Spotify to buy third podcast company Parcast

Spotify to buy third podcast company Parcast

Spotify Technology SA said on Tuesday it has agreed to buy Parcast, the third podcast company it is purchasing in two months, in an ongoing quest to transform itself into the Netflix of audio.

A trader is reflected in a computer screen displaying the Spotify brand before the company begins s
A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson/File Photo

REUTERS: Spotify Technology SA said on Tuesday it has agreed to buy Parcast, the third podcast company it is purchasing in two months, in an ongoing quest to transform itself into the Netflix of audio.

Spotify did not disclose terms of the deal, but earlier said it had earmarked up to US$500 million in 2019 for acquisitions.

Parcast, founded in 2016, specializes in crime and mystery-themed audio content. It has launched 18 premium podcast series, including "Serial Killers," "Unsolved Murders," "Cults" and "Conspiracy Theories."

In February, Spotify, the world's most popular music streaming service, agreed to buy both Gimlet Media, a podcast producer, and Anchor, a podcast services company.

(Reporting by Kenneth Li; Editing by Leslie Adler)

Source: Reuters

Bookmark