Spotify Enriches Its Podcasting Portfolio By Purchasing Parcast
It's using podcasting to diversify its offerings
The music streaming giant has just announced it will snap up Parcast, a podcasting studio that focuses on creating stories about cults, true crimes, and unsolved mysteries. The L.A.-based Parcast was founded three years ago and produces podcasts including Serial Killers, Unsolved Murders, and Female Criminals, reports the Hollywood Reporter. The studio’s first scripted series, Mind’s Eye, launched in December, and it currently has 20 new shows in development for this year.
While most people think of Spotify as a music streaming service, earlier this year the company showed it was embracing the world of podcasting in order to diversify its offerings. In February the company announced that it bought two of the largest podcasting producers in the world, Gimlet Media and Anchor. At the time, Spotify CEO Daniel Ek said the acquisitions would allow the company “to become the leading platform for podcast creators around the world and the leading producer of podcasts.”
Clearly, with today’s announcement, Spotify doesn’t intend to slow down on those ambitions at all. It’s unknown how much Spotify will pay for Parcast, but the transaction is expected to close in the second quarter of 2019.
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