YouTube is set to challenge Apple, Spotify on the podcasts field as the platform reportedly wants to give individual creators $50,000 and podcast networks from $200,000 up to $300,000 so they would publish video podcasts.

According to Bloomberg, YouTube is offering "grants" to entice podcasters to create video versions of their shows, according to sources close to the matter. It is assumed that the money would help producers create filmed versions of their products.

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The move comes after Spotify CEO Daniel Ek revealed that the company plans to spend up to $100 million in the licensing, development, and marketing of music and audio content from "all types of creators." The Spotify CEO emphasized that the move "will dramatically increase our efforts in these areas."

In the meantime, Twitter may also be working on boosting podcasts on its platform as the social network is testing a dedicated tab for podcasts in mobile apps to strengthen its presence in the social audio space.