Spotify to Acquire Two Major Podcast Companies
Famous music streaming platform, Spotify, is seeking the expansion of its podcast branch with the acquisition of two podcast tech platforms, Chartable and Podsights, in an announcement made on Wednesday.
While the final acquisition price has yet to be released, the acquisition step marks as a first towards the first significant buy-out the Swedish company has made this year, in a series of audio purchases.
Both tech companies provide the suitable means for podcasters and networks to incorporate tags throughout their shows, “used to keep track of who listened to which podcast, if they heard an ad, and whether they took action upon hearing it,” according to The Verge.
The streaming giant revealed its intentions of using Podsights’ technology with a direct focus on the “full scope of the Spotify platform, including audio ads within music, video ads, and display ads,” the giants wrote in a statement.
The second acquisition will weaponize Sportify with Chartable’s podcasters crowd, instead of its advertisers, specifically since its technology is similar to that of the SmartLinks.
“These tools will make it easier for publishers to turn audience insights into action and expand their listenership while ultimately growing their businesses,” Spotify wrote.
The vitality of these acquisitions lies in the fact that Spotify is currently aiming to optimize its ad platform to become the best in the market and heighten its audio abilities and services. To fulfill that goal of having everyone buy its ads via its marketplace, it will have to improve its technology to get accurate data of who is listening to placed ads and the action taken from their side after listening to the ad.
Concurrently, marketing experts are problematic about showing developers aiming to secure good spending of their budget. The acquisition will help both show creators and advertisers, and if succeeded, the Swedish are in desperate need of it.
Spotify initiated its wave of podcast acquisitions in the past couple of years, “spanning across advertising technologies, audiobooks, and top creative content,” according to The Verge.
In 2021, Spotify acquired Whooshkaa, Podz, Findaway, and Locker Room to provide and extend the promotion of an extended list of audio content, preceded by its acquisition of the prominent podcast ad platform Megaphone.