Apple has planned to fund original podcasts. The content will only be available through its own audio service (via Bloomberg News).
Change in Podcast Approach
Apple executives reportedly discussed buying exclusive rights to certian shows with media companies. The conversations are said to only prelimenary. However, this would be a big move for Apple. The company essentially invented podcasting, but never struck deals like this. The news of the potential investment comes alongside Apple’s funding original content for the forthcoming Apple TV+ service.
Apple’s podcast strategy is led by Ben Cave. Previously, he worked on various Apple audio services and also served as App Store Lead and Business Development Manager. Apple appointed him to this latest role in February 2019.
Taking on Spotify
The move is clearly a response to Spotify’s growing presence in podcasting. The music streaming service is increasingly adding podcasts to its platform, including investing in originals and exclusives. Spotify’s shares took a hit Tuesday as news of Apple’s plans emerged. It fell by as much as 2.7% during the day.