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- Amazon is reportedly looking to invest in local news and sports podcasts.
Not only is Amazon reportedly looking to buy more sports TV rights, the internet giant also wants localized sports content. From news to sports, Amazon is looking to invest in podcast companies using the Alexa Fund, named after its voice tech platform.
Localized sports podcasts have grown the past several years, including podcast networks Locked On and Blue Wire, which has been linked to Amazon. Traditional radio still dominates local audio ad spends, drawing $14.5 billion of an overall U.S. local ad market of $150 billion.
The news shook Spotify investors, as the stock dropped briefly Tuesday morning before recovering to finish up on the day. Spotify has recently chartered a path into sports audio, developing several daily podcasts as well as acquiring The Ringer and its series of shows. Last week, Spotify paid Joe Rogan $100 million to distribute his podcast exclusively, while Apple has reportedly been in the market to increase its own catalogue of original podcast content.