Spotify announced its acquisitions of three podcasting companies last year as it aims to become the lead audio platform.
that it acquired Gimlet and Anchor for the equivalent of about $340 million and Parcast for around the equivalent of $55 million.
The Ringer, founded by sports writer Bill Simmons in 2016, has more than 30 podcasts in its network, including "The Bill Simmons Podcast," "The Rewatchables" and "The Ryen Russilio Podcast." It also produces non-scripted films, books and online content. Spotify CEO Daniel Ek told analysts on a call following the company's fourth quarter 2019 earnings report Wednesday, "what we really did with the Ringer, I think, is we bought the next ESPN, and we think that's going to be a tremendously valuable property as we look at the development of sports over the next decade and the billions of people that will start listening to audio, so we're just very excited about it and yeah, we will invest in that trend.
Spotify said in a press release its hopes The Ringer deal will help it become "the world's leading audio platform.
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