Spotift Seek To Lift Profit With Podcast Push
Streaming giant, Spotify, has purchased true crime podcast network, Parcast, as the company seeks to boost profitability and further build its original show catalogue.
The news follows Spotify’s US$500 million pledge towards podcast-related deals, with commentators asserting it offers higher profitability than license fee laden music streaming.
Considered its third podcast acquisition in two months, Spotify’s platform seeks to take on rivals such as Apple Podcasts.
It follows the purchase of Gimlet Media for US$300 million last month, and behind-the-scenes podcast firm Anchor.
Purchased and original Spotify podcast content will reportedly be curated by the team who oversee its Discover Weekly playlist algorithm.
The news follows Spotify’s complaint with the European Commission over monopolistic tactics within Apple’s App Store.
Spotify CEO, Daniel Ek, slammed Apple for charging a 30% “tax” [i.e. commission] on App Store purchases.
The news follows a major content push from Apple, who recently unveiled its streaming platform, Apple tv+, premium news subscription service, Apple News Plus, and gaming subscription service ‘Apple Arcade.’