Stingray has announced it’s acquired a 30% interest in The Podcast Exchange (TPX).
Toronto-based TPX was founded in 2017 by president and CEO Jean-Marie Heimrath, and Jeff Ulster, who serves as chief content officer. It’s grown to become a leader in Canadian podcast advertising, representing Stitcher advertising arm Midroll on this side of the border, in addition to partnerships with Corus Entertainment, Acast, audioBoom, Wondery, and iHeartMedia.
In a release, Stingray said the acquisition will allow the company to reap the benefits of podcast digital ad revenue, supporting growth in the key 18-34 demographic. Those benefits include leveraging existing TPX partnerships, proprietary research like the TPX-sponsored Canadian Podcast Listener study, and brand equity with agencies and advertisers. Stingray said TPX also offers it a platform to test its own podcasts and take advantage of the existing TPX ecosystem to drive listenership of Stingray products and services.
“Stingray’s investment in The Podcast Exchange will provide Stingray and Stingray Radio with a toehold in the fast-growing ad-supported podcast market thus supplementing our radio and digital audio products,” said Eric Boyko, president, co-founder, and CEO of Stingray. “This strategic investment is a bold move to show our continued commitment to deliver new and innovative content to Canadian consumers and brands. Having the means to deliver music, radio, and podcasts to listeners will pave the way for Stingray’s market position as Canada’s only true ‘Audio Everywhere’ provider.”
According to Interactive Advertising Bureau and PricewaterhouseCoopers data, supplied by Stingray, overall advertiser spend on podcasts in 2019 neared USD $700 million.
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