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Spotify global advertising revenue forecast to reach $2.1bn in 2024 as the platform focuses on winning a share of video ad budgets

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Spotify

Spotify’s global ad revenue will top the $2bn threshold for the first time in 2024, up 13% year-on year, with revenue rising to $2.6bn in 2026
Brands use Spotify to boost reach with Gen Z
Combining video and audio formats boosts advertising sales by 66% and purchase intent by 27%
Spotify has 626 million users globally with growth coming from outside the US and Europe
WARC Media’s Platform Insights: Spotify

18 September 2024 – Spotify, the world’s most popular audio streaming subscription service, is now turning to opportunities in the video advertising space whilst making it easier for brands to run multi-media campaigns on the platform.
 And, while Spotify is by no means a social platform, it is looking to better facilitate community and connection between fans and artists.

Alex Brownsell, Head of Content, WARC Media, and author of the report, says: “Spotify is looking to expand beyond its sonic roots. The platform is eyeing opportunities in the video ad space, especially with video podcast consumption rising.

“Moreover, a splurge by Spotify on original podcast content and monetisation tools has been replaced with a greater focus on ensuring that rising ad revenue leads to greater business profitability.”

Providing evidence-based insights on the challenges and opportunities Spotify has to offer, this latest Platform Insights report from WARC Media offers an overview of the key data points that advertisers need to know about the platform spanning investment, consumption and performance.

Investment: Spotify’s advertising revenue is forecast to reach $2.1bn in 2024, up 13.0% year-on-year, with revenue rising to $2.6bn in 2026
Spotify has consistent advertising revenue growth momentum. The platform has achieved double-digit growth in its advertising business over the last six quarters. WARC Media figures suggest Spotify’s global advertising revenue will surpass $2bn for the first time in 2024, up 13.0% year-on-year with revenue rising to $2.6bn in 2026.

Podcast advertising revenue growth has outpaced increases in Spotify’s music advertising monetisation, driven by a boost in impressions sold in both original and licensed content via Spotify Audience Network. Spotify is also looking to boost advertising revenue through the launch of generative AI tools such as Quick Audio.

Spotify is looking to enhance its social credentials, enabling comments on podcasts and allowing users to share their listening habits with followers.

Brands in categories such as financial services and automotive are using campaigns on Spotify as

a means of building incremental reach with younger buyers. According to analysis by WARC Media, financial services will be the third highest spending category on the platform in 2024, with

investment reaching $339.4m. While 61% of first-time car buyers on Spotify are under the age of 35, according to GWI.

Consumption: Spotify has more than 626 million users globally with Middle East, Africa and Asia leading growth
Spotify is the world’s most popular audio streaming subscription service, with more than 626 million users globally. While growth in North America has plateaued, Spotify has made gains in the rest of the world. The Middle East, Africa and Asia accounted for 205 million users in Q2 2024, up

from 165 million a year ago.

According to Spotify, more than 319 million Gen Z users are “actively engaged” with its “most immersive features” with in app video a key area of focus. The platform claims it has seen an 81% year-on-year increase in video streaming among Gen Z users, they also account for 57% of Spotify’s audiobook listeners, and are more likely than others to use its ‘AI DJ’ product, introduced last year.

Spotify wants to help users to express their fandom by enabling comments on podcasts and making it easier for artists to share content. This, in turn, is making it easier for brands to target communities on the platform.

User engagement varies over the course of the average day. Audio podcast consumption on

Spotify spikes in the morning and music streaming climbs towards lunchtime, whereas video podcast viewing is more likely at night.

In light of YouTube’s growing presence in the podcast space, Spotify is eager to position itself as

more than just an audio platform. Spotify claims to have seen a 44% year-on-year increase in video

streams over the last 18 months, with a growing number of users watching podcast content. Gen Zs are leading this growth, spending 136% more time with video on Spotify year-on-year.

However, video podcast consumption habits appear to differ by market and region. According to a YouGov study, around a quarter of US adults say they prefer to watch video podcasts. This share drops to around one in eight (13%) adults in the UK.

Performance: Combining video and audio advertising formats boosts sales by 66% and purchase intent by 27%
As Spotify looks beyond its roots, the streamer is keen to convey that combining video and audio advertising formats on its platform can enhance campaign effectiveness. Spotify’s own research suggests a 66% boost to incremental sales and 27% higher purchase intent versus audio only campaigns.

Data from Spotify claims it can deliver a 27% higher average incremental unique weekly reach over commercial TV channels, and 22% incremental unique weekly reach on social platforms.

Audio streaming can have a tangible impact on shopping habits. Spotify argues it is uniquely positioned to be able to do so at all stages of the customer journey, given the role of the app throughout daily routines.

The role of attention in audio advertising effectiveness is only beginning to be explored. Spotify video ads averaged around 58% above Adelaide’s attention benchmark for online video, surpassing platforms including TikTok, Instagram and Snapchat.

Platform Insights: Spotify is part of a series of reports exclusive to WARC Media subscribers, which include an overview of platform investments, media consumption and performance insights. This latest report follows Platform Insights: Pinterest, TikTok, YouTube, Instagram and Snapchat.

Energy

U.S.-Africa Energy & Minerals Forum Expands to Critical Minerals and Supply Chain Security

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Africa

This year’s U.S.-Africa Energy & Minerals Forum in Houston signals a strategic shift toward integrated energy and critical minerals investment, strengthening U.S. partnerships across Africa’s resource and industrial value chains

HOUSTON, United States of America, February 26, 2026/APO Group/ –The U.S.-Africa Energy & Minerals Forum (USAEMF) has relaunched with a dedicated focus on critical minerals, marking an important evolution in its role as a platform for U.S.-Africa commercial engagement. Building on its foundation in energy, power and industrial projects, the forum’s expanded scope positions it at the center of investment conversations shaping the future energy economy.

 

Scheduled for July 21–22, 2026, in Houston, Texas, USAEMF comes at a time of surging global demand for copper, cobalt, lithium, manganese and rare earth elements, driven by electrification, battery storage, AI infrastructure and advanced manufacturing. Africa is increasingly critical to securing these materials, highlighting how energy and minerals are now interconnected pillars of industrial growth, geopolitical stability and decarbonization.

The forum’s minerals mandate deepens engagement with African producers – particularly the Democratic Republic of Congo (DRC), home to some of the world’s largest copper and cobalt reserves. Momentum is building through the U.S.–DRC strategic minerals framework and the U.S.-backed Orion Critical Mineral Consortium, a major investment platform supported by the DFC and private partners. The consortium is pursuing a 40% stake in the Mutanda and Kamoto copper-cobalt operations in a $9 billion transaction, securing long-term supply for allied markets while reinforcing cooperation on infrastructure, security and supply-chain governance.

Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties

U.S. financing is also expanding across the region, with the DFC managing a continental portfolio exceeding $13 billion to support mining, processing and transport infrastructure for critical mineral supply chains. Recent commitments include rare earth, graphite and potash projects in Malawi, Mozambique and Gabon; broader investments in Uganda, Tanzania, Zambia and South Africa; and $553 million linked to the development of the Lobito Corridor. The DFC is also a major backer of TechMet, a U.S.-supported investment firm valued at over $1 billion, which is raising up to $200 million to expand copper, cobalt, lithium and rare earth assets and pursue new opportunities across the DRC and Zambia. Together, these initiatives underscore Washington’s push to diversify battery-mineral supply while positioning Africa as a long-term partner in clean energy and industrial value chains.

Houston’s role as host city reflects the alignment between American industrial capacity and African resource development. Long established as a global energy hub, the city is expanding into energy transition technologies, advanced materials, carbon management and industrial innovation. By convening African governments with U.S. private equity, development finance institutions, exporters, insurers and technical service providers, the forum creates a commercial platform capable of converting mineral potential into bankable projects.

“The evolution from USAEF to USAEMF reflects a broader shift toward integrated energy and mineral development,” states Nadine Levin, Portfolio Director at Energy Capital & Power, forum organizers. “Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties and advances projects that deliver long-term shared value.”

While critical minerals define the forum’s strategic expansion, the U.S.’ longstanding role in Africa’s energy sector remains central to the platform’s value proposition. American energy companies continue to advance exploration and development across key upstream markets, support gas monetization in the Gulf of Guinea and revitalize mature production in North Africa. U.S. export credit and development finance are also helping unlock large-scale LNG capacity in Mozambique while supporting optimization and expansion across existing gas infrastructure in West Africa – demonstrating how American capital, engineering expertise and risk-mitigation tools convert resource potential into delivered energy systems.

USAEMF is the leading platform connecting U.S. capital and technical expertise with Africa’s energy and minerals sectors. For more information or to participate at the upcoming forum, please contact sales@energycapitalpower.com

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Pesalink and Pan-African Payment and Settlement System (PAPSS) Unlock Cross-Border Payments in Local Currencies in Kenya

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Pesalink

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders

NAIROBI, Kenya, February 26, 2026/APO Group/ —

  • Instant 24/7 bank-to-bank transfers across African borders in local currencies.
  • Simpler cross-border payments for individuals, businesses, and SMEs.
  • 80 plus Pesalink network participants now linked to 160 plus PAPSS participating banks.

 

Pesalink, Kenya’s de facto instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to ease cross-border payment and speed up regional financial integration.

 

The partnership enables instant 24/7 cross-border payments from PAPSS participants into banks and mobile money operators within the Pesalink network in Kenya, all settled in local currencies. This reduces complex correspondent banking requirements and reliance on foreign reserve currencies.

 

Kenyan banks will now be able to offer faster, cheaper cross-border payments

PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables cross-border payments between African countries. Pesalink is now a Technical Connectivity Provider. It means that 80 plus Kenyan bank, fintech, SACCO and telco participants on the Pesalink network will be connected to 160 plus commercial banks and fintechs on the PAPSS platform.

 

Cross-border payments remain expensive and slow for many African businesses. The 2023 (http://apo-opa.co/4baDSh7) World Bank Remittance Prices report indicates that sending money across African borders incurs on average 7-8% of the total value sent (above the global average of 6–7%). Settlement can also take three to seven business days.

 

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders.

 

Speaking during the partnership signing held at Pesalink offices in Nairobi, PAPSS CEO Mike Ogbalu III said, “For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential. Pesalink is the first switch we’ve piloted for transaction termination in Kenya, and we are already seeing greater adoption by opening more channels for seamless, local-currency cross-border payments across Africa.”

 

Pesalink CEO, Gituku Kirika, said “Kenyan banks will now be able to offer faster, cheaper cross-border payments. They will be helping their customers grow more regional trading relationships and thrive in a more integrated digital economy.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Africa Trade Conference Returns to Cape Town with Esteemed Speakers Driving Africa’s Trade Agenda

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Africa

Second edition convenes global policymakers, business leaders, and innovators to accelerate Africa’s integration into global trade

CAPE TOWN, South Africa, February 26, 2026/APO Group/ –Access Bank Plc (www.AccessBankPLC.com) is proud to announce the distinguished line-up of speakers for the second edition of the Africa Trade Conference (ATC 2026), scheduled to take place on March 11, 2026, at the Cape Town International Convention Centre, Cape Town, South Africa. Building on the strong foundation of its inaugural edition, ATC 2026 will convene an exceptional assembly of global and African leaders, policymakers, investors, and business executives committed to shaping the future of trade on the continent.

The Africa Trade Conference has rapidly emerged as a premier platform for advancing dialogue and action around Africa’s evolving role in global commerce. The 2026 edition will feature influential voices from across finance, government, development institutions, and the private sector, who will share insights on unlocking trade opportunities, strengthening intra-African commerce, enabling business expansion, and positioning African enterprises for global competitiveness.

The confirmed speakers represent a powerful cross-section of leaders driving Africa’s economic transformation.

Building on the momentum of its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference with the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact”, will have the keynote address delivered by Kennedy Mbekeani, Director General, Southern Africa Region, African Development Bank (AfDB), alongside Kwabena Ayirebi, Managing Director, Banking Operations at the African Export-Import Bank. Their joint keynote will address the evolving financing landscape for African trade and the strategic pathways for unlocking continental prosperity.

The welcome address will be delivered by Roosevelt Ogbonna, CEO/GMD, Access Bank Plc, who will set the tone for discussions centered on trade transformation, financial inclusion, and regional competitiveness, while Tolu Oyekan, Managing Director & Partner at Boston Consulting Group, will deliver insights on “Africa Trade Outlook 2026”, examining emerging macroeconomic trends, supply chain shifts, and growth opportunities across key sectors.  The CEO of Pan-African Payment and Settlement System, Mike Ogbalu, will be engaging the conference participants on the topic, “Building a Connected Africa Through Trade, Payments & Technology”, focusing on how payment interoperability and digital infrastructure can accelerate the African Continental Free Trade Area (AfCFTA) agenda.

The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us

The conference will also host a High-Level Ministerial Panel that features Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness & Industry, Ghana; Tiroeaone Ntsima, Minister of Trade and Entrepreneurship, Botswana; Mr. Florian Witt, Divisional Head, International & Corporate Banking Oddo-BHF, Ms. Nathalie Louat – Global Director, International Finance Corporation (IFC), Dr Isaiah Rathumba – Head of Department, Limpopo Economic Development, Environment and Tourism and Mr. Alfred Idialu – Chief Rep Officer, Deutsche Bank among other policymakers shaping trade policy across the continent.

Commenting on the announcement, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:
“The Africa Trade Conference reflects our unwavering commitment to advancing Africa’s economic transformation by creating a platform that brings together the leaders, institutions, and ideas shaping the future of trade. The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us. Africa is not only participating in global trade, it is helping to redefine it. Through this convening, we aim to catalyse partnerships, unlock new opportunities for businesses, and accelerate Africa’s integration into global value chains.”

“At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”

With operations in 24 countries globally, including 16 across Africa, Access Bank’s expansive footprint places it in a unique position to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of doing business across markets.

“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment, Ogbonna added.

ATC 2026 is expected to catalyze partnerships, enable policy dialogue, and provide actionable strategies for businesses operating within and beyond the continent.

The Access Bank Chief puts it thus, “Africa will not be a spectator in the remaking of global trade. We will be one of its architects. ATC 2026 is where those blueprints will be drawn.”

For more information and registration, please visit https://apo-opa.co/4sdXWF7

Distributed by APO Group on behalf of Access Bank PLC.

 

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