Podimo: A 2019 Startup Case Study – Revolutionizing Audio Content

If you are big on audio content, then you already know that traditional radio is fast fading out. What’s the replacement? Online radio and, of course, podcasts!

Grand View Research reports that the global podcasting market size is projected to grow from $30.72 billion in 2024 to $131.13 billion by 2030. That’s a whopping 27% compound annual growth rate (CAGR).

The global audiobooks market size, on the other hand was valued at around $6.8 billion in 2023 and is projected to reach about $31.6 billion by 2030. This is an estimated CAGR of around 26.4% for the forecast period of 2024-2030.

When you combine the podcast and audiobooks markets, the opportunities are huge and as with every profitable market, there are a lot of players in this industry, but we will be focusing on Podimo. What makes them special? Let’s dig in.

Podimo

Podimo, legally known as Podimo ApS, is a subscription-based podcast and audiobook platform that offers curated content, exclusive shows, and a user-friendly listening experience. It focuses on local-language content and invests heavily in creator monetization.

Status: Active

Founding Year: 2019

Headquarters: Copenhagen, Denmark

Industry: Movies, Music, and Entertainment industry sector.

Business Model

Type: B2C, B2B. Two-sided, Product & Service

• Clients: Podcast and audiobook enthusiasts seeking curated content, personalized recommendations, and an ad-free listening experience.
• Suppliers: Podcasters and production companies looking to expand their reach, monetize their content, and gain audience insights.

It’s like: Spotify but for Podcasts with a Multi-Tiered Revenue Model

Podimo, at its core, offers a value proposition similar to Spotify’s in its early days: providing a platform for audio content consumption. However, Podimo differentiates itself through a unique three-tiered content and revenue-sharing model:

• Freely Available Content: Like Spotify’s free tier, Podimo aggregates podcasts with open RSS feeds, ensuring a broad content library for users.
• Revenue Sharing: Podimo incentivizes creators to join its platform by offering a revenue share from paid subscriptions based on listenership.
• Exclusivity for Increased Revenue: Podimo incentivizes creators to publish exclusively on their platform by offering a significantly larger revenue share, a feature absent in Spotify’s model.

Challenges Addressed

• Content Discovery in a Saturated Market: The podcast market, while growing, suffers from content overload, making it difficult for listeners to find relevant shows.
• Monetization Challenges for Creators: Many podcast creators struggle to monetize their content effectively, hindering growth and sustainability.
• Limited Support for Local Content: Global platforms often prioritize English-language content, leaving a gap in the market for local-language podcasts.

Solutions & Differentiators

• Curated Content and Personalized Recommendations: Podimo addresses content discovery challenges through curated playlists and AI-powered recommendations. By analyzing user data like listening history, genre preferences, and engagement, listeners are guided toward content aligned with their preferences. This helps listeners navigate the overwhelming choice and discover hidden gems they might otherwise miss.
• Multi-Tiered Revenue Sharing Model: Podimo provides creators with multiple monetization avenues, including revenue sharing based on listenership and exclusivity deals.
• Investment in Local-Language Content: Podimo prioritizes local-language podcasts and invests in local production and partnerships, catering to diverse audiences.
• Ad-Free Listening Experience: Podimo offers a premium, ad-free subscription tier, enhancing user experience and providing an alternative revenue stream.

Founding Story

• When and How Founded: Podimo was founded in 2019 by Morten Strunge, Eva Lægdsgaard, Nikolaj Koppel, Sverre Dueholm, and Andreas Sachse.
• Founders’ Problem Experience: The founders recognized the growing popularity of podcasts but saw limitations in existing platforms. They wanted to create a service that better curated content, supported creators, and offered a more engaging listening experience.
• Founders’ Backgrounds: Morten Strunge, CEO, brought significant entrepreneurial experience, having previously founded Just Eat and Mofibo, a Danish audiobook streaming service. His experience with Mofibo likely influenced Podimo’s diverse content offerings.
• Why They Started: The founders aimed to address content discovery and monetization challenges in podcasting while providing a more accessible and personalized platform. They envisioned a “Netflix for podcasts.”
• Problem-Solving Approach:
  • Exclusive Content: They secured exclusive content deals with popular podcasters and invested in original productions.
  • Local-First Strategy: They prioritized local content, creator relations, curation, and marketing to cater to specific regional audiences.
  • User Experience: They focused on a user-friendly interface, personalized recommendations, and an ad-free experience.
• Challenges: Acceptance and usage by listeners.
• First Results: Early success was driven by exclusive content, the local-first approach, and a positive user experience.
• Continued Growth: Podimo continued to grow through strategic acquisitions, partnerships, and funding rounds.
• Innovation and Technology:
  • Revenue Sharing Model: A key differentiator, directly rewarding creators based on listener engagement and fostering a sustainable podcasting ecosystem.
  • AI-Powered Recommendations: Personalized recommendations enhance content discovery and provide a tailored listening experience.
  • Google Cloud Infrastructure: Ensures scalability, reliability, and a seamless listening experience.

Key Growth Milestones

• 2019: Founding of Podimo.
• 2020: Secured €15 million in funding to develop its curated podcast platform and support content creators.
• 2023:
  • Secured €44 million in funding to further growth and expansion plans.
  • Announced three multi-show UK partnerships to expand content offerings and reach in the UK market.
• 2024:
  • Acquired Dutch podcast production house Tonny Media to strengthen its presence in the Netherlands.
• Released its Global Trend Report, highlighting key trends and insights in the podcasting industry.

Market & Competition

Target Market

Podimo operates in the rapidly growing podcast and audiobook market, targeting a diverse audience of listeners and content creators across Europe and Latin America.

Listeners:

• Global Podcast Listeners: Projected to reach 546 million by 2024.
• Local-Language Podcast Listeners: Podimo observed a 45% year-over-year increase, indicating a strong demand for localized content.

Content Creators:

• Podcasters and Production Companies: Seeking to expand their reach, monetize content, and gain audience insights.

Market Growth:

• Global Podcasting Market: Valued at $30.72 billion in 2024, projected to reach $131.13 billion by 2030 (CAGR of 27%).
• Global Audiobook Market: Expected to grow from $6.8 billion in 2023 to $31.6 billion by 2030 (CAGR of 26.4%).

Clients: 1 million paid subscribers as of February 2025.

Suppliers: Podimo has over 70,000 audiobooks and 1,000 exclusive podcasts

Potential New Markets: Podimo’s focus on local-language content suggests potential expansion into new markets with significant non-English speaking populations.

Growth Trends:

• Increased Consumption of Audio Entertainment.
• Demand for Convenient and Accessible Content.
• Preference for Diverse Content Offerings.
• Technological Advancements in Audio Technology and Streaming Platforms.

Competitor Landscape

Podimo is not the only kid business on the block encouraging people to listen more, it faces competition from established global giants and regional specialists vying for listener attention, including:

• Audible (Amazon): Leading provider of audiobooks and spoken-word entertainment.
• Storytel: European audiobook and ebook service with a strong presence in non-English markets.
• Spotify: Music streaming giant expanding into podcasts with exclusive content and a large user base.
• Apple Podcasts: Integrated with Apple devices, offering a large podcast catalog and curated content.
• Google Podcasts: Leveraging Google’s search and personalization expertise for podcast discovery.
• Scribd: An Ebook and audiobook subscription service with a diverse content library.
• Audiobooks.com: Dedicated audiobook platform offering rentals and purchases.
• Libby & OverDrive: Providing access to ebooks and audiobooks through public libraries.
• Kobo: Ebook and audiobook retailer with a focus on international markets.
• Nook Audiobooks (Barnes & Noble): Audiobook platform integrated with Nook devices.

Podimo’s strategy contrasts with that of major competitors like Spotify and Apple Podcasts, which primarily focus on acquiring popular English-language shows and building large content libraries. Podimo’s emphasis on exclusive local content and creator partnerships allows it to carve out a niche in a competitive market and cater to the growing demand for diverse and localized audio entertainment.

Marketing & Sales

Main Positioning Values: Quality & Variety

Website & Socials

• Podimo’s website receives around 1.3 million monthly visits with an average visit of one minute, eleven seconds.
• Direct visits comprise the majority of traffic, followed by significant organic search and paid search contributions. Referral and social channels account for a smaller yet notable share, while ads represent a minimal fraction.
• The top countries driving traffic are the Netherlands, Spain, Denmark, Mexico, and Germany, showing a strong European and Latin American user base.
• Most inbound social media traffic comes from YouTube, with smaller shares from Instagram, LinkedIn, Facebook, and X (formerly Twitter).

Podimo utilizes statistical cookies to gather data on website visits and user behavior. This data includes information such as the number of visits, average time spent on the website, and pages visited. The brand uses this information to improve website design, usability, and efficiency, ensuring a seamless and engaging experience for visitors.

Podimo maintains a presence on social media platforms to build brand awareness, share updates, promote its content, and interact with listeners. The company’s acquisition of Tonny Media, a company with expertise in social media and video production, further strengthens its social media capabilities. This acquisition provides Podimo with valuable resources and expertise to enhance its social media strategies and create more engaging content for its audience.

Media Coverage

When it comes to appearing in the news, Podimo has been in the news for all the good reasons: business growth, acquisitions, and partnerships. All checks

• Acquisitions: Podimo acquired one of Denmark’s leading podcast agencies and advertising platforms, Podads, in October 2024. It also acquired Dutch podcast production house Tonny Media in August 2024 and had previously acquired Dag en Nacht Media, the largest podcast publisher in the Netherlands, in March 2022. These acquisitions expand the company’s content library, production capabilities, reach, and revenue streams.
• Funding Rounds: Podimo had its seed funding round in 2019, raising $6.77 million. It had Series A funding rounds in 2020 and 2021; and Series B funding in 2021, 2022, and 2023. Through these six funding rounds, the company raised $224 million to further its content, growth, expansion, and profitability plans.
• Partnerships: Podimo announced three multi-show UK partnerships in February 2023 to expand its content offerings and reach in the UK market. The brand has partnered with several other brands, including Disney, Bauer Media, and Troop. These partnerships provide access to new audiences and diversify Podimo’s content catalog.
• Innovation: Podimo launched Reflect in 2023. This feature enables users to look back on their most listened-to Podcasts and Audiobooks.
• Industry Trends: Podimo released a Global Trend Report in December 2024, highlighting key trends and insights in the podcasting industry. This report showcases the brand’s thought leadership and its understanding of the evolving audio entertainment landscape.

Marketing Strategies

• Content Acquisition: Podimo employs a three-tiered model:
  • Free Aggregation: They source podcasts with open RSS feeds, providing a basic content library at no cost.
  • Royalty Sharing: Podcasters can register, become official authors, and receive a percentage of revenue generated from paid user listens.
  • Exclusivity Deals: Podimo offers a revenue split for podcasts offered exclusively on their platform, incentivizing creators to prioritize Podimo.
• Target Audience: Podimo targets podcast and audiobook enthusiasts globally, focusing on specific regions by offering local-language content. Their website demographics show the largest age groups are 25-34 (24%) and 35-44 (21%), almost evenly split between males (50.1%) and females (49.9%).
• Customer Acquisition Methods:
  • Content Marketing: They produce a Global Trend Report showcasing industry expertise.
  • Public Relations: Podimo actively pursues press coverage, highlighting acquisitions, funding rounds, and partnerships.
  • Social Media: They maintain an active presence on platforms like Facebook, Instagram, and Twitter.
  • Partnerships: Podimo partners with relevant companies to expand its reach and content offerings.
  • Digital Advertising: Their website traffic sources indicate that paid search and ads contribute to customer acquisition.

Product & Innovation

Three-Tiered Content and Revenue Model

Podimo’s innovative model combines free, revenue-sharing, and exclusivity options, attracting both creators and listeners. Its content acquisition and revenue-sharing model includes:

1. Open RSS Content: The brand aggregates publicly available podcasts via open RSS feeds to populate its platform with a wide array of content. Initially, Podimo operated on a 50/50 revenue-sharing model for non-exclusive content. However, as of April 1, 2024, this has evolved into two distinct tracks:
   • Streaming Model: Creators earn a fixed rate per stream, calculated using a Cost Per Mille (CPM) approach. A “stream” is defined as a paid user listening to more than 60 seconds of an episode, with a maximum of one stream counted per episode per day. The CPM rate is set based on local market standards and is reviewed annually.
   • Affiliate Model: Creators receive a fixed fee for each listener who subscribes to Podimo through a personal affiliate link and becomes a paying customer.
2. Creator-Claimed Content: Podcast creators can register with Podimo and claim their podcasts, officially identifying themselves as the content owners. Upon claiming their podcast, creators become eligible for either streaming or affiliate compensation models.
3. Exclusive Content: Creators may choose to partner exclusively with Podimo, making their content available solely on the platform. Exclusive agreements are typically negotiated on a case-by-case basis and can include:
   • Upfront Payments: A lump sum provided to the creator for exclusive rights to their content.
   • Guaranteed Revenue: Assurances of a minimum income over a specified period.
   • Revenue Sharing: A percentage split of the subscription revenue generated from the exclusive content.

Focus on Exclusive and Original Content

Podimo invests in producing original podcasts and securing exclusive rights, attracting listeners with unique content. Advancements in audio technology and streaming platforms have also enhanced the listening experience and made it easier to access and discover content. Podimo uses Vertex AI to help in curating relevant content for its listeners.

Use of Google Cloud Infrastructure

Podimo relies on Google Cloud services to support its platform and ensure a seamless listening experience. Key services utilized include:

• Google Kubernetes Engine (GKE): This service provides a scalable and reliable infrastructure for Podimo’s applications, allowing the platform to handle fluctuations in user traffic and maintain consistent performance.
• Cloud Storage: Podimo stores all its media, data, and machine learning models on Cloud Storage, ensuring secure and reliable data management.
• Cloud CDN: Podimo utilizes Cloud CDN to deliver its content to listeners across its operational markets. This ensures fast and efficient content delivery, minimizing buffering and latency issues for users.
• Cloud Monitoring: Podimo uses Cloud Monitoring to track the performance of its infrastructure and applications. This allows the company to proactively identify and address potential issues, ensuring a stable and reliable service for listeners.

Podimo’s use of Google Cloud services is a key factor in its ability to provide a high-quality user experience. The scalability, reliability, and performance of these services contribute to the stability of its platform and ensure a seamless listening experience for its users.

Local-First Approach

Unlike global competitors, Podimo prioritizes local-language content and production, establishing a strong presence in diverse markets. They have dedicated socials for different countries where they operate to better connect with the local listeners.

Addressing Content Clutter

In a saturated podcast and audiobooks market, Podimo helps listeners cut through the noise and discover exceptional content. This is achieved through the brand’s focus on:

• Quality: Podimo prioritizes quality over quantity by curating its library and investing in original productions. This ensures that listeners encounter a higher concentration of engaging and well-produced shows.
• Ad-Free Experience: Premium subscribers enjoy an uninterrupted listening experience without ads. This enhances the enjoyment of podcasts and audiobooks, allowing listeners to immerse themselves in the content without distractions. It also encourages more listeners to upgrade to the premium experience.

The brand’s investment in AI-powered recommendations and personalized content discovery further enhances its appeal to listeners, providing a tailored and engaging experience.

Financials & Metrics

Revenue Sources

• Subscription Fees: Podimo’s primary revenue stream is subscription fees from users who pay for access to its premium content library, including exclusive podcasts, audiobooks, and an ad-free listening experience. The subscription is divided into Podimo Premium and Podimo Premium Plus, with the latter having access to all exclusive content and 100 hours of audiobooks monthly.
• Advertising Partnerships: Podimo generates revenue through advertising partnerships and collaborations with brands. This revenue stream is generated through targeted audio ads within its platform.
• Production Partnerships: Podimo partners with creators and production companies, potentially involving revenue-sharing agreements for content creation and distribution.

Metrics

• Since its inception, Podimo has had six funding rounds, raising $224 million to further its content, growth, expansion, and profitability plans.
• Podimo secured €44 million in funding in December 2023 to support its growth and expansion plans.
• Podimo achieved profitability in the Netherlands in August 2024, indicating a positive financial trajectory in that market.
• The brand has over 250 employees.

Structure & Culture

Management Structure

Specific details about Podimo’s current organizational structure are not clearly outlined but we can infer that they have a hierarchical structure likely including departments for content acquisition, production, technology, marketing, and operations.

Key Individuals

• Morten Strunge: CEO – Business & Operations
• Andreas Sachse: Chief Expansion Officer – Business & Operations
• Sverre Dueholm: Co-owner & Co-founder
• Eva Lægdsgaard: Chief People Officer – People & Culture
• Nikolaj Koppel: Country Manager, Content (DK) – Business & Operations

Values and Culture

• Values: Curiosity, courage, and care.

Guided by curiosity and passion, the company embraces exploration and innovation, valuing data while taking bold, unconventional paths. An experimental mindset drives progress, with failures seen as opportunities for learning and growth. Speed, adaptability, and shared knowledge foster continuous improvement.

Courage defines decision-making, encouraging bold choices with lasting impact. Trust, transparency, and constructive feedback strengthen collaboration.

A commitment to care shapes respectful relationships, recognizing individual contributions and supporting creators in bringing stories to life. With deep respect for the audio format and audience engagement, the company strives to transform audio entertainment while fostering a culture of integrity and inclusion.

• Culture: Podimo fosters a culture of curiosity, collaboration, and respect, valuing diverse perspectives and individual contributions. Integrity and humility guide its approach, rejecting toxic work environments. Passionate about storytelling, it supports creators and respects their creative process. The company prioritizes inclusivity, ensuring diversity in talent, voices, and ideas across its brand, content, and teams. By embracing varied backgrounds and experiences, Podimo creates an environment where everyone feels welcome. With a commitment to innovation and enjoyment, it aims to build a workplace that reflects the richness of the world while bringing compelling stories to life.

Impact & Success

Podimo has achieved profitability due to several factors including its hybrid business model, local-language, and exclusive content. Its strategic partnerships and acquisitions of relevant businesses, such as Tonny Media and Dag en Nacht Media, also contribute to its success. These acquisitions brought in additional capabilities, expanding Podimo’s content offerings. It also brought new revenue streams through advertising.

Having six successful funding rounds and raising a total of $224 million is a clear testament that investors see Podimo as a business worth sailing with. It demonstrates investor confidence in the brand’s business model and its potential for future success.

Customer Feedback

Overall, listeners seem pleased with Podimo, with glowing reviews such as the following

Some creators and listeners, on the other hand, are disappointed

Success Stories

• Podimo’s achievement of profitability in the Netherlands, driven by strategic acquisitions and a local-first approach, demonstrates a successful market impact.
• The company’s significant growth, securing substantial funding rounds, awards won, and expansion into new markets indicate a positive trajectory and impact within the audio entertainment industry.

Growth & Future

Empowering Creators

Podimo recognizes the importance of supporting creators and fostering a sustainable podcasting ecosystem. This is achieved through:

1. Monetization for Creators: Podimo revenue-sharing model provides creators with a direct income stream based on listener engagement, which incentivizes the production of high-quality content and allows creators to focus on their craft. By directly rewarding creators for their work, Podimo encourages more creators to join their platform, which contributes to the overall growth and health of the podcasting ecosystem.
2. Cross-Platform Accessibility: Podimo ensures its content is accessible across various devices, including smartphones, tablets, and web browsers. This expands the reach of creators and allows them to connect with a wider audience.

Challenges and Risks

• Competition: Navigating a competitive landscape with major players like Spotify, Apple Podcasts, and Audible.
• Market Expansion: Successfully replicating their local-first approach in new and diverse markets.
• Content Acquisition Costs: Securing exclusive rights to popular podcasts in a competitive bidding environment.

Future Plans

• Geographic Expansion: Continuing to expand into new markets, as indicated by their funding rounds and partnerships.
• Content Expansion: Further expanding their library of exclusive and original podcasts and audiobooks.
• Technological Advancements: Investing in their platform and potentially exploring new technologies to enhance the listening experience.

Key Takeaways for Entrepreneurs

I hear you asking, what’s in this for me as a small or medium business owner? Good question👍

• Speak in your customer’s language: Local content is a powerful differentiator in a globalized market. Podimo has gained traction by providing content in the local languages of its audience. Prioritizing local languages and creators not only taps into underserved markets but also builds a loyal following. This has aided the brand adoption and acceptance in the various markets where they operate.
• Reward creators: Don’t underestimate the power of a strong revenue-sharing model. A clear and equitable model builds trust and incentivizes creators to invest in your platform. Podimo’s revenue-sharing initiative has encouraged more creators and affiliates to join the platform. More content = More listeners = More revenue for both the company and creators. Win-Win
• Strategic collaborations and/or acquisitions: Look out for businesses or individuals who add value to your offerings through new income streams or business expansion, and collaborate with them. Podimo strategically collaborated with Tonny Media for almost 2 years before acquiring it in 2024.
• Be innovative: Don’t just follow the crowd, dare to stand out by creating new add-ons that are useful to users, like Podimo’s Reflect.
• Embrace tiered models for accessibility and growth: Podimo’s success demonstrates the power of a tiered system. Offer a free tier to attract users and build a base, then incentivize creators with increasing rewards for exclusivity and partnership. This strategy can be applied across content-driven platforms, not just podcasts.
• Exclusivity doesn’t always require a head start: While established players like Spotify rely on their vast libraries, Podimo carves its niche by securing exclusive content. Don’t be afraid to compete by offering unique value propositions that attract creators seeking better revenue and visibility.
• Turn problems into opportunities: Podimo identified content discovery and monetization as pain points in the podcasting world and built its model around solving them. Recognize industry challenges and position your startup as the solution.
• Content aggregation is just the beginning: While aggregating free content provides initial volume, the real value lies in cultivating relationships with creators. Transition them through your tiers, fostering a sense of partnership and shared success.