Podimo audiobook platform raises $78 million in Series B funding

Podimo, the Copenhagen-based podcast and audiobook platform, has announced that it has completed $78 million in Series B funding. The company said it will use the fund to expand its reach to more markets around the world. The platform is currently active in parts of Europe including Denmark, Spain, Germany and Norway along with the entire Latin American region.

CEO Morten Strong said this also makes it the perfect time to expand and reach more users given the huge growth potential of the entire audiobook and podcast industry. The company is also working on providing local language content to ensure that it can meet the requirements of local users.

The above developments have also come at a time when the entire industry sector is undergoing some significant and far-reaching changes. For example, Spotify and Storytel are both trying to expand and have taken the acquisition route to merge. Spotify recently acquired Findaway, which is the largest audiobook wholesaler while Audiobook.com was acquired by Spotify. The latter would allow Spotify to have a foothold in the United States. That’s not all as Spotify has also said that it has committed $3.5 billion to enhance the podcast and audiobook experience.

“The podcast and audio market is expected to grow in excess of US$50 billion over the next 5-6 years, with more and more audiences discovering a compelling, short voice for spoken words every day,” said Strong. Content in local languages ​​for local markets, we feel well positioned to capture a significant portion of that market.”

Leave a Comment