Spotify has announced a pair of acquisitions designed to upgrade the platform’s ability to analyze and advertise podcast content. With the addition of Podsights, a podcast ad management platform, and Chartable, a podcast analytics service, Spotify aims to boost its ad campaign creation and measurement capabilities.
As the most popular podcast listening platform in the United States, Spotify will use these two acquisitions to solidify its spot at the top of the market and stay competitive with a lineup of powerful competitors. The strategic acquisitions are an investment into the rapidly growing podcast content industry — 383.7 million worldwide listeners in 2021, projected to grow to 504.9 million by 2024).
“Our acquisitions of podcast technology players Podsights and Chartable are helpful in our pursuit of up leveling digital audio measurement insights,” said Khurrum Malik, head of ads business marketing at Spotify.
Since the company was founded in 2018, Podsights has grown into a leading podcast ad management platform for helping brands measure and scale their campaigns. Its suite of technology helps users efficiently discover insights, plan ad campaigns, and measure success. Around the world, some of the top names in podcast production such as The New York Times, Vox Media, Babbel, and Barstool Sports trust the platform to help their marketers discover the true effectiveness of their ads.
“We’re incredibly excited to be joining Spotify. This is a really unique opportunity to join forces and accelerate podcast advertising measurement globally,” Podsights Co-Founder and CEO Sean Creeley said. “Ultimately, for us, it came down to Podsights and Spotify sharing the same core belief: All great media ecosystems need great measurement to thrive. And that’s why we’re here today.”
The acquisition works collaboratively with the complimentary addition of Chartable to provide a full end-to-end podcast advertising solution. Chartable’s podcast analytics tools are responsible for measuring over a billion downloads per month with IAB Certification. Similar to Podsights, the solution services an impressive roster of industry-leading customers. Top brands and publishers include iHeart Radio, Cadence13, and Wondery.
“We are seeing a lot of advertisers looking to shift more media budgets to podcasting and they are telling us that in order to grow their investment in the category, they need more measurement and more insights. We are excited to welcome the Podsights team into Spotify to help accelerate and improve measurement for podcast advertisers around the world,” added Malik.
Financial terms of the deals have not yet been released.