Popular music streaming service Spotify is expanding its portfolio. It’s acquiring podcast network The Ringer.
As the podcast industry continues to grow its audience, Spotify’s announcement Wednesday its purchase of the podcast-focused company promises broaden Spotify’s content with sports and pop culture podcasts.
“We look forward to putting the full power of Spotify behind The Ringer as they drive our global sports strategy,” said Dawn Ostroff, Chief Content Officer, Spotify.
The Ringer, founded by Bill Simmons in 2016, features more than 30 podcasts, such as “The Bill Simmons Podcast,” “The Rewatchables” and “The Ryen Russilio Podcast”.
“While it is unclear if the Ringer’s current podcast series will remain available on other platforms, new podcast series will likely be exclusive to Spotify,” says eMarketer analyst Eric Haggstrom.
Podcasts from The Ringer could bring more listening ears to Spotify, further attracting advertisers, according to a Morningstar Equity Research report.
Spotify bought the podcast companies Gimlet and Anchor last year.
This comes at a time when other music-streaming behemoths such as Amazon and Apple are also trying to expand on podcast offerings.
Terms of the transaction were not disclosed.
The media giant also reported its fourth-quarter results on Wednesday, with a jump in monthly active users, but a lighter-than-expected revenue.
In the report, the company cited their investment in podcasts having a positive impact on the conversion of free users topaying customers. The platform currently offers more than 700,000 podcasts.
The podcast industry is expected to produce more than $1 billion by 2021.
Follow Coral Murphy on Twitter @CoralMerfi