Music streaming service Spotify is buying podcast companies Gimlet and Anchor as it looks to take on Apple's popular iTunes' podcasts.
Gimlet Media has a podcast studio with dedicated IP development, production and advertising capabilities. Anchor has a platform of tools for podcast creators as well as an established and rapidly growing creator base.
Spotify founder and CEO Daniel Ek said in a blog post that Spotify has become the second-biggest podcasting platform in a little less than two years.
"The format is really evolving and while podcasting is still a relatively small business today, I see incredible growth potential for the space and for Spotify in particular," he wrote.
Financial terms of the transactions were not disclosed. The deals are targeted to be completed in the first quarter.
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