Spotify is buying sports website and podcasting network The Ringer.
The US-based network, founded in 2016 by Bill Simmons, produces more than 30 podcasts and has about 100 million monthly downloads.
The acquisition by Spotify is a crucial step for the company in its ambition to become the largest audio company in the world, with sport one of the most popular topics in podcasts.
Financial details of the deal haven't been announced.
Spotify’s chief content officer, Dawn Ostroff, says The Ringer will drive its global sports strategy.
“As we set out to expand our sports and entertainment offerings, we wanted a best-in-class editorial team,” Ostroff says.
“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."
The purchase, set to be complete early this year, comes as the streaming platform reports its podcast business has grown 200% year-on-year in the final quarter of 2019. Spotify says podcast usage is increasing overall engagement and retention on the platform, and driving the conversion of free to paid users.
Spotify finished 2019 with 124 million paid subscribers, up from 96 million the year prior.
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