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The Ringer Spotify

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Last Updated: 02 July 2021

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Spotify is making yet another big-budget purchase aimed at getting lead in the growing Podcast industry: streaming music company has agreed to a deal to purchase Ringer, podcast-centric Media company run and owned by Bill Simmons. Spotify intends to hire Simmons and all of his approximately 90 employees. Most of those employees work on Ringers website, which covers sports and culture, and Spotify intends to keep the site up and running. But what Spotify really wants out of the deal is Simmons ' ability to create podcasts, including his Bill Simmons Podcast, and some 30 other titles, which range from NBA chat Show to one devoted to rewatching old movies. The companies didnt disclose the sale price; deal is supposed to close in the first quarter of 2020. With Ringer, were basically getting New ESPN, Spotify CEO Daniel Ek told Recode in an interview after the deal was announce. What has been accomplished in just a few short years, is nothing short of extraordinary. It is not just his own Podcast, but his whole network that is doing really well. Hes talent magnet. Spotify hasnt spelt out what it intends to do with Ringers ' catalog of existing podcasts and content, but it would be surprising if it made them exclusive to streaming platform. When it purchased Gimlet Media last year, it kept that podcast companys staff available on all platforms. This is the fourth podcast company acquisition Spotify has made in the last 12 months; last year it spent about $400 million to buy Gimlet Media, Anchor FM, and Parcast. Spotify executives have argued that adding Podcast Business to its core music service will help them bring in new users, and keep existing users around longer. The company is also building up a podcast advertising business, which promises to target listeners based on their demographics and online behavior. In its fourth quarter earnings statement released Wednesday morning, Spotify said it was seeing exponential growth in Podcast consumption on its platform. Ek says adding Ringer would help boost his company's appeal to sports fans, which he describes as super engage and super loyal. It is a strong currency to have. And he said Spotify would continue to buy podcasting companies if it thinks they can grow faster inside of Spotify. When you get the chance to property like Ringer, and you see fits, and what Bill wants to do, it just makes a ton of sense. If there are other deals of that caliber, we would consider them. Spotify wouldnt say how long Simmons intends to work for his new employer, but Ek said he believes Simmons would stick around so he could continue to build the company he found five years ago. I wouldnt have do deal if I didnt feel that Bill was in it for the right reasons, and didnt want to build something much bigger. Our incentives are really align, add Paul Vogel, Spotifys chief financial officer.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions.

* Please keep in mind that all text is machine-generated, we do not bear any responsibility, and you should always get advice from professionals before taking any actions

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