Global advertising company, WPP has purchased a minority stake in US company Gimlet Media as broadcasters, advertisers and publishers increase their investments in podcasting networks.
The podcasting company’s advertising and branded-content clients include Alphabet, Ford Motor Company, PepsiCo, Match Group and eBay, with verticals including StartUp, Reply All Mogul, Homecoming, Uncivil, Science Vs and Crimetown.
Gimlet also produces branded podcasts on behalf of advertisers looking to connect with the network’s audience.
WPP’s stake is US$5m (S$6.26m) taking the company’s fund raising to a total of US$27m (S$33.79m) since its founding in 2014.
According to a release from WPP, the decision builds on the company’s strategy of focusing on three key areas which differentiate its offering: technology, data, and content.
WPP’s latest investment comes as other major media players aim to invest and establishing partnerships in the podcasting space.