STOCKHOLM/NEW YORK (Reuters) - Sweden-based Spotify Technology SA <SPOT.N> has agreed to buy podcast advertising and publishing platform Megaphone, it said on Tuesday, the latest in a series of a deals to boost its podcast platform.
The deal is worth $235 million, a Spotify spokesman said.
The company will use Megaphone's technology to create targeted ads, it said, and will also make its proprietary ad monitoring tools available to third-party podcast publishers.
Spotify, which earns revenue from paid subscriptions and by disseminating ads to non-paying users, saw its advertising business return to growth in the third quarter after it was hit by the pandemic earlier this year.
Executives have said ad growth will accelerate in the current quarter.
Its ...
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