Podimo, a startup based in Copenhagen, is looking to capitalize on the growing podcast industry by securing €44 million in funding. The company is using this all-equity round to expand its production tools, distribution network, and localization efforts. Currently available in several European countries and Latin America, Podimo charges listeners between $5 and $7 per month and higher rates for creators. The company plans to expand into more countries in the future.
Podimo has reported a significant increase in user engagement, with an average of 20 hours per month, and an 80% growth in its subscription base over the past year. Although specific subscriber numbers were not disclosed, the platform currently hosts around 350 creators and publishes approximately 350 shows weekly.
Leading the funding round are Danish Export and Investment Fund (EIFO), along with HighlandX and Augustinus Fabrikker. Prior to this latest funding, Podimo had raised over €200 million. The company is now profitable in its home market of Denmark and is focused on achieving profitability in other markets.
The podcasting industry is facing challenges despite its rapidly growing audience. Large players like Spotify, Google, and SiriusXM have struggled to find success, with some even shutting down their podcasting operations. Podimo, as an independent offering, aims to stand out in the podcasting space by providing a comprehensive platform for creators to produce, distribute, and monetize content. The company also plans to focus on producing hyper-local content in different languages and providing more localized information.
Morten Strunge, CEO and founder of Podimo, highlighted the difficulty in podcast advertising due to the fragmented supply side and the predominance of native languages in consumption. To stay ahead in the market, Podimo is exploring innovation in content, including the development of short-form podcasts for local markets.
As the podcasting industry continues to evolve, the challenge for Podimo will be to differentiate itself and sustain profitability. Despite the challenges, Podimo remains optimistic about its position as a “one-stop shop” for creators and its potential for growth in the future.
