Spotify reports fewer users than expected, but podcasting ad sales soar

Spotify’s gamble on buzzy podcasts like “The Joe Rogan Experience” and “The Michelle Obama Podcast” is paying off.

The Swedish music streaming on Wednesday reported fewer total users in the second quarter than expected, but said ad sales jumped 110 percent over last year, thanks to its growing podcasting business. During the quarter that ended on June 30, Spotify logged 365 million total monthly users, below expectations for between 366 to 373 million total users.