Spotify is buying podcast network The Ringer for an undisclosed amount to enhance presence in the market.

Spotify announced Wednesday that it had entered into an agreement to purchase The Ringer, a podcast-focused pop culture and sports that boasts more than 30 audio shows and over 100 million monthly downloads.

According to Business Insider, the purchase fits well with Spotify’s acquisitive approach to the podcasting space: It spent more than $400 million on podcast acquisitions in 2019 when it purchased content studio Parcast, podcast producer Gimlet Media, and podcast creation platform Anchor. In 2018, The Ringer reported over $15 million in revenue from its podcasting unit — plus, it’s profitable — according to the Journal.

According to early reporting from Morning Brew, Spotify’s keeping most of The Ringer’s 90ish employees, but it’ll be the podcasters like Russillo getting prime cubicle real estate.

The Ringer, according to experts, could help Spotify grow its revenue from podcasting — especially if it decided to make The Ringer content exclusive to its platform, even more so as 16% of monthly active Spotify users engage with podcasts, and actual consumption hours in Q4 were up almost 200% annually. However, if Spotify does buy The Ringer, the fate of the publisher’s non-audio content — like its articles, documentaries, and even book publishing deal — is less clear.

According to Vox, this is the fourth podcast company acquisition Spotify has made in the last 12 months; last year it spent about $400 million to buy Gimlet Media, Anchor FM, and Parcast. Spotify executives have argued that adding a podcast business to its core music service will help them bring in new users, and keep existing users around longer.

A growing market

Podcasting is growing fast, but it is still a niche business compared to the rest of the ad world, as according to eMarketer estimates, by 2023, digital will surpass two-thirds of total media spending.

Last year, Edison Research estimated that 32 percent of people in the US over age 12 — that’s 90 million people — listened to a podcast each month. That’s up from 11% a decade ago.