Audio streaming service Spotify to launch podcast subscription service soon.

Music streaming app Spotify said on Tuesday it has launched a podcast subscription model just a week after Apple rolled out a subscription-based podcast service. The move will allow podcast producers on Spotify to monetise from their shows at no cost for the first two years. The audio-streaming firm will charge a 5% commission starting 2023 .

The platform would be competing with Apple's newly announced podcast subscription service but it will not charge a fee or take a membership cut like its rival.

The Swedish company said it has also integrated its app with Facebook's to enable premium users to play music directly from the social network's app on both iOS and Android devices. Facebook users can also share their music to Facebook's news feed, Spotify stated.

It is worth noting that Spotify has been expanding its podcast platform by signing major deals with personalities like the Obamas, Prince Harry and Meghan Markle, and most recently, Bruce Springsteen.The company added nearly 4 million subscribers in the first quarter, which drove healthy double-digit YoY growth across all regions.Spotify, said that it added a further 11 million users in the last three months, bringing its total user figure to 356 million.

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