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Spotify reportedly paid $340 million for its podcast expansion

The streaming giant has allocated $500million to spend on acquisitions this year... 

Spotify reportedly paid $340 million for its podcast expansion
Spotify reportedly paid $340 million for its podcast expansion

Spotify reportedly paid $340 million for its podcast expansion.

The purchases of Gimlet Media and Anchor, major steps in the move into podcasts— a key area of potential growth for the streaming giant— clocked in at a combined value of $338million, according to official figures from the company.

These are just two of a number of acquisitions the firm has in mind for 2019, with a total budget of $500million available to spend. Expansion remains necessary to bolster Spotify's own market value, which has been in troubled waters over recent months despite ongoing growth in premium user numbers and several new offerings on the platform. 

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