Spotify Technology S.A. (NYSE: SPOT) is acquiring Megaphone, a podcast advertising and publishing platform, to help advertisers and podcast publishers realize the full potential of podcasts.
“With this acquisition, Spotify continues to deliver against its goal to become the world’s leading audio platform and focus on growing audio monetization across the industry,” Spotify says.
The acquisition follows Spotify’s launch of ad technology Streaming Ad Insertion that combines traditional podcast ads with digital marketing. Advertisers will now be able to access Spotify’s original and exclusive podcasts while also being able to reach through the Megaphone targeted marketplace.
“We are still in the early chapters of the streaming audio industry story, but it is absolutely clear that the potential is significant,” adds Dawn Ostroff, chief content and advertising business officer for Spotify.