Podimo, a Copenhagen-based podcast and audiobook subscription service, recently secured €44 million in combined funding from investors like The Danish Export and Investment Fund (EIFO), HighlandX managed by Highland Capital Partners, and Chr. Augustinus Fabrikker. The company specializes in providing a platform for podcasts and audiobooks, focusing on diverse and local content. This funding is intended to support the company in its efforts to move towards profitability. It will also be used to invest in technological advancements, enhance the user experience, and offer better support to content creators by providing sustainable monetization options. Furthermore, the funding will aid Podimo in its expansion plans and its commitment to delivering quality content to its users while fostering growth within the podcast and audiobook industry.
“This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability,” remarks Morten Strunge, CEO of Podimo. “Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.”
Podimo’s growth and subscription model has demonstrated remarkable resilience, particularly in the current economic landscape, and its strategic approach to delivering premium, exclusive content propels substantial user engagement and retention. The subscription service has expanded to seven markets since its launch in Denmark in 2019 and has grown its subscriber base by more than 80% in the last year alone. This past year has shown an encouraging surge in global user engagement, with listeners amplifying their time spent on the platform, engaging with an average of 20 hours of spoken-word audio entertainment monthly.
“We’re proud of the trust our listeners place in us, demonstrated by their increased engagement and diversified content preferences. Our continued focus on delivering quality shows and a seamless user experience has resulted in significant growth and sustained enthusiasm from both creators and listeners,” says Strunge.
Podimo remains committed to empowering creators by providing sustainable monetization avenues while maintaining a balance between growth aspirations and financial responsibility. The company’s allure to creators extends beyond predictable monetization tools. Podimo is a one-stop shop for creators, leveraging its listening data and expert local teams to help creators develop the format and nurture the show’s audience and creator’s fanbase. This unique proposition aligns with the company’s mission to empower creators to concentrate on producing exceptional content.
The company has also been investing heavily in tech and product, being the first podcast app to test features like “Conversational Search,” a user-facing chatbot that aids listeners in helping discover their next favorite podcast or audiobook, as well as developing a host of new AI tools to increase diversity in listening.
“This funding isn’t solely about financial support. While profitability remains a key objective, our investment focus extends beyond financial milestones. We are resolutely committed to enhancing our product and sustaining a healthy business model that benefits creators and listeners alike,” concludes Strunge.
