Spotify has announced that it has entered into a definitive agreement to acquire storytelling-driven podcast studio Parcast. The transaction is expected to close in the second quarter of 2019 and subject to customary closing conditions – terms of the transaction, however, were not disclosed.
Since launching 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.
An official press release stated that “Parcast will bring to Spotify its curated library of highly produced shows and its engaged, loyal audiences.”
Parcast is said to have more than 20 new shows slated to launch later this year.
Speaking about the agreement, Dawn Ostroff, Spotify chief content officer said: “The addition of Parcast to our growing roster of podcast content will advance our goal of becoming the world’s leading audio platform. 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."
Max Cutler, founder and president of Parcast, added: “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. Alongside Spotify, our ability to scale, grow and amplify the unique and tailored brand of content we create is full of fantastic possibilities.”
The news follows Spotify's acquisition of podcast producer Gimlet Media and Anchor last month, which specialises in monetisation of podcasting.