Spotify has agreed to acquire Megaphone, a podcast advertising and publishing platform, for $235m, bringing a range of new tools to podcast advertisers and publishers on the music streaming platform.

Spotify will use the acquisition to enable advertisers to activate across its podcasts while scaling reach through the Megaphone targeted marketplace. And, according to the platform, publishers will have more tools available to help them earn more from their podcasts.

Upon closure of the deal, Spotify’s Streaming Ad Insertion, the podcast ad technology it launched at the beginning of the year, will be available to all podcast publishers on Megaphone.

“We are still in the early chapters of the streaming audio industry story, but it is absolutely clear that the potential is significant,” said Dawn Ostroff, Chief Content & Advertising Business Officer at Spotify. “We look forward to Megaphone joining Spotify on our mission to accelerate smarter podcast monetisation for advertisers and podcast publishers powered by a scaled audience and state-of-the-art technology.”

Brendan Monaghan, Megaphone CEO, added, “We are incredibly excited to join Spotify to help advance the podcast medium for publishers and advertisers alike. We believe that Megaphone and Spotify’s shared value in innovation will drive the podcast ecosystem forward around the world.”

Last year, Spotify acquired three podcast platforms for a total of around $400m. The first two acquisitions came almost simultaneously in the form of Gimlet Media and Anchor. These were followed up with the purchase of small podcasting studio Parcast.