Spotify was amongst the tech firms that revealed their financial results last week. After a deep dive into the numbers, Music Business Week found that that the streaming service spent a total of $375 million in cash on podcast companies so far in 2019. The deals are valued at $404 million. They demonstrated just how seriously Spotify wants to challenge Apple in the podcast game, and they company might not be finished yet.
Spotify has previously confirmed that, in February, it spent approximately €300m ($343m) on two US-based ‘cast firms: distribution software company Anchor, and independent content producer Gimlet Media. Now we know exactly how much Spotify spent on these two firms, in addition to true crime podcast maker Parcast (trading as Los Angeles-based Cutler Media LLC) which it bought in April. The upshot: if Spotify sticks to its previously-announced plan of spending between $400m and $500m on acquisitions this year, it has about $100m left in the tank.
Check It Out: Spotify Results Show Full Extent of Its Podcast Purchasing