Copenhagen-founded open podcast platform that offers a subscription service for creators, Podimo has raised $78 million in a Series B funding round. The capital will be used to enter new markets, create more original content and increase payments to creators. Since 2019, Podimo has raised $115 million.
There’s no denying the fact that audience appetite for audio content is massive. Once the dominant player in the field, Apple (remember the iPod?) has seen its market share carved up, and from those carvings, challenger Spotify seems to be snacking on the lion’s share. So how does an almost-four-year-old startup from Copenhagen compete?
By offering more. Much more.
Producing its own original content, some 950+ titles, a la Netflix style, the startup has also struck partnership deals with some of Europe’s biggest content producers and authors, including iHeartMedia and (Amazon Music owned) Wondery, leading German audio platform FYEO and Norwegian bestselling crime writer Jo Nesbø.
What’s more, with 93% of podcast and short-form audio listeners preferring their native language, Podimo translates international content to local markets’ native languages, a formula that’s helped hits “Mord i Nord”, “The Missing” and “Swindled” resonate strongly in new markets.
“Our model provides premium content and a seamless user experience through AI-driven personalized recommendations and video trailers. As a full-service content production house, we can enrich existing IP in new and exciting ways, as well as produce our own IP, challenging what listeners can expect from short and long-form audio now, and in the future,” explained CEO Morten Strunge.
And did I mention the money? The platform supports creators directly through a user-centric revenue sharing model. A subscription-based service, Podimo’s membership fees are shared directly with creators each month, not only rewarding content creators, but fostering a direct-to-fan relationship.
“The podcast and audio market is expected to grow beyond 50 billion USD over the next 5-6 years, with more and more audiences discovering compelling, short-form, spoken word audio every day. It’s a tremendous opportunity, and with our strategic focus on content in local markets’ native languages, we feel well-positioned to grab a substantial part of this market,” added Strunge. “With a solid foundation, we can accelerate our investments into premium original and exclusive content from today’s most exciting and important voices, bringing in more users and bigger payouts to creators, while applying our learnings to new market expansion.”