Another broadcaster has made a significant investment in the UK’s Podcast Radio as it grows and expands to the United States.
The deal sees Tindle Media Group taking a 10% interest in Podcast Radio, which launched three years ago and uses the trust and familiarity people have in radio to help them sample and choose podcasts.
Tindle owns and operates a portfolio of four radio stations in the UK and Republic of Ireland including Channel 103 in Jersey, Island FM in Guernsey, Soleil Radio across the Channel Islands and Midlands 103 in Ireland. They also own 23 local and regional newspaper titles across Britain.
Nation Broadcasting invested in Podcast Radio last year, also in return for a 10% stake.
Gerry Edwards, Founder and CEO of Podcast Radio says: “We’re pleased to have two very well-established commercial radio groups support our exciting plans to grow internationally. Both Nation and Tindle have shown great faith in Podcast Radio and we want to draw on their operational and commercial experience as we expand.”
Podcast Radio director Paul Chantler says: “With KMG, we are close to announcing our first partnership with a US broadcaster which will see us launch in several radio markets in North America. Nation and Tindle are supporting us to do this more in 2023.”
Gary Krantz, CEO of KMG Networks, says: “Podcast Radio has established itself as a leading innovator and forward-thinking company in the UK, providing a game-changing way for listeners to discover new podcasts while dramatically increasing the content offering to spoken word stations.
“We have several deals in place to establish Podcast Radio stations in the top 50 markets that we look forward to announcing in the coming months.”
Danny Cammiade, CEO of Tindle says: “With some of the most listened-to local radio stations anywhere in the British Isles, we have a strong history in providing content which engages listeners. That is why our investment is a natural extension for our company. We look forward to seeing Podcast Radio grow and make a real difference both in the UK and the international market.”
At the NAB conference in New York in October, Podcast Radio announced new ideas for the way podcast content is presented on radio. The team is currently developing a new short-form audio platform alongside the streaming channels already launched for Business, Crime and Comedy content.
Podcast Radio broadcasters 24/7 online and via app and smart speakers. It is monetized by selling traditional on-air advertising and sponsorships; inserting commercials into its online audio stream; partnering with international content makers; and making original podcasts and bespoke audio content.
The company raised initial capital from angel investors and an equity fundraising campaign. Other investors include Ohio-based podcast production company Evergreen and UK entrepreneurs including former BBC Radio 1 DJ and businessman Bruno Brookes. Podcast Radio is planning a US fundraise later this year.