TAIPEI (The China Post/ANN) — Singapore-based investment firm Kollective Ventures (KV) and Turn Capital announced on Wednesday the acquisition of SoundOn, a Taiwanese startup with 35 million monthly podcast downloads.
KV and Turn Capital did not disclose the details of the deal but they said they aim to continue to “accelerate” the company’s growth in the future.
SoundOn, which produces podcasts featuring Taiwan’s top influencers, was founded in late 2019 by Likai Gu.
The platform manages its own podcast player app and website, which sees over 35 million monthly podcast downloads. This number is projected to grow to over 500 million downloads in 2021.
According to e27.com, the company has achieved over 70 percent market share and looks to drive further domination in 2021.
Kollective Ventures and Turn Capital see massive potential in the podcast and audio space in Taiwan, and this acquisition allows them to invest further in the industry with the goal of creating a podcast ecosystem.
Last May, KV had acquired Paktor Group, which was founded by Joseph Phua, from M17 Entertainment. Paktor is the umbrella that owns a few dating assets, including its namesake app available in Taiwan, South Korea and Southeast Asia, and Goodnight, a voice-dating app.