Spotify hinted that it is expanding its efforts to invest in artificial intelligence (AI). Generative AI could summarize podcast content for easier discovery, leading to increased consumer engagement and support for content creators on the platform.
More AI-Powered Features on Spotify
During the company's second-quarter 2023 earnings conference call on Wednesday, Daniel Ek, co-founder and CEO of Spotify, hinted at the possibility of introducing more AI-powered features.
According to TechCrunch, these features may include creating additional personalized experiences, summarizing podcasts, and generating ads using AI technology.
One potential application of generative AI could be summarizing podcast content, making it more accessible for users to explore new podcasts. Ek believes this approach could enhance consumer engagement, drive growth for content creators, and improve the overall podcast merchandising experience on the platform.
AI-generated audio ads present another opportunity to enhance Spotify's efficiency and user experience, according to Ek. He said, "By using generative AI and our tools here, I think you're going to be able to see that we can significantly reduce the cost that it takes for advertisers to develop new ad formats."
That suggests that advertisers can leverage AI to create thousands of tested ads across Spotify's networks, enabling them to explore possibilities previously limited to text-based ads but now extend to video and audio formats.
Seeking Patent for AI System
As Spotify explores new AI-powered advancements, Ek's recent comments align with the company's patent application for a cutting-edge "text-to-speech synthesis" system.
The patent, filed in February and published on July 20, showcases a technology that converts text into human-like speech audio, incorporating various emotions and intentions. The system can produce realistic speech reflecting emotions like anger, happiness, or sadness and convey intentions like sarcasm.
Moreover, it has the ability to present a speech in both whispering and shouting styles and even in different accents. Going beyond its DJ feature, this has the potential to be used for things, including narrating audiobooks through AI to sound more natural.
Spotify & AI
These efforts and Ek's recent comments came as Spotify has been investing in AI. Music Business Worldwide reported that Spotify made its foray into the AI landscape earlier this year by introducing AI DJ.
It is a personalized AI guide that curates music based on user preferences. The feature has received positive responses from consumers, and according to Ek, there will be further advancements in contextualizing and personalizing content throughout the platform to enhance accessibility.
Spotify's impressive second-quarter earnings highlighted a substantial growth in its paid subscriber base, with the current count reaching 220 million globally. This number represents a remarkable 17% increase compared to the previous year.
As Spotify continues to evolve and expand its services, the steady growth in paid subscribers demonstrates the platform's ability to effectively meet its users' demands and preferences.
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