Swedish audio streaming and media services provider Spotify announced acquisition of a podcast startup, Podz to enhance podcast discovery on its platform. The recent acquisition marks another step in Spotify’s ambition to dominate the podcasting and audio entertainment market. Spotify also rolled out its subscription platform for podcasts back in April to vie with fierce competitors like Apple.
Podcasts have become more popular than over and over 155 million people listen to podcast every week. In addition, the advent of the COVID-19 pandemic has accelerated the adoption of digital media such as podcasts. As the world becomes busier, podcasts have become incredibly popular as audio content enables listener to multitask. However, discovery of podcasts is a challenge as it is increasingly difficult for listeners to browse for new and engaging shows. Podcast startup Podz is putting in efforts to solve this problem of podcast discovery. Podz has developed a feature called “first audio newsfeed” that offers listeners a 60-second clip from different shows. Podz selects a clip through its machine learning model that has been developed after extensive training of audio in association with audio editors. And journalists. This feature can give potential new subscribers a vivid preview of what the podcast is about. Spotify is set to integrate Podz’s technology into its service and listeners can benefit from this technology before the end of 2021. According to the audio streaming giant, advanced capability of Podz combined with 2.6 million podcasts on Spotify along their music discovery and recent investments is expected to take podcast discovery to a greater level.
Podz recently announced it had raised USD 2.5 million in pre-seed funding from investors such as Canaan Partners, M13, Humbition, and Charge Ventures along with celebrities like Paris Hilton and Katie Couric, before it was acquired by Spotify. Integration of technology of Podz with Spotify’s platform is set to accelerate its efforts in podcast discovery and will enable delivering right content to the listeners at right time.