Sony Intensifies Podcast War By Acquiring Somethin' Else: FT - Sony Group (NYSE:SONY)

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.

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