Spotify said Tuesday that it's acquiring Megaphone, one of the top podcast advertising platforms, from Graham Holdings for $235 million. Deal terms were not disclosed.
Why it matters: It's the latest mega-investment Spotify is making into boosting its podcast business. The company has invested hundreds of millions of dollar in buying up podcast companies and exclusive rights to big-name shows.
Details: The deal will help Spotify specifically bolster its podcast advertising strategy.
Be smart: For now, podcasting is a small but growing advertising medium. By aggregating investments in podcast monetization, delivery and content, Spotify aims to grow the podcast advertising industry significantly and secure a chunk of the revenue that goes with it.
The big picture: Its efforts come as rivals continue to try to bolster their own podcast businesses, including SiriusXM, which acquired Spotify's music rival Pandora in 2018, and iHeartMedia, which has recently completed a number of smaller podcast company acquisitions.
