Global payments processing firm Stripe is partnering with audio streaming platform Spotify to help creators monetize subscriptions, accept payments and launch recurring revenue streams, while also engaging on a deeper level with fans, according to a Tuesday (Jan. 25) press release.
“Spotify Podcast Subscriptions make it easy for creators to establish and manage an important new revenue stream and for listeners to seamlessly subscribe to content that they enjoy,” said Spotify Global Head of Talk Verticals Michael Mignano in the release. “Stripe shared our passion for this feature; their technology and ability to collaborate at speed helped enable the launch of Podcast Subscriptions in 2021, connecting creators and listeners across the world.”
See also: Ford-Stripe Partnership Aims to Transform Cars Into Tokenized Wallets
Spotify aims to connect creators with fans and help those creative artists make a living from their art, the release stated. Spotify recently introduced Podcast Subscriptions that enable podcasters to charge a monthly fee for their content.
Creators on 50 platforms powered by Stripe have earned close to $10 billion in revenue, according to Stripe’s data, per the release. The revenue has coincided with a popularity surge in longform storytelling.
The payment infrastructure for Spotify’s Podcast Subscriptions was developed by Stripe and supports dozens of currencies for thousands of creators in more than 30 countries, according to the release. With Stripe, Spotify creators can accept payments from fans anywhere in the world using their preferred currency.
Read also: Spotify’s Premium Subscriber Base Expands to 165M Amid Push Toward Monetizable Content
“Platforms like Spotify are making it easier for creators to quickly generate recurring revenue from the thing they love doing the most: sharing their stories,” said Stripe Chief Revenue Officer Mike Clayville in the release.
With Stripe Connect, Spotify streamlined payment acceptance and identity verification for its podcasters. When new podcasters join Spotify, Stripe takes care of the onboarding requirements for them to get paid, the release stated.
Spotify also uses additional Stripe products, including Stripe Billing, Stripe Invoicing and Stripe Radar, according to the release.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More