Spotify, Gimlet talk $200M podcast purchase
February 4, 2019
Spotify has reached the advanced stages of talks to acquire New York-based podcasting startup Gimlet Media for more than $200 million, according to Recode, marking the Swedish company's latest attempt to branch beyond the world of music streaming. Gimlet raised nearly $20 million in VC funding in 2017, reaching a reported valuation of at least $70 million. Spotify, meanwhile, had raised hundreds of millions in VC before going public last year in a direct listing.
Gimlet is a budding powerhouse in the youthful podcasting industry, with a slate of titles that includes "Reply All," "Crimetown" and "Homecoming," the latter of which has already been adapted into an Amazon Prime show starring Julia Roberts. A move beneath the Spotify umbrella would likely provide an exponential increase in exposure: Spotify currently claims 200 million users and 87 million paying subscribers.
Stripes Group, Betaworks, Cross Culture Ventures and Emerson Collective are among Gimlet's current backers. The company launched in 2014 and raised $7 million at a $30 million valuation a year later.
Related read: VCs love funding—and hosting—podcasts
Gimlet is a budding powerhouse in the youthful podcasting industry, with a slate of titles that includes "Reply All," "Crimetown" and "Homecoming," the latter of which has already been adapted into an Amazon Prime show starring Julia Roberts. A move beneath the Spotify umbrella would likely provide an exponential increase in exposure: Spotify currently claims 200 million users and 87 million paying subscribers.
Stripes Group, Betaworks, Cross Culture Ventures and Emerson Collective are among Gimlet's current backers. The company launched in 2014 and raised $7 million at a $30 million valuation a year later.
Related read: VCs love funding—and hosting—podcasts
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