Spotify (SPOT, Financial) is making a bigger play for ad dollars. The streaming platform unveiled a set of new AI-powered advertising tools and expanded its programmatic ad partnerships by teaming up with Google (GOOG, Financial), Magnite (MGNI, Financial), and The Trade Desk (TTD, Financial).
At an event in New York on Wednesday, Spotify introduced the Spotify Ads Exchange (SAX), designed to make buying ads on the platform more flexible for marketers. The Trade Desk, which helped Spotify build the exchange last year, already has access, and now Google and Magnite will join the roster. Spotify also noted that Yahoo DSP and Adform are next in line, with more partners expected soon.
Advertisers using SAX will be able to place audio, video, and display ads across Spotify's music library, with podcast inventory expected to roll out in the near future. The exchange is already live in markets including the U.S., Canada, Europe, Australia, New Zealand, India, Singapore, Brazil, and Mexico.
Spotify also debuted Spotify Gen AI Ads, a generative AI tool that lets advertisers quickly produce scripts and voiceovers at no extra cost. The tool is aimed at making high-quality, scalable audio ads more accessible and is now available in the U.S. and Canada through Spotify Ads Manager.
