By Supantha Mukherjee and Dawn Chmielewski
(Reuters) – Spotify Inc. deepened its investment in podcasting with the acquisitions of Podsights and Chartable, two services that provide greater insights for advertisers and podcasting publishers, the company said on Wednesday.
Podsights helps marketers gauge the effectiveness of their ads, one area that Spotify said has been a major challenge. Chartable provides audience insights that help podcast publishers measure the effectiveness of their growth campaigns.
Financial details of the transactions were not available.
“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.
Spotify has been investing heavily in podcasts as unlike the music business, which is largely commoditized and low margin as it pays out a part of the revenue to the rights holders, podcasts engage listeners for hours on end, creating valuable advertising inventory that has underpinned the optimism by Wall Street over its long term future.
(Reporting by Dawn Chmielewski; Editing by Chizu Nomiyama)