The music streaming company is looking to diversify its content by catering to different genres of audio-streaming.
The music streaming giants, Spotify acquired Parcast- a premier storytelling podcast studio. Spotify made an announcement regarding this in February 2019, after it completed an acquisition of Anchor and Gimlet. The company has invested US$ 500 million in this new podcasting business to extend its original podcasting content. Parcast is a studio that is popular for storytelling podcasts especially True Crime and other factual series based on history and science fiction. It creates, develops and podcasts its shows with a team of in-house writers, hosts, and researchers.
The popular titles on Parcast are Mythology, Serial killers, Unsolved Mysteries, Conspiracy Theories and Cults. Parcast recently entered into a fiction genre with Mind’s Eye. Several of these podcasts have received millions of listens and have made their way into iTunes’ podcast Top-charts. It has been speculated that Parcast has an additional 20 programs lined up for this year. The terms of this deal are not made public, although it is expected to close in this quarter. Spotify thinks Parcast’s content is in line with Spotify’s user demand so the acquisition makes sense.
This particular acquisition came when Spotify was looking to extend its podcast content, specifically beyond music. It’s threefold; first is to cater different tastes and moods of podcast genres, second is to generate revenue via streams and third, which is the biggest of them all, to generate its own original content. Spotify is looking to solidify its place among other giants of audio-streaming particularly Google, Apple Music, Pandora, and Amazon. Currently, Spotify has 40 million tracks but the company wants to extend it cater all kinds of listeners. It also aims to not to share its content with third-parties.
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