It’s no secret that Spotify wants to basically dominate the podcast space, and it’s proven the ambition is no laughing matter. The company has not only made podcast integrations with its app, but it’s also dedicated $500 million to invest in podcast-oriented deals and partnerships. This week, the company announced one of those deals: the acquisition of Parcast.
If you’re unfamiliar, Parcast is a podcast network specializing in hot topics such as true crime, conspiracy theories, mysteries, and science fiction. It was founded by Max Cutler in Los Angeles in 2016. According to the press release, Spotify will be purchasing the entire studio for an undisclosed amount and use the assets it acquires to fill a void in the company’s podcast offerings.
“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’s 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.”
According to Spotify, the deal is expected to close in the second quarter of this year.