NEW YORK– Spotify Technology S.A. (NYSE:SPOT), the world’s most popular audio streaming subscription service, today announced that it has entered into a definitive agreement to acquire Parcast, a premier storytelling-driven podcast studio. Terms of the transaction were not disclosed.
Since its founding in 2016, Parcast has launched 18 premium podcast series. Parcast will bring to Spotify its curated library of highly produced shows and its engaged, loyal audiences. With expertise in genres touching mystery, crime, science fiction, and history, Parcast has shown it has depth in subject matter and the ability to develop audiences across its robust network. Additionally, Parcast has more than 20 new shows slated to launch later this year.
“The addition of Parcast to our growing roster of podcast content will advance our goal of becoming the world’s leading audio platform,” said Dawn Ostroff, Spotify Chief Content Officer. “Crime and mystery podcasts are a top genre for our users and Parcast has had significant success creating hit series while building a loyal and growing fan base. We’re excited to welcome the Parcast team to Spotify and we look forward to supercharging their growth.”
“In three years, we have created a production house that has grown exponentially and hit a chord with mystery and true-crime fans, especially women, across all 50 states and around the world. We are proud to join the world’s most popular audio subscription streaming service and gain access to one of the largest audiences around the world,” said Max Cutler, Founder and President of Parcast. “Alongside Spotify, our ability to scale, grow and amplify the unique and tailored brand of content we create is full of fantastic possibilities.”
The transaction is expected to close in the second quarter of 2019 and subject to customary closing conditions.