Spotify will pay as much as $195 million to acquire Bill Simmons' The Ringer
Spotify will pay as much as $195 million to acquire Bill Simmons' The Ringer, the company disclosed in a regulatory filing on Wednesday.
The Stockholm-based audio streaming giant said that the price to purchase the sports and pop culture company will total between 130 million euros and 180 million euros , a portion of which will be deferred. This implies that The Ringer's purchase price could go up by nearly $55 million based on hitting performance-driven incentives in the coming years. The final price is subject to the deal closing. in a move to build out the sports vertical of its podcasting business.
in 2019, Spotify paid nearly $400 million to acquire podcast studios Gimlet and Parcast and podcast tech provider Anchor. If it pays the maximum on its deal for The Ringer, it will have paid around $590 million on acquisitions that aid in its pivot into an audio-first streaming platform. So far, that investment has paid off for Spotify. The company, which has 124 million paid subscribers and 271 million total monthly active users, recently disclosed that podcast consumption hours were up 200 percent year-over-year during the final three months of 201. Spotify also said podcasts were helping drive increased overall engagement and retention to its product. More than 16 percent of Spotify's monthly active users now engage with podcast content.
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