Spotify announced that it has acquired Podz, a podcast discovery platform. Podz is a platform that provides short clips for podcasts that serve as a teaser. These teasers can then be referred to by users when deciding which podcast they may want to listen to. The integration of Podz with Spotify is expected to be completed by the end of the year.
Spotify has had machine learning experts focused on improving audio discovery for almost a decade, but there is more work to be done, the music streaming app said in their blog. ‘We believe that Podz’ technology will complement and accelerate Spotify’s focused efforts to drive discovery, deliver listeners the right content at the right time, and accelerate growth of the category worldwide’ the announcement read.
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Powered by state-of-the-art machine learning technology, Podz generates high-quality clips that give users the opportunity to preview key moments from podcast episodes, encouraging them to discover and listen to new podcasts. This capability, combined with Spotify’s 2.6 million podcasts on the platform, learnings from their work in music discovery, and current investments in podcast recommendation is said to take podcast discovery to the next level—making it easier for listeners to find the content they want to listen to, and for creators to be discovered and build a fan base.
Podcasting is estimated to be a $1 billion industry in 2021. Spotify, YouTube and Apple are innovating to make it happen and where brands fit in. Podcasts have been around for nearly two decades, but the format has come into its own over the last five years. A proliferation of shows, involvement from celebrity talent, investment from large companies like Spotify, and the spread of technologies that boost awareness, like smart speakers, have all helped podcast growth.