Spotify entered a definitive agreement to acquire The Ringer, the publisher focused on a mix of sports and pop culture content, according to an announcement. Financial terms of the deal, which is expected to close this quarter, were not disclosed.
Founded by Bill Simmons in 2016, The Ringer produces a range of popular podcasts, including Simmons' own show, "The Rewatchables" and "The Ryen Russillo Podcast. " With the acquisition, Spotify intends to deepen its monetization opportunities and user engagement while opening up new advertising formats only available via its platform to The Ringer.
The announcement arrives with Spotify's Q4 earnings report, where the audio streamer said that podcast consumption hours grew 200% year-over-year. There are now over 700,000 podcasts available to stream on Spotify.
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