Photo: Spotify

Spotify announced Wednesday that it acquired podcast production company Gimlet Media and short-form podcasting app Anchor. The announcement came in conjunction with its 2018 Q4 earnings release, and acquisition terms were not disclosed though Recode reported a price tag of more than $200 million for Gimlet Media last week.

Why it matters: Spotify made its name as an online music streaming service, but has long supported other audio content — like podcasts — as well. These acquisitions should help bolster its capabilities to produce high-end content in-house, as well as provide better tools to creators to give it an edge over competitors like Apple. Spotify also disclosed it's budgeting $400-500 million on more podcast-related acquisitions in 2019.

Go deeper: Check out Axios' Pro Rata Podcast, featuring Dan Primack

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Illustration: Aïda Amer/Axios

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