Spotify, one of the leading music streaming platforms has been actively trying to expand its business and is focusing more on podcasts. In line with that, the company has announced that it is acquiring two podcast-related companies — Chartable and Podsights.
The company has revealed financial details related to these acquisitions but it marks the first major acquisition this year in the audio-related business.
Podsights’ team of around 40 full-time employees will join Spotify and the company says that it has no plans to adjust that team at this time. On the other hand, Chartable will be added to Spotify’s Megaphone.
Both the companies — Chartable and Podsights operate in the space of podcast marketing and ad attribution. They allow podcasters and networks to include tags in the shows to track details like who listened to the tracks, if they heard the ad or if they took any action upon hearing the advertisement, etc.
Talking more about the acquisition of Podsight, Spotify says that it will use the technology outside podcasting and bring it to the “full scope of the Spotify platform, including audio ads within music, video ads, and display ads.”
As for the Chartable, Spotify plans to focus more on the podcasters instead of advertisers. It will be integrating its audience insights and its promotional tools, SmartLinks and SmartPromos with Megaphone so podcasters can grow their business.
The development comes at a time when Spotify is facing backlash because of Joe Rogan’s podcast which critics say is spreading misinformation related to COVID-19. It has also led to several artists leaving the platform in protest.
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