Streaming-audio giant Spotify shelled out around €300 million, or about $337 million, to buy podcasting companies — producer Gimlet Media and services provider Anchor FM Inc., the company said.
The deals for Gimlet and Anchor, announced last week, were primarily in cash, with the total purchase prices subject to closing adjustments, Spotify disclosed the figure in a Feb. 13 SEC filing.
Spotify isn’t done with its M&A move into podcasting: The company
told investors it expects to invest $400 million-$500 million in
podcasting acquisitions for 2019. But that target includes what it’s
paying for Gimlet and Anchor, chief content officer Dawn Ostroff told Variety, indicating the first two deals represent the lion’s share of its podcast investment for 2019.
“We’re looking at a broad range of opportunities,” Ostroff said in an
interview. “The business is so nascent. A lot of what we’re doing is
obviously strategically targeting this area that we want to be a leader
in.”