Why Spotify is making a $500 million bet on podcasting

Spotify is making a big bet on podcasts, announcing deals to acquire startups Gimlet and Anchor, with plans to invest up to $500 million in the podcast market this year

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Spotify jumps into the podcast industry, acquires Gimlet Media and teases more movesSpotify's entry into the podcast world comes as the company continues to build its business amid competition from Apple and Amazon.
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Spotify buys Gimlet, Anchor to ramp up its podcast gameNEW YORK (AP) — Music streaming service Spotify is buying podcast companies Gimlet and Anchor as it looks to take on Apple's popular iTunes' podcasts. Gimlet Media has a podcast studio with dedicated IP development, production and advertising capabilities. Anchor has a platform of tools for podcast creators as well as an established and rapidly growing creator base. Spotify founder and CEO Daniel Ek said in a blog post that Spotify has become the second-biggest podcasting platform in a little less than two years.
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