Danish Podimo Secures €44M, Europe’s fastest-growing podcast and audiobook subscription service
In a landmark development, Podimo, a titan in Europe’s podcasting and audiobook landscape, has triumphantly clinched a funding round aggregating €44 million.
This fiscal infusion, pooled from The Danish Export and Investment Fund (EIFO), HighlandX, and Chr. Augustinus Fabrikker, heralds a new era of stability and flourishing prospects for Podimo and the broader industry, underscoring its dedication to pioneering advancements, empowering content creators, and nurturing enduring growth.
This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability.
remarks Morten Strunge, CEO of Podimo.
Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.
Podimo’s subscription model is a beacon of resilience in a challenging economic climate. Its strategic emphasis on premium, exclusive content has catalyzed remarkable user engagement and retention.
Podimo is currently available in Denmark, Norway, Germany, Spain, The Netherlands, Finland and Latin America — where it charges between €5 and €7 per month to listeners — and the plan is to add more countries to that list.
Since its inception in Denmark in 2019, Podimo has branched out to seven markets, boasting a subscriber surge of over 80% in the past year. This period has witnessed a rise in global user engagement, with avid listeners dedicating an average of 20 hours monthly to the platform’s spoken-word content.
CEO of Podimo, Strunge articulates pride in the trust and diversified tastes of Podimo’s audience, attributing the company’s meteoric rise to its unwavering focus on quality content and a frictionless user experience. This approach has fostered enthusiasm among content creators and listeners alike.
Podimo is a bastion of creator support, offering sustainable revenue streams while balancing growth ambitions and fiscal prudence. The company’s allure extends beyond mere monetization; it’s a comprehensive sanctuary for creators, utilizing listening data and expert local teams to refine content formats and cultivate audience and fanbase connections.
This strategy aligns seamlessly with Podimo’s mission to encourage creators to pursue exceptional content creation.
Furthermore, Podimo is pioneering in technology and product development. It stands as the first in its field to pilot “Conversational Search,” a user-friendly chatbot aiding in podcast and audiobook discovery, alongside a suite of new AI tools to diversify listening experiences.
This funding isn’t solely about financial support. While profitability remains a key objective, our investment focus extends beyond financial milestones.
concludes Strunge.
We are resolutely committed to enhancing our product and sustaining a healthy business model that benefits creators and listeners alike.