Europe-born Podimo is set to infiltrate the entire Western market
Spotify has led investments in the podcast market and is the top platform for accessing podcasts globally, with 43% penetration among podcast listeners. However, as podcasting is still a relatively niche format, there is still a window of opportunity for international platforms to compete with the major Western tech platforms on a global scale. For instance, Podimo, a Denmark-based podcast and audiobook subscription platform, currently operates in six European countries and across Latin America. Podimo claims to be the fastest-growing podcast and audiobook subscription service in Europe in 2022, and its arrival in other territories, including North America, is likely inevitable.
Podimo has recently raised $58.7 million in funding for content, market expansion, and tech development, adding to last year’s funding of $78 million. Podimo utilises a local-first content strategy and has partnered with a variety of companies, including Wondery, Paramount Network España, FYEO and iHeartMedia. Working with iHeartMedia, Podimo has translated one of their shows Forgotten: Women of Juárez to Spanish to further expand the reach of its content. In order for platforms to grow their listenership globally, translating hit podcasts to other languages is a crucial step. Moreover, Podimo has signed with international talent agency CAA, to develop IP both in and outside of the audio space.
Podimo’s focus on localised content and the user experience is propelling its growth in the market. In regards to pricing, there is a free tier and a premium subscription service where listeners pay $5.50 per month – a competitive price compared to other premium pricing models. However, Podimo can offer this price as it does not host music, which could be a disadvantage in maximising their reach, compared to Spotify and other major platforms that host this content. Moreover, a portion of the premium subscription fee is paid directly to the podcasters that audiences actually listen to each month. This applies to creators who are non-exclusive to the platform, and would increase if a creator chose to distribute exclusively. This model is positioned to compete for creators globally, as the creators are the core growth factor for entertainment platforms.