Spotify is at the negotiating table, with a view to potentially buying a large-scale podcasting company.
New York-based Gimlet Media, which was founded in 2014, closed a Series A funding round of $6m in December 2015, valuing the company at $30m.
Then, in 2017, the firm took on two more rounds of investment. The first came in August that year – a Series B led by Stripes Group, which injected $15m into Gimlet and valued it at around $70m.
The second, for $5m, came a month later from British advertising firm WPP.
The company was co-founded by Alex Blumberg, a radio journalist, as well as a producer for This American Life, and the co-founder of Planet Money.
His co-founder at Gimlet was Matthew Lieber, a former radio producer at WNYC who worked as a management consultant with the Boston Consulting Group.
Spotify has gotten into podcasts in a big way over the past year.
In August last year, it locked down a new series of The Joe Budden Podcast – a very popular cast for hip-hop enthusiasts.
In the same month, Spotify debuted its first ever brand-partnered, first-party podcast series – the five-episode ‘Ebb & Flow’ hosted by Jasmine Solano and sponsored by New Amsterdam Vodka.Music Business Worldwide