In a nutshell: Podz utilizes machine learning technology to generate short clips of podcasts for preview purposes. Spotify believes the tech, along with its vast library of podcasts, expertise in music discovery and existing discovery tools, will make it easier for users to find the content they want to listen to while simultaneously helping creators build their fan base.
Spotify is furthering its investment in podcasts with the recent purchase of Podz.
In announcing the acquisition, Spotify described Podz as a small team of talented entrepreneurs, engineers and designers. Indeed, the startup was founded to help solve the issue of podcast discovery. CEO Doug Imbruce told TechCrunch back in February that podcasts have gained a lot of momentum but they still haven't seen crossover behavior where audio is a part of everyday life.
"We think that's because the experience of discovering and consuming podcasts is ancient. It literally feels like browsing the web in 1997," Imbruce added.
Financial terms of the acquisition were not shared.
Spotify started its push into podcasts back in 2015. Ever since, the audio specialist has been pumping money into the division through various acquisitions, the creation of new tools and of course, direct content investments.
Spotify said it aims to integrate Podz' tech into the existing platform experience, and that listeners should start seeing elements of the work by the end of 2021.