Suddenly, podcasting becomes a sound business
The Swedish music streaming company
Superficially, the acquisitions make no sense. After all, there’s no money in podcasting, right? The entire U.S. podcasting industry made only $314 million in advertising revenue in 2017.
Yet Spotify’s acquisitions are part of a $500 million buying spree in the podcasting space promised by the company for this year.
Gimlet raised about $28.5 million in venture funding and was valued at around $70 million, yet Spotify reportedly paid around $230 million for it. (Anchor raised about $14.4 million, and its purchase price at press time was unknown.)