Spotify invests $10bn in podcasts to lure creators from rivals

Spotify is expanding its monetization program for creators and introducing new tools for video podcasters, as it aims to better compete with YouTube and Netflix (NFLX.O) in the booming market.

The Swedish streaming company (SPOT.N) said that it has invested more than $10 billion in the podcast industry over the past five years to drive creator earnings, scale engagement and build infrastructure.

It is now lowering the thresholds to join its monetization program, a year after the initiative was launched.