Podimo, the Copenhagen based podcast and audiobook platform announced they have completed $78 million Series B funding. The company said they are going to utilize the fund in expanding its reach to more markets worldwide. The platform is currently active in parts of Europe which includes Denmark, Spain, Germany, and Norway along with the entire Latin American region.
CEO Morten Strunge said this also makes it the perfect time to expand and reach out to more users given the huge growth potential of the entire audiobook and podcasting industry. The company too has been working towards offering local language content to ensure they are able to address the demands of the local users.
The above developments have also come at a time when the entire industry segment is undergoing some significant and far-reaching changes. For instance, both Spotify and Storytel have been trying to expand and have taken the acquisition route to consolidate. Spotify recently acquired Findaway, the biggest wholesale dealer of audiobooks while Spotify acquired Audiobook.com. The latter will let Spotify have a foothold in the US. That is not all as Spotify also said they have earmarked $3.5 billion in enhancing the podcast and audiobook experience.
“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, said Strunge. “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.”
With a keen interest in tech, I make it a point to keep myself updated on the latest developments in technology and gadgets. That includes smartphones or tablet devices but stretches to even AI and self-driven automobiles, the latter being my latest fad. Besides writing, I like watching videos, reading, listening to music, or experimenting with different recipes. The motion picture is another aspect that interests me a lot, and I'll likely make a film sometime in the future.
