Streaming service reports first quarterly profits as it reveals plans to broaden beyond music

Spotify has bought two podcast firms and plans to spend up to $500m (£385m) on further acquisitions in attempt to move beyond its music streaming roots for new growth.

The Swedish company has acquired Gimlet, the firm behind a string of popular podcasts including Homecoming, which was adapted into an Amazon TV series starring Julia Roberts.

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Read More Spotify buys podcast firms Gimlet and Anchor

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