According to the latest reports, podcasts are very popular now, but podcasts find it a challenge. On June 17, local time, Spotify announced the acquisition of Podz, a startup that tried to solve the problems found in podcasts.
The company stated: “At Spotify, we are investing in building and expanding the world’s best (and most personalized) podcast discovery experience. We believe that Podz’s technology will complement and accelerate Spotify’s efforts to increase exposure. Deliver the right content to the audience at the right time and accelerate the growth of this category on a global scale.”
Since podcasts usually last for more than 30 minutes, it is difficult for listeners to browse new programs-listening to an episode of a podcast is not as easy as trying to listen to a newcomer’s song.
Therefore, Podz developed the so-called “first audio news feed”, which provides users with 60-second clips of various programs. Podcasters often use apps like Headliner to create short videos and promote them on their social media accounts, and Podz follows the same idea.
However, in podcasting, the host no longer manually chooses how to promote the show, but uses a machine learning model to select a segment. The model received more than 100,000 hours of audio training after consulting with reporters and audio editors.
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Prior to being acquired by Spotify, Podz had received $2.5 million in a pre-seed financing from M13, Canaan Partners, Charge Ventures and humbombings. Celebrities such as Katie Couric and Paris Hilton have also invested in it.
This acquisition marks another sign of Spotify’s ambition to monopolize the podcast market and overall audio entertainment-just yesterday, Spotify first launched its clubhouse’s live audio competitor, Greenroom.
In terms of podcast subscription revenue, Spotify and Apple are on par. In April of this year, Apple announced the expansion of its podcast subscription business, and in the following week, Spotify began to launch its subscription platform.
It is reported that Apple said it will extract 30% of podcast revenue in the first year, and it will drop to 15% in the second year. And Spotify’s project will not be commissioned from creators until 2023 when it will be commissioned 5%.
Although podcast creators can quickly conclude that giving up 5% of their subscription revenue may be more beneficial than 30%, as long as they can provide the best user experience, listeners may still flock-if Spotify’s investment in discovery pays off, Then it may cause trouble to Apple’s long-term dominance of podcast media.
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