NEW YORK--(BUSINESS WIRE)--
Spotify Technology S.A. (NYSE:SPOT), the world’s most popular audio
streaming subscription service, today announced that it has entered into
a definitive agreement to acquire Parcast, a premier storytelling-driven
podcast studio. Terms of the transaction were not disclosed.
Since its founding in 2016, Parcast has launched 18 premium podcast
series including Serial Killers, Unsolved Murders, Cults and Conspiracy
Theories and the studio’s first fiction series, Mind’s Eye. Parcast will
bring to Spotify its curated library of highly produced shows and its
engaged, loyal audiences. With an expertise in genres touching mystery,
crime, science fiction, and history, Parcast has shown it has depth in
subject matter and the ability to develop audiences across its robust
network. Additionally, Parcast has more than 20 new shows slated to
launch later this year.
“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 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."
“In three years, we have created a production house that has grown
exponentially and hit a chord with mystery and true-crime fans,
especially women, across all 50 states and around the world. We are
proud to join the world’s most popular audio subscription streaming
service and gain access to one of the largest audiences around the
world,” said Max Cutler, Founder and President of Parcast. “Alongside
Spotify, our ability to scale, grow and amplify the unique and tailored
brand of content we create is full of fantastic possibilities.”
The transaction is expected to close in the second quarter of 2019 and
subject to customary closing conditions.
About Parcast
Parcast is the premier storytelling podcast studio focused on creating
scripted, story-driven programming that is engaging, informative, and
entertaining. Parcast creates, develops and produces its shows in-house
by a team of writers, researchers and hosts. Hit titles from Parcast
include Cults, Serial Killers, and Mythology.
About Spotify Technology S.A.
Spotify transformed music listening forever when we launched in 2008.
Our mission is to unlock the potential of human creativity by giving a
million creative artists the opportunity to live off their art and
billions of fans the opportunity to enjoy and be inspired by these
creators. Everything we do is driven by our love for music.
Discover, manage, and share over 40 million tracks for free, or upgrade
to Spotify Premium to access exclusive features including offline mode,
improved sound quality, Spotify Connect and ad-free listening.
Today, we are the world’s largest music streaming subscription service
with a community of 207 million users, including 96 million Spotify
Premium subscribers, across 79 markets.
For more information, images, or to contact the press team, head over to
our press page at https://newsroom.spotify.com/.
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Investor Relations:
Paul Vogel
ir@spotify.com
Or
Public
Relations:
Dustee Jenkins
press@spotify.com
Source: Spotify Technology S.A.