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music streaming site Spotify on Wednesday said scooping up a podcast companies gimlet an anchor making its first big play into original content as it tries to become the Netflix of audio up I think it's unusual that's Reuters breaking views media columnist Jennifer saiba who thinks the acquisitions at least from a number standpoint don't seem to make much sense for Spotify they're putting a lot of money behind us %HESITATION they came out with a statement saying that they're going to spend five hundred million on audio casting type products this year which seems like an awful lot of money for a very puny market puny as in the entire U. S. podcast space is expected to pull in just six hundred and sixty million dollars in ad revenues in twenty twenty and is pretty untested when it comes to charging subscription fees that's not to say that they can't make money from subscriptions by you know that's that's going to be hard anchor helps wannabe podcast host get shows off the ground well gimlet is known for its popular series reply all and homecoming the latter was adapted for a video series starring Julia Roberts for Amazon prime in a sign of how fast the contents space has moved in recent years five year old gimlet once said its plan was to become the H. B. O. of audio now Spotify with gimlet and anger on the team is looking past HBO aiming for the Netflix of audio what's more Spotify is going on a spending spree while also announcing on its earnings call that its overall revenue growth is slowing something that's not usually music to investors ears Spotify shares moved lower on Wednesday