The interest in quality podcasts is growing and with that venture firms are trying to find a place worth investing in. They have found it in Acast, a Sweden-based platform that specializes in building a place for podcast lovers to enjoy the top-shelf products of the industry.
Acast has just concluded a funding, receiving money from the Swedish national pension fund AP1, the Swedbank Robur, Ny Teknik and Fokus Fund. The company has managed to attract a diverse crowd of investors, which will now help it to develop further.
The company was originally founded in Stockholm in 2014 and has since evolved to be called the world’s “largest podcast marketplace,” a claim that is backed by a substantial userbase and even more substantial funding history.
The marketplace has a lot to offer to people who want to listen to any possible podcast out there and they are appealing to marketers, mobile developers and more. The private equity funds that have invested in the company have big hopes for its future growth and development.
According to Acast, monetization is one of its key short-term objectives that the companies will want to address and make sure it got right. Earlier in December, the company broke the news of a brand-fresh “personalized advertisements product” that is specifically tailored to help users get a more personalized feeling of the app.
The new solution will add a slew of interesting personalization traits, including location, weather conditions, time of day and what device the listener is using. Basically, podcast creators can always know what demographic is and target their content slightly better for the preferences of their specific audiences.
Acast has been adding a lot in the way of funding. Acast sought funding partners in September who contributed estimated $19 million in a Series B funding round that concluded the same month.
The company is definitely operating in the correct niche as the global market for podcasting services has been growing significantly. Acast is pushing its expansion globally although it’s very likely to meet a strong opposition. Estimated 26% of people in the United States listen to at least one podcast weekly.
Acast’s latest vote of confidence is not a chance happening. So far in 2018 the company has managed to grow its offer by 86%, which is a staggering metric for any company – big or small. The number of shows has grown by 93% and the number of listeners – by additional 62%.
It has been an amazing year for 2018 and the addition of extra $33 million just goes to reaffirm the bright future ahead of the company. There are of course challenges to be addressed and the mounting competition from multiple rival platforms is one of those.
However, Acast is convenient that its services are unique enough allowing listeners to tune in and benefit with businesses and podcast creators actually managing to target their products better, making sure that everyone in the chain benefits.