Spotify buying Megaphone, the podcast tech firm, for $235 million - Business Insider

Spotify is buying Megaphone, a podcast tech company, for $235 million, it announced Tuesday.

Spotify said the deal, which is subject to regulatory approvals, will allow brands to advertise on Spotify-exclusive and Spotify-original podcasts. The deal signals a major push on podcast advertising for Spotify, which has spent big money attracting top podcasters to its platform, and now hopes to monetize a booming industry.Spotify announced Tuesday that it is buying podcast advertising and publishing platform Megaphone for $235 million, further expanding its efforts to monetize a booming industry.

Megaphone, headquartered in Virginia and founded in 2015, is a podcast tech firm which makes tools for podcasters to host their content and insert ads into podcasts. It also aims to help brands better target their ad spending.— called Streaming Ad Insertion — to third parties for the first time, via Megaphone. SAI allows podcast advertisers to measure ad reach, recall, listening frequency per user, and anonymized audience data like age and gender.

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Road to $800 Million 🏆

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