Spotify Expands its Podcasting Business

Music Streaming giant Spotify is making acquisitions to expand its podcasting business. The company announced that it has acquired podcast producer Gimlet Media Inc, and podcast creator Anchor. As a part of the acquisition, Gimlet will bring to Spotify its podcast studio with dedicated IP development, production and advertising capabilities. Anchor will bring its platform of tools for podcast creators and its established and rapidly growing creator base.

“These acquisitions will meaningfully accelerate our path to becoming the world’s leading audio platform, give users around the world access to the best podcast content, and improve the quality of our listening experience as well as enhance the Spotify brand,” Daniel Ek, Spotify co-founder and CEO said. “We are proud to welcome Gimlet and Anchor to the Spotify team, and we look forward to what we will accomplish together.”

Spotify’s acquisition of Gimlet Media and Anchor is expected to close in the first quarter of 2019. Financial terms of the deal were not immediately disclosed. Spotify has about 200 million users, including over 96 million Spotify Premium subscribers, across 78 markets.

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