Podcast service Podbbang has announced an investment of 1 billion won (USD $837,158) from Central Investment Partners.
The service originally began as a website in 2012 and quickly gained popularity for its political satire podcasts. An app version of Podbbang was launched in 2013 and currently has 2.5 million users. Many listeners use the app to listen to news which cover topics that aren’t usually touched on by mainstream media.
The platform also has its own system for targeting and accurately measuring the effect of advertising for podcasts, something that radio stations struggle with. Ads in the podcasts usually involve broadcasters subtly mentioning a product or service as part of conversation or may even involve doing a review.
“We invested in Podbbang, as we believe it’s highly likely that the service will grow to monopolize the local audio content market,” said Young-Chan Park, Director at Central Investment Partners. Podbbang plans to use the funding to upgrade its service by increasing stability and expanding the business through aggressive marketing.
CEO Donghee Kim says that he hopes the number of connected cars in 2017 leads to an increase in market share for Podbbang, opposed to radio which is seeing listener numbers dwindle.
