Nov. 10 (UPI) — Media streaming big Spotify will purchase podcast and publishing platform Megaphone for greater than $230 million, the corporate stated Tuesday.

The deal is value about $235 million, CNBC reported.

Spotify has just lately purchased exhibits that contain former first girl Michelle Obama, actuality star Kim Kardashian and commentator Joe Rogan and corporations together with The Ringer and Gimlet Media.

“We imagine that streaming audio, together with music and podcasts, is poised to be the subsequent nice frontier for listeners, creators and advertisers,” Spotify stated in an announcement.

“That is why at the moment, we’re excited to announce Spotify’s acquisition of Megaphone, one of many world’s main podcast promoting and publishing platforms.”

Spotify stated it plans to create a “Streaming Advert Insertion” software for all podcast publishers with Megaphone know-how. The software will make “targetable” adverts that will likely be interactive and measurable for podcasters to see their effectiveness.

Megaphone CEO Brendan Monaghan stated his firm began as a Slate journal political web site and have become an instantaneous hit.

“I noticed how necessary this medium was and the way folks actually made exhibits part of their lives,” Monahan stated in an announcement. “It actually helped gasoline the launch of Megaphone.”

Spotify Vice President of International Advert Enterprise Jay Richman stated there is a notion that podcasting remains to be a distinct segment medium, however he insists that it is rising and could also be the way forward for streaming.

“This has been altering lots within the final couple of years and much more just lately as podcast consumption continues to extend,” he stated. “The large cause, although, is the maturity of the advert know-how.”