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SENSOR TOWER · ABRAHAM YOUSEF · OCTOBER 2023
MMM: EV Advertising Trends; Spotify Q3 2023 Earnings Recap
Ford workers have reached a new labor deal, which could benefit the struggling auto industry. Despite supply issues and decreased consumer spending, US ad spend in the auto sector is up 15% YoY, with a significant increase of 80% YoY in ads featuring electric vehicles. SPOT's 3Q23 EPS and revenue exceeded expectations, with growing subscribers despite price hikes. ST MAUs moved inline with Spotify reported premium subs and MAUs. Lastly, a new ST product highlights how Spotify can identify and capture users from specific audience cohorts, particularly live event goers.
Key Takeaways:
Most auto companies are just now starting to release their EV lineup, so marketing dollars have increased since last year, with US ad spend including “electric” in their creative text up 80% YoY vs the broader auto cohort’s spend, up 15% YoY. As of 2023 YTD, Volkswagen has devoted the largest portion of its budget to ads featuring EVs at 30% of spend, followed by Lexus (25%) and Nissan (20%)
The top brands promoting EVs by US ad spend as of 2023 YTD include Nissan with 24% of spend across the cohort, followed by Lexus (19%), Volkswagen (14%), and Hyundai (13%)
SPOT’s 3Q23 EPS and revenue exceeded street estimates last week as the company benefited from price hikes and subscriber gains during the quarter. Per ST data, Spotify mobile app MAUs increased 12% YoY in 3Q23, inline with growth in the company’s reported premium subs (+16% YoY) and MAUs (+26% YoY)
Sensor Tower’s forthcoming product module, Audience Insights, can provide users deeper insight into the likely personas of an app’s audience, the social channels where these apps capture the greatest consumer attention, and the apps and advertisers that likely overlap with certain audiences
Per ST, US Spotify users are ~40% more likely to be live event goers compared to the general population of smartphone users. Given the over indexed percentage of Spotify users that could fall in this audience, the company could partner with top brands in the live events space to acquire potential users or re-engage previous users through promotional campaigns or platform advertising. Spotify may have already started an initiative to capture more live event goers and cater more towards this audience with the launch of its in-app live events feed in Jun’22
For more information, request the full report from reports@sensortower.com.
