Spotify’s podcast swoop

MUSIC streaming service Spotify has snapped up two podcast companies as it bets on a boom in internet radio shows.

The Swedish firm, which has a library of millions of songs to choose from for a monthly fee, bought New York-based podcast firms Gimlet and Anchor. It came as Spotify said paying subscribers hit 96m for the first time in 2018, up 25m from a year earlier.

That compares with around 50m paying subscribers at rival Apple Music. Demand for digital streaming services has piled pressure on retailers such as HMV, which was rescued from administration this week.