Swedish music streaming app Spotify has announced that it is acquiring two major podcast ad tech firms, Chartable and Podsights.

With the acquisition of Podsights, Spotify will be able to help advertisers understand how podcast ads drive actions that matter to their businesses.

"We believe the opportunity for digital audio and podcast remains significant. With these acquisitions, we're taking a big step in upleveling digital audio measurement and insights to help the entire industry scale to new heights," the company said in a statement.

Podsights is a leading podcast advertising measurement service that helps advertisers better measure and scale their podcast advertising.

Chartable is a podcast analytics platform that enables publishers to know and grow their podcast audiences through promotional attribution and audience insight tools.

Spotify will invest $100 million in the licensing, development and marketing of music and audio content from historically underrepresented creators, its CEO Daniel Ek said recently.

The Swedish music streaming company also reported its fourth quarter (Q4) results for 2021, taking its paid subscribers to 180 million globally.

Monthly active users on the platform grew by 18 per cent (on-year) to reach 406 million.

Advertising represented 15 per cent of Spotify's revenue in the fourth quarter (October-December period) 2021.

Source : IANS