Aramco’s Wa’ed invests in Saudi platform that monetizes podcasts

The investment aims to empower audio content creators in Saudi Arabia, where podcasts attract 5.1mln listeners a week

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose.

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose.

REUTERS/Ahmed Yosri
 
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.

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