Spotify Is Now the Single Biggest Podcasting Platform

Move over, Apple (NASDAQ: AAPL) podcasts. More people are streaming their spoken-word audio on Spotify (NYSE: SPOT) than the dedicated podcast-listening app from the iPhone maker, according to MIDiA Research Group. That marks a phenomenal success for the Swedish music-streaming -- or should I say audio-streaming -- company, which launched podcast listening less than three years ago.

It's worth noting that some of Apple's podcast listening has shifted to Apple Music -- Apple's Spotify competitor -- and combining streaming across the tech giant's apps, it's still the market leader.

But the growth of podcast listening on Spotify in such a short period of time indicates the company's massive investments in the space are paying off. Spotify's management said its success with the format is "almost too good to be true" in its third-quarter letter to shareholders.

Source Fool.com