Spotify to Buy Megaphone in $235-Million Deal to Monetise Podcasts

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Sweden-based Spotify has agreed to purchase podcast promoting and publishing platform Megaphone, it mentioned on Tuesday, the newest in a sequence of a offers to spice up its podcast platform.

The deal is price $235 million (roughly Rs. 1,700 crores), a Spotify spokesman mentioned.

The corporate will use Megaphone’s know-how to create focused ads, it mentioned, and also will make its proprietary commercial monitoring instruments accessible to third-party podcast publishers.

Spotify, which earns income from paid subscriptions and by disseminating ads to non-paying customers, noticed its promoting enterprise return to progress within the third quarter after it was hit by the pandemic earlier this 12 months.

Executives have mentioned commercial progress will speed up within the present quarter.

Its heavy investments in podcasts, in an effort to grow to be the Netflix of audio content material, have helped drive subscriber progress at a time when many individuals are homebound because of the coronavirus outbreak.

Since final 12 months, Spotify has spent lots of of tens of millions of {dollars} to purchase corporations like Gimlet Media, a podcast producer, and Ringer, the sports activities and leisure podcast community based by sports activities author Invoice Simmons.

The corporate mentioned the brand new know-how will assist podcast publishers earn extra from their work.

“We’re nonetheless within the early chapters of the streaming audio business story, however it’s completely clear that the potential is critical,” Spotify’s Chief Content material & Promoting Enterprise Officer Daybreak Ostroff mentioned.

Spotify now has 1.9 million podcasts, up from 1.5 million within the second quarter, boosted by huge launches comparable to The Michelle Obama Podcast and Mama Is aware of Finest by influencer Addison Rae.

© Thomson Reuters 2020

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