WPP takes minority stake in US podcasting group Gimlet Media
Advertising giant WPP said on Wednesday that it is investing $5m for a minority stake in US podcasting company Gimlet Media.
Based in New York and founded in 2014, Gimlet's advertising and branded-content clients include Alphabet Inc., Ford Motor Company, PepsiCo, Match Group, eBay, Blue Apron, Goldman Sachs and Microsoft Corporation. The company's podcasts are downloaded over 12 million times a month in over 190 countries worldwide and since its founding, Gimlet has raised $27m in funding.
WPP said the investment continues its strategy of focusing on three key areas that differentiate the group's offering to clients: technology, data and content. It has already invested in digital content companies like Russell Simmons' All Def Digital, Fullscreen, Indigenous Media, Imagina, and MRC, among others.
In 2016, the group's digital revenues were more than $7.5bn, representing 39% of the total revenues of $19.4bn. WPP has set a target of 40-45% of revenue to be derived from digital in the next four to five years.
At 1020 BST, the shares were down 1.4% to 1,394p.