Spotify has announced that it is acquiring two major podcast ad tech firms, Chartable and Podsights. With the acquisition of Podsights, Spotify will be able to help advertisers understand how podcast ads drive actions that matter to their businesses. “We think that the opportunity for digital audio and podcast remains important. With these acquisitions, we are taking a big step in boosting digital audio measurement and insights to help the entire industry scale to new heights,” the company said in a statement.

Spotify will invest $100 million in the licensing, development and marketing of music and audio content from underrepresented creators, its CEO Daniel Ek said. The music streaming platform also reported its Q4 results for 2021, taking its paid subscribers to 180 million globally. Monthly active users on the platform grew by 18 per cent to reach 406 million.