Spotify Acquires Whooshkaa

Finsmes2021.12.18 01:06

Spotify Technology S.A. (NYSE:SPOT), the global audio streaming subscription service, acquired Whooshkaa, an Australian podcast technology platform that gives independent creators, publishers, broadcasters and brands a platform to host, distribute, monetize and track on-demand audio.

The terms of the transaction were not disclosed.

Led by Founder & CEO Robert Loewenthal, Whooshkaa provides innovative technology that enables radio broadcasters to turn their existing audio content into on-demand podcast content.

This technology will soon be integrated into Spotify’s enterprise podcast and advertising platform Megaphone, empowering radio publishers to realize the full potential of podcasts with Megaphone’s suite of hosting, distribution, reporting and monetization tools. At the same time, this porting capability should ultimately bring more global third-party content into the Spotify Audience Network, improving the scale, reach, and impact, for its advertising partners.

In November, Spotify had reached an agreement to acquire Findaway, a Solon, Ohio-based global leader in digital audiobook distribution, for an undisclosed amount. The deal – expected to close in the fourth quarter of 2021 subject to regulatory review and approval – aims to accelerate Spotify’s entry into the audiobooks industry, enabling innovation and bringing audiobooks to Spotify’s hundreds of millions of existing listeners. Led by Founder & CEO Mitch Kroll, Findaway has developed a technology infrastructure that will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers, authors and independent creators to reach new audiences around the globe.

Launched in 2008, Spotify allows users to discover, manage and share over 70 million tracks, including more than 3.2 million podcast titles, for free, or upgrade to Spotify Premium to access exclusive features for music including improved sound quality and an on-demand, offline, and ad-free music listening experience.

Today, Spotify has 381 million users, including 172 million subscribers, across 184 markets.

FinSMEs

17/12/2021

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