrote in a note to clients Friday. “The cadence of Premium gross additions (through 3Q20) and app download data (through 4Q20) do not show any material benefit from recent podcast investments (that began in 2019),” the analysts wrote. The firm downgraded…