Podcast Network Asia (PNA), a Philippine-based podcast network agency, announced today it has raised US$750,000 in seed funding.
Local VC firm Foxmont Capital and Jakarta-headquartered Venturra Discovery joined Lisa Gokongwei, President of Summit Media, in the investment round. Kumu, a local live-streaming platform, also participated.
As per a press note, the fresh financing will go towards improving PNA’s production and performance analytics offerings and bankroll the agency’s expansion into Indonesia, Thailand and Malaysia.
Launched in August 2019, PNA provides podcast creators with access to production support and monetisation opportunities. It claims it has since grown its roster to 415 podcasts, with over 10 million listeners.
The company also intends to launch Podmetrics Marketplace, where podcasts on its platform can leverage data analytics and apply for affiliate marketing campaigns to generate revenue.
“Podcasting is about to enter its golden age,” opined Ron Baetiong, CEO and Co-founder of PNA.
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“With the Philippines as the 6th fastest-growing country in terms of listenership, we can scale up and continue the momentum we’ve built in the Philippine podcasting industry and replicate it across the region,” he added.
“I think podcasting is still in the early stages of growth in the country and that PNA has put a stake in the ground ahead with a scalable business model,” remarked Lisa Gokongwei.
“Podcasting is still nascent within Southeast Asia, when we look at top-charting podcasts, majority of them were launched within the past year. The industry has strong momentum as audio streaming platforms are doubling down on this segment,” added Raditya Pramana, Partner at Venturra Discovery.
Globally, the podcast industry remains bullish with more creators, networks, and advertisers supporting the medium. Worldwide podcast advertising has grown exponentially along with the increase of podcast shows.
By 2020, podcast advertisement revenue is projected to hit US$659 million, up from US$69 million in 2015.
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Image Credit: PNA
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