It also bought Parcast for about $55 million.Īfter it announced The Ringer deal, Spotify CEO Daniel Ek told investors the company would continue to invest in the podcast space and sees the format as a path for growth at the company, which has to pay most of its revenue back to the music labels it licenses music from. Last year, it acquired Gimlet Media and Anchor for a total of about $340 million. The company said in early February it was acquiring the sports and entertainment news company The Ringer. The company's shares, which have fallen about 59 since hitting a record high nearly a year ago, were trading at 151.16 on the New York Stock Exchange. Spotify stock fell by over 2 billion after Neil Young’s request Spotify’s market capitalization fell about 2.1 billion over a three-day span last week, coming after folk-rocker Neil Young yanked.
Spotify has spent the last year strengthening its podcast streaming library. It's the same podcast where Tesla CEO Elon Musk infamously smoked marijuana in 2018, causing concern for investors. It's one of the most popular podcasts, ranking at the top of the charts on major podcasting services from Apple and Google. Rogan's show, The Joe Rogan Experience, launched more than a decade ago and has built a massive and loyal following. The terms of the deal were not disclosed.
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