Spotify has entered into a definitive agreement to acquire ‘sports and pop-culture outlet’ the Ringer, founded by ESPN exec Bill Simmons in 2016.
Terms of the transaction were not disclosed.
With this acquisition, Spotify says that it “continues to deliver against its goal to become the world’s leading audio platform”.
The Ringer will bring to Spotify its sports and entertainment team, podcast catalog and website, further expanding Spotify’s content offering and audience reach.
With its popular show lineup, The Ringer also offers new opportunities for monetization along with a continued focus on deepening audience engagement and innovating formats within Spotify’s business model. Not only has Simmons been a podcast pioneer in sports, he has also been a dominant force in the podcast pop culture arena.
“We look forward to putting the full power of Spotify behind The Ringer as they drive our global sports strategy.”
Dawn Ostroff, Spotify
“We look forward to putting the full power of Spotify behind The Ringer as they drive our global sports strategy,” said Dawn Ostroff , Chief Content Officer, Spotify.
“As we set out to expand our sports and entertainment offerings, we wanted a best-in-class editorial team. Bill Simmons is one of the brightest minds in the game and he has successfully innovated as a writer and content creator across mediums and platforms.
“The Ringer’s proven track record of creating distinctive cultural content as well as discovering and developing top tier talent will make them a formidable asset for Spotify.”
“We’re joining one of the best media companies in the world. It’s an incredible day for us.”
Bill Simmons, The Ringer
Bill Simmons, The Ringer founder, and podcast host added: “Spotify has the unique ability to truly supercharge both content and creator talent across genres.
“We spent the last few years building a world-class sports and pop culture multimedia digital company and believe Spotify can take us to another level.
“We couldn’t be more excited to unlock Spotify’s power of scale and discovery, introduce The Ringer to a new global audience and build the world’s flagship sports audio network.
“We’re joining one of the best media companies in the world. It’s an incredible day for us.”
The transaction is expected to close in Q1 2020 and subject to customary closing conditions.Music Business Worldwide
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