Spotify taking on Apple with original podcasts as paying subscribers hit 60 million

Spotify is reportedly "coming after" Apple's stronghold in the podcast market, with a new initiative that will see the streaming platform "fund a new batch of original podcasts". A report citing sources familiar with the matter expects Spotify's latest move to hit the service in the coming months.

The news follows Spotify's announcement that its number of paid subscribers has now reached 60 million. The number dwarfs Apple Music's 27 million (based on figures from June) and means Spotify has gained 20 million additional premium customers in less than a year.

With Spotify readying itself for a public listing - a process that will see the company go public without entertaining an IPO - the platform is allegedly moving into Apple's ballpark by embracing new media such as podcasts.

The decision is being cited as a way of maintaining subscribers with additional content and, in the process, increasing advertising revenue.

According to Bloomberg's anonymous sources, Spotify has agreed to promote podcasts within its app and on bus advertisements with notable podcasters returning the favour by promoting the music-streaming service.

"Most consumers looking for music videos or podcasts leave Spotify for Apple and YouTube," reads the report. "In particular, the company wants to assess awareness of its service among avid podcast listeners and could expand the campaign to more providers later this year. Spotify confirmed the details of the effort, but declined to make an executive available for interview."

"The potential for Spotify is to introduce this caliber of storytelling to a much larger audience, who are already in a listening mindset," co-founder and president of Gimlet Media, which produces the podcast Reply All, Matt Lieber, told the publication. "I see a growing effort to make podcasts more accessible on the platform. And they're making progress."