Spotify acquires podcast network Parcast

Swedish music streaming giant Spotify has announced it is acquiring Parcast -- a premier podcast storytelling studio which specialises in crime, mystery and science fiction shows for an undisclosed amount.

Founded in 2016, Parcast has till date launched 18 premium podcast series including Serial Killers, Unsolved Murders, Cults and Conspiracy Theories and the studio's first fiction series, Mind's Eye.

Parcast would bring to Spotify its curated library of highly produced shows and its engaged and loyal audiences.

"The addition of Parcast to our growing roster of podcast content will advance our goal of becoming the world's leading audio platform," Dawn Ostroff, Spotify Chief Content Officer, said in a statement late on Tuesday.

"Crime and mystery podcasts are a top genre for our users and Parcast has had significant success creating hit series while building a loyal and growing fan base. We're excited to welcome the Parcast team to Spotify and we look forward to supercharging their growth."

The transaction is expected to close in the second quarter of 2019, and subject to customary closing conditions.

--IANS

ksc/bc