Spotify Inc. has increased its commitment in podcasting by acquiring Podsights and Chartable, two platforms that give deeper insights for marketers and podcasting publishers, the company announced on Wednesday.
Podsights assists advertisers in determining the success of their advertisements, which Spotify stated has been a huge difficulty. Chartable gives audience data to podcast producers to help them assess the performance of their growth strategies.
Financial information about the trades was not accessible.
“Our acquisitions of podcast technology players Podsights and Chartable are helpful in our pursuit of up leveling digital audio measurement insights,” said Khurrum Malik, head of ads business marketing at Spotify.
Spotify has been investing heavily in podcasts because, unlike the music industry, which is largely commoditized and low margin due to the payment of a portion of revenue to rights holders, podcasts engage listeners for hours on end, creating valuable advertising inventory that has fueled Wall Street’s optimism about its long-term future.