Swedish audio streaming giant Spotify deepened its foray into the podcasting industry with a deal to acquire the Ringer, the Los Angeles-based network of entertainment, sports and pop culture podcasts founded by Bill Simmons.
The deal is the latest move by Spotify to expand into the podcast space. The company spent nearly $400 million to acquire three podcast companies last year, including New York-based Gimlet Media and L.A.-based Parcast, which are creating exclusive content for Spotify.The Ringer will immediately give them a slate of established programs including “The Bill Simmons Podcast,” “The Rewatchables” and “The Ryen Russillo Podcast.
“Becoming the most listened-to audio network means that we needed to expand from just being a music platform to incorporating other types of audio, entertainment and information on the platform,”The music streaming service has 124 million paid subscribers and 271 million active users in 79 markets.
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