- Sony Group Corp's SONY Sony Music Entertainment has acquired Somethin' Else, U.K.'s independent audio program producer, to tap the growing podcast market, the Financial Times reported.
- The financial terms of the transaction remain undisclosed.
- Somethin' Else's CEO Jez Nelson and chief content officer Steve Ackerman will become co-heads of global podcasts for Sony. Nelson will run the U.K. business unit, and Ackerman will lead the U.S. business unit.
- Amazon.com Inc AMZN had acquired Wondery in December. 2020. Several acquisitions followed suit.
- Spotify Technology SA SPOT snapped Ringer and Megaphone, while the New York Times Co NYT acquired Serial. Sirius XM Holdings Inc SIRI acquired Stitcher.
- eMarketer estimates $1 billion in advertising spending in podcasts for 2021.
- Apple Inc AAPL just launched a podcast subscription service. Spotify also trialed with podcasters' subscriptions.
- Nelson, Sonita Alleyne, and Chris Phillips founded Somethin' Else in the early 1990s. The company gradually evolved from radio into television, podcasting, and social media content for brands and events.
- Somethin' Else's holding group reported a loss of £197,000 in the FY20 and net assets of £752,000. The company does not report its revenue. The company had raised £142,000 of new capital.
- Sony has spent over $3.5 billion in the past two years under CEO Kenichiro Yoshida to accumulate video and audio content for its entertainment business, which generated over half of its profits.
- Price action: SONY shares closed lower by 1.72% at $97.35 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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