Spotify to Acquire Parcast

Spotify, Parcast, Audio

Spotify, the Swedish audio streaming platform, has acquired Parcast, a podcast network- storytelling studio.

Chief Content Office for Spotify Dawn Ostroff says, “Parcast will enable to grow the podcast content in an audio platform.” Ostroff continued, “Crime and mystery podcasts are a genre for users, and Parcast creates web series.”

Spotify’s CFO Barry McCarthy says, “The company is modeled after Netflix in that it’ll develop good, predictive algorithms.” Spotify did not need a sophisticated algorithm to tell it something; it had listening data to help make its purchasing decision.

“Parcast’s production model, allows the company to produce a high volume of shows that keep feeding for crime stories.” Spotify head of studios Courtney Holt says.

The acquisition of Gimlet and now Parcast by Spotify is a strategic push by the company to expand its inroads into other forms of audio entertainment. It is reported that these podcast-related deals have cost the company up to $500 million.

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Suprotik Sinha
Suprotik Sinha is the Global News Correspondent with OnDot Media. He writes about technologies and trending news in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries two years of experience in mainstream broadcast media where he worked as a reporter with Ibn7 and Zee Media in Mumbai.