Editor’s note: A subsequent Axios report on September 3, 2019 revealed that the $100m was actually a three-year commitment from Ximalaya, Himalaya’s majority shareholder. General Atlantic is an investor in Ximalaya and not Himalaya, and Ximalaya had provided $10m as of September. GCV data has been changed accordingly.
China-headquartered audio network Ximalaya FM spun out US-based podcasting platform Himalaya on Wednesday with $100m in funding from investors including Ximalaya.
Quantitative trading firm Susquehanna International Group and growth equity firm General Atlantic also participated in the round.
Formed by Ximalaya with a view of taking on the US market, Himalaya aims to build a roster of hundreds of audio shows by the end of 2019, including originals and vehicles developed in partnership with other networks such as Acast.
The shows will be available through Himalaya’s own platform and through existing apps on Android and iOS, such as Apple Podcasts, without paywalls in place, and the company promises to offer customised marketing plans for each show.
Peter Vincer, vice-president of global partnerships and marketing, told Fast Company: “It has taken us up to this point to realise you can be a platform and you can do right by creators by helping them grow their shows and giving them maximum money and also not sticking everything behind a paywall.
“Ultimately, that hurts creators, and it is not the best decision for the platform, because, sure, we could drive more traffic if you can only hear it here, but we’d be limiting the audience.”
Listeners will be able to curate episodic playlists and share them through a social media feature. Those using Himalaya’s own app will be able to download some shows a day before they are released openly, and it intends to eventually expand into premium paid podcasts.
