Apple Is Ready to Invest in Its Own Original Podcasts [Fortune]
Apple Inc. (AAPL)
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Source: Fortune
Pinterest Apple plans to fund original podcasts that would be exclusive to its audio service, according to people familiar with the matter, increasing its investment in the industry to keep competitors Spotify and Stitcher at bay. Executives at the company have reached out to media companies and their representatives to discuss buying exclusive rights to podcasts, according to the people, who asked not to be identified because the conversations are preliminary. Apple all but invented the podcasting business with the creation of a network that collects thousands of podcasts from across the internet in a feed on people’s phones, smartwatches, and computers. The Apple Podcast app still accounts for anywhere from 50% to 70% of listening for most podcasts, according to industry executives. The news sent shares of Spotify down as much as 2.7% to $150.09 in New York on Tuesday, marking the biggest intraday decline in three weeks. The stock had been up 36% this year through Monday’s close. Af
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