Spotify this week announced that it has entered into a definitive agreement to acquire Parcast, a storytelling-driven podcast studio. Parcast will bring to Spotify its curated library of produced shows and its audiences. The transaction is expected to close in the second quarter of 2019 and subject to customary closing conditions.
According to Spotify, since its founding in 2016, Parcast has launched 18 premium podcast series including Serial Killers, Unsolved Murders, Cults and Conspiracy Theories and the studio’s first fiction series, Mind’s Eye. Additionally, Parcast has more than 20 new shows slated to launch later this year.
Parcast was founded by Max Cutler in 2016. Is headquartered in Los Angeles, California, where the company has two studios and over twenty employees. Spotify says “Parcast will continue to develop its unique stories.”
“The addition of Parcast to our growing roster of podcast content will advance our goal of becoming the world’s leading audio platform,” said Dawn Ostroff, Spotify Chief Content Officer. “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.”
Parcast acquisition happens one month after the acquisition of Gimlet and Anchor by Spotify.