Spotify is Expanding its Focus on Podcasts With Two New Business Acquisitions
Spotify is acquiring two podcast companies in a bid to further envelope itself as the dominant podcast platform on the market.
The company has purchased both Chartable and Podsights, Spotify announced. Together, the two companies form some of the more respected marketing and ad-focused podcast services, making them a tantalizing purchase for Spotify. Cartable is best known for being an analytics-heavy company. Podsights, on the other hand, is an advertising service that enables advertisers to better understand how well their ads are doing on podcasts.
Spotify has not revealed exact details of the deal, including the amount spent to acquire both individual companies. Instead, the company discussed what this will mean for Spotify and its future as a podcast publisher. According to the blog post, Spotify hopes that it can begin mitigating any unforeseen challenges advertisers may have, especially measurement and attribution. Spotify’s goal is to be able to provide better metrics and insights to advertisers.
The company also hopes that these new measures will slowly extend its reaches far beyond podcasts. Spotify has said that it sees a future where these measures are integrated into the music, video ads, and display ads.
Spotify has been continuously fighting to be the dominant podcast platform on the market. Most recently, the company has acquired Whooshkaa and Megaphone. It’s also been making deals with podcasts as well including The Joe Rogan Experience, The Ringer, and others.