Global audio streaming behemoth Spotify acquired Whooshkaa, an Australia-based podcast tech company that gives brands, broadcasters, independent creators and publishers the means to distribute, host, monetise and track their on-demand audio efforts. Radio broadcasters, in particular, can tap a specialised tool from Whooshkaa to turn their existing audio content into on-demand podcast content.
Spotify acquired Whooshkaa to bring more audience to the mix
After announcing its acquisition with Podz in June, the audio streaming platform excited its podcast credentials as Spotify acquired Whooshkaa. The platform believes Whooshkaa’s porting capability will bring more third-party content to its Spotify Audience Network, which would increase the reach and impact for its advertising partners.
Spotify’s Chief Content & Advertising Business Officer, Dawn Ostroff, said, “We believe the worldwide growth potential for digital audio is still largely untapped. Through the addition of these new tools as well as the innovative team behind them, we are reinforcing our commitment to helping creators, publishers, and advertisers realise the value of this opportunity.” About the deal, he said, “With Whooshkaa, we will strengthen our efforts to help audio publishers of all kinds grow their podcast business and scale our ability to help advertisers reach their audiences.”
The audio streaming platform marked the highest, and revenue
Spotify said the third quarter of 2021 marked its highest ad revenue in a quarter to date, up 75% year over year. It recently topped the €1 billion ($1.13 billion) mark in advertising revenue for 2021. The announcement follows a year of growth for Spotify’s advertising business:
- Spotify recently passed €1 billion in advertising revenue in 2021
- Nearly 1 in 5 Spotify advertisers are now using the Spotify Audience Network
- Since the launch of the Spotify Audience Network, opted-in Megaphone podcast publishers have seen a double-digit increase in fill rates, a meaningful increase in unique advertisers, and a double-digit lift in CPMs
Source: Tech Crunch