Apple Dives Deeper In Podcast Game With Scout FM Acquisition

Apple Inc AAPL earlier this year acquired artificial intelligence-powered podcast startup Scout FM, according to a Bloomberg report on Thursday.

What Happened: The Cupertino-based company confirmed the acquisition to Bloomberg but didn't give further details on valuation or date of purchase.

Scout FM provided a wide range of stations for various topics and a dedicated fanbase of iPhone users, Android device users as well as users of Amazon smart speakers, according to Bloomberg. 

The startup used artificial intelligence and allows listeners to manage their podcasts based on personal preferences, listening history, and suggestions.

Scout FM services are no longer independently available, Apple Insider reported.

According to Bloomberg, Apple's attempt to venture into the podcast space could intensify its competition with rival music streaming company Spotify Technology SA SPOT. In May, Spotify acquired exclusive rights to celebrity Joe Rogan’s podcast – “The Joe Rogan Experience.”

On a related note, tech analyst Gene Munster claimed earlier this week that Apple is the most promising among all FAANG stocks. And one of the key reasons for his forecast is Apple’s foray into new massive businesses.

Price Movement: After a 1.03% rise during Thursday’s trading session, Apple stock gained an additional 0.72% during after-hours to close at $109.