During Spotify’s second-quarter earnings call, CEO Daniel Ek discussed the potential introduction of additional AI-powered functionality to the streaming service. Ek mentioned using AI to create personalized experiences, summarize podcasts, and generate ads. He highlighted the success of the DJ feature, which provides curated music selections with AI-powered spoken commentary, and indicated that users can expect similar AI-driven features in the future.
AI-Powered Podcast Summaries to Improve User Experience
One of the ways Spotify plans to leverage generative AI is by using it to summarize podcasts, making it easier for users to get into new content. Ek believes that this approach could facilitate better merchandising of new podcasts, leading to increased user engagement and growth for creators. AI-driven podcast summaries have the potential to enhance the overall podcast discovery and listening experience for Spotify users.
AI-Generated Audio Ads to Enhance Efficiency and Variety
Spotify aims to use AI to create audio ads more efficiently through generative AI tools. Ek stated that advertisers could significantly reduce the cost of developing new ad formats, enabling them to have a wider variety of ads tested across the Spotify network. This innovation could offer advertisers a greater range of creative options, similar to what is currently available with text-based ads but expanded into audio and video formats.
Spotify Seeks Patent for AI-Powered “Text-to-Speech Synthesis” System
In line with their AI advancements, Spotify has filed a patent for an AI-powered “text-to-speech synthesis” system. This technology can convert text into human-like speech with emotions and intentions, such as anger, happiness, sadness, sarcasm, and more. The patent signifies Spotify’s efforts to go beyond the existing AI DJ feature, potentially allowing for more natural-sounding audiobook narration and other immersive voice experiences.
Spotify- Growth and Investments in AI Voice Technology
Spotify’s Q2 earnings revealed significant growth, with 220 million paying subscribers worldwide, representing a 17% year-over-year increase. The platform now boasts 551 million monthly active users and reported €3.2 billion ($3.5 billion) in revenue, up 11% year over year. The company’s investments in AI voice technology, including the acquisition of Sonantic, have played a crucial role in enhancing user experiences and offering new AI-powered features.
In addition to these developments, Spotify recently announced a price increase for its premium plans in the U.S., as the company continues to invest in improving its services and expanding its offerings in the competitive streaming market.
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