Spotify hasn’t wasted any time rolling out more exclusive podcasts.
Last week, during its Q4 2018 earnings call, Spotify confirmed two new acquisitions.
Betting big on podcasts, the streaming music giant has acquired Gimlet Media and Anchor.
Financial terms of the deal remain disclosed.
The move into podcasts follows the advice of a major investment firm.
Last month, Morgan Stanley analysts published a note on how Spotify can branch out of streaming music.
According to the note, Spotify users listen to more hours of streaming music than their Apple Music and Amazon Music Unlimited counterparts.
In addition, Spotify’s users, Morgan Stanley noted, “love podcasts more than any other subscriber group.” Users who pay for the service listen to 5.2 hours of podcasts per week. That’s 48 minutes more than users on Apple Music. Yet, most users haven’t consumed podcasts on Spotify. That’s due to the fact that the company hasn’t really focused on podcasts.
The major firm wrote,
“While Spotify’s paid users spend more time listening to podcasts than others, Apple remains the platform with highest overall podcast listening – underscoring the importance of podcast leadership for Spotify long-term.”
Now, following the acquisitions, Spotify hasn’t wasted any time revamping its podcast plans.
Another exclusive podcast.
The streaming music giant has confirmed details about a new, exclusive podcast series.
Public Enemy’s Chuck D will narrate Stay Free: The Story of The Clash.
The eight-part documentary podcast will center around the band’s history. In addition, BBC Studios, the BBC’s commercial arm, will produce Stay Free in partnership with Spotify.
The promotional video states,
“This is the story of a band that changed everything. A band that turned punk into protest. It taught us to fight for what really matters, and to fight as hard as hell. The band that burned so brightly, they had to burn out and how their light lives on today.”
Spotify’s Q4 2018 also confirmed the streaming music giant has earmarked at least $500 million for acquisitions of tech and content. This underscores the company’s commitment to quickly gain ground on a rapidly-growing medium.
Featured image by Eden, Janine, and Jim (CC by 2.0).