The demand for audio content has seen continuous growth across the world, giving rise to podcasts. As consumers prefer premium and ad-free services, there is a huge market available for companies in the podcast space. Copenhagen-based Podimo is one such startup in the podcast sector in Europe.
It is a podcast and short-form audio platform that offers personalised recommendations to listeners while offering creators a share of revenue via premium subscriptions.
Raises Series B round
In a recent development, the Copenhagen-founded startup announced that it has raised $78M (approx €69.37M) in its Series B round of funding.
Prior to this, the company had raised €11.2M in February 2021, secured €15M in a Series A round in May 2020, and had raised €6M in July 2019.
Investors
The round was led by 83North and Highland Europe, with participation from existing investors Chr. Augustinus, Heartcore, Saban Ventures, Headline, and Possible Ventures.
Arnon Dinur, Partner at 83North, says, “Traction has been strong for Podimo and they have proven the model in multiple markets – now is the time to accelerate growth in existing markets and open up new ones.”
“In a short time, Podimo has become the European market leader for subscription short-form audio in local languages. Sharing revenue with creators gives it a unique edge and we see even more potential in new markets,” adds Fergal Mullen, Partner at Highland Europe.
Aims to create revenue for producers
Founded in April 2019 by Morten Strunge, Nikolaj Koppel, Andreas Sachse, and Sverre Dueholm, Podimo aims to become Europe’s ‘Netflix for podcasts’.
Podimo is a premium audio platform that offers exclusive podcasts, audiobooks, and experiences in both short and long formats. The company’s app features podcasts from around the world via open RSS feeds and is free to download and listen with no login required.
According to the company, it offers subscribers access to a rich catalog of more than 950 Podimo-produced original, exclusive shows from exciting names and titles not available anywhere else.
It also offers personalised and curated editorial recommendations, and access to an expansive selection of engaging stories through partnerships with iHeartMedia, Wondery, German audio platform FYEO, influential voices like Norwegian bestselling crime writer Jo Nesbø, and more.
On how Podimo adds value for listeners and creators alike, Strunge says, “Our model provides premium content and a seamless user experience through AI-driven personalised 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.”
Podimo supports creators directly through their user-centric revenue share model, with membership fees shared directly with the content that customers listen to each month.
Recently, the company also launched Podimo Kids in Denmark, Germany and Spain. It is an independent channel with specific content for children between 2 and 10 years old.
Capital utilisation
Morten Strunge explains, “The podcast and audio market is expected to grow beyond $50B 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.”
“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,” adds Strunge.
Currently, Podimo is available in Denmark, Germany, Spain, Norway, and across Latin America with offices in Copenhagen, Berlin, Barcelona, Madrid, London, Amsterdam, Mexico City, Oslo, and Vilnius.
