Spotify Wants to Recommend a Podcast for You
Music-streaming leader Spotify (NYSE: SPOT) is betting big -- as in, $400 million big -- on podcasts. That's how much the company has spent this year on three different acquisitions (Gimlet, Anchor, and Parcast) designed to supercharge its podcasting capabilities in an effort to transform Spotify into an all-encompassing audio platform beyond just music streaming.
"With the world focused on trying to reduce screen time, it opens up a massive audio opportunity," CEO Daniel Ek wrote in a February blog post announcing the new strategy. "This opportunity starts with the next phase of growth in audio -- podcasting."
Image source: Spotify.
Source Fool.com
