Spotify to Acquire Parcast, a Premier Podcast Storytelling Studio
March 26 2019 - 7:00AM
Business Wire
Spotify Technology S.A. (NYSE:SPOT), the world’s most popular
audio streaming subscription service, today announced that it has
entered into a definitive agreement to acquire Parcast, a premier
storytelling-driven podcast studio. Terms of the transaction were
not disclosed.
Since its founding in 2016, Parcast has launched 18 premium
podcast series including Serial Killers, Unsolved Murders, Cults
and Conspiracy Theories and the studio’s first fiction series,
Mind’s Eye. Parcast will bring to Spotify its curated library of
highly produced shows and its engaged, loyal audiences. With an
expertise in genres touching mystery, crime, science fiction, and
history, Parcast has shown it has depth in subject matter and the
ability to develop audiences across its robust network.
Additionally, Parcast has more than 20 new shows slated to launch
later this year.
“The addition of Parcast to our growing roster of podcast
content will advance our goal of becoming the world’s leading audio
platform,” said Dawn Ostroff, Spotify Chief Content Officer. “Crime
and mystery podcasts are a top genre for our users and Parcast has
had significant success creating hit series while building a loyal
and growing fan base. We’re excited to welcome the Parcast team to
Spotify and we look forward to supercharging their growth."
“In three years, we have created a production house that has
grown exponentially and hit a chord with mystery and true-crime
fans, especially women, across all 50 states and around the world.
We are proud to join the world’s most popular audio subscription
streaming service and gain access to one of the largest audiences
around the world,” said Max Cutler, Founder and President of
Parcast. “Alongside Spotify, our ability to scale, grow and amplify
the unique and tailored brand of content we create is full of
fantastic possibilities.”
The transaction is expected to close in the second quarter of
2019 and subject to customary closing conditions.
About Parcast
Parcast is the premier storytelling podcast studio focused on
creating scripted, story-driven programming that is engaging,
informative, and entertaining. Parcast creates, develops and
produces its shows in-house by a team of writers, researchers and
hosts. Hit titles from Parcast include Cults, Serial Killers, and
Mythology.
About Spotify Technology S.A.
Spotify transformed music listening forever when we launched in
2008. Our mission is to unlock the potential of human creativity by
giving a million creative artists the opportunity to live off their
art and billions of fans the opportunity to enjoy and be inspired
by these creators. Everything we do is driven by our love for
music.
Discover, manage, and share over 40 million tracks for free, or
upgrade to Spotify Premium to access exclusive features including
offline mode, improved sound quality, Spotify Connect and ad-free
listening.
Today, we are the world’s largest music streaming subscription
service with a community of 207 million users, including 96 million
Spotify Premium subscribers, across 79 markets.
For more information, images, or to contact the press team, head
over to our press page at https://newsroom.spotify.com/.
FORWARD-LOOKING STATEMENTS
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for purposes of complying with the safe harbor provisions. Such
forward-looking statements involve significant risks, uncertainties
and assumptions that could cause actual results to differ
materially from our historical experience and our present
expectations or projections, including but not limited to the
following known material factors: our ability to attract
prospective users and to retain existing users; our dependence upon
third-party licenses for sound recordings and musical compositions;
our lack of control over the providers of our content and their
effect on our access to music and other content; our ability to
generate sufficient revenue to be profitable or to generate
positive cash flow on a sustained basis; our ability to comply with
the many complex license agreements to which we are a party; our
ability to accurately estimate the amounts payable under our
license agreements; the limitations on our operating flexibility
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