MANILA - A Philippine-based podcasting firm said Tuesday it is eyeing to further expand in Southeast Asia after receiving $750,000 or around P38 million in seed funding last month.
Podcast Asia Network said the company looks to expand to Indonesia, Thailand, Malaysia and even Vietnam which are seeing rapid growth in podcast consumption.
The Philippines currently ranks as the sixth-largest podcast market in the world, with around 31 million Filipinos consuming podcast content, said Ron Baetiong, Podcast Asia Network’s co-founder and CEO.
The only market bigger than the Philippines in Southeast Asia was Indonesia, because of the size of its population, Baetiong said in an interview with ANC.
But Baetiong also said that the podcast market in the country still has a huge potential for growth “because typically philippine s is 3x what Indonesia is.”
He said that podcasters however face several challenges like ensuring the audio quality of their podcast, monetizing their content, and keeping track of how many times their content has been accessed through different platforms like Spotify, Apple Podcasts and others.
Baetiong said this is where his company comes in.
“There's so many great Filipino stories and narratives we can put out there, but nobody was enabling these storytellers and conversationalists to get that done,” Baetiong said.
Unlike other forms of content, podcasts are consumed by people who want to learn, and not just be entertained, according to Baetiong.
Podcasts also appeal to a young audience with the sweet spot of 28-34 years old.