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The writer made a pretty common finance misunderstanding mistake here:

"That may change soon: Spotify bought Gimlet Media, a premium podcast studio, and Anchor, a podcast hosting platform, for $340 million earlier this month. That's a lot of money for an industry that was sized at just $314 million in 2017."

Gimlet Media's $340M price tag reflects enterprise value which bakes in future cash flows, while the industry market size of $314M is reflective of estimated revenues in 2017. Apples and oranges.

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