DUBAI: Aramco’s investment unit Wa’ed is pouring SR1.9 million ($506.5K) into Mohtwize, a podcast technology provider, as the audio medium attracts more listeners in Saudi Arabia.

The investment aims to empower audio content creators in the Kingdom, where podcasts attract 5.1 million listeners a week, the company said in a statement.

Mohtwize will use the funds to further develop its software, expand staffing, and increase the platform’s content offering.

Although podcasts are growing in the Kingdom and the region, Mohtwize founder Khalid Alkenaa said monetization opportunities are scarce.

The former podcaster built the platform to allow advertisers to enter the scene, and give creators the chance to make money off their content.

“Mohtwize is a smart way to monetize the podcast sector, and our platform is helping this sector grow and flourish in Saudi Arabia and the Mena region,” its founder Khalid Alkenaa said.

Wa’ed’s managing director, Fahad Alidi, said they believed in this vision, hence the funding.

“Mohtwize’s unique platform is helping monetize Saudi Arabia’s sector and its sustainable financial model is supporting more content,” he explained.

The company plans to launch another tech solution to allow corporate sponsors to place ads in archived podcasts.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.