PodX Buys Platform Media, its 7th Podcast Acquisition

May 24, 2024 by  Chris Erwin

RockWater Roundup

RockWater analysis to make you a better investor and operator. Today we discuss PodX’s acquisition of Platform Media, its largest global deal to date. We discuss PodX’s investment strategy, deal value drivers, and ask key questions like what other audio biz models is PodX considering for purchase, and why haven’t they expanded yet to the US?



PodX, a podcast rollup platform, just acquired Platform Media.  

It’s their 7th acquisition in 3 years, and largest yet. 

Of note, PodX continues to avoid the US, with focus on Europe and Latam!

Let’s break it down…



  • Produces, distributes, and monetizes content that originates as video podcasts
  • Founded in 2021 by Matthew Sherry and Matt Sayward w/ the 21six Group (focuses on tech, publishing, and creative industries)
  • Based in London
  • 50+ team members
  • 8 figures of revenue
  • Original content label was Folding Pocket 
  • Has many sports-based shows
  • Clients include brands, broadcasters, rights holders, and talent
  • Network of 10k talent and publishers to amplify their shows’ audience reach


  • Started in 2021
  • Invests in podcast businesses, producers, and IP
  • Based in Stockholm, focused on Europe and Latam markets
  • Offers financing, biz dev, globalization, and commercialisation services to its portfolio
  • Founded by Patrick Svensk, Staffan Rosell, Fredrik Said – all have extensive media and audio backgrounds


  • Main shareholder is Swedish family-owned investment group Qarlbo AB
  • QAB is also main investor behind Pophouse, which acquires IP rights for exploitation (KISS, ABBA, Avicii, Cyndi Lauper, Swedish House Mafia)


  • Nouvelles Écoutes and Studio Minuit (France)
  • Goldhawk Productions (UK)
  • Posta (Argentina)
  • Filt (Sweden, Norway, Denmark)
  • Suomen Podcastmedia (Finland)
  • Listen (UK)
  • Platform Media (UK) – today’s analysis!


  • 8-figure valuation
  • Majority stake
  • Implied call option for future 100% buyout
  • UK’s largest ever podcast deal
  • CEO, CSO, and Exec Director to stay on post deal
  • New Chief Profit Officer Paul Burdin will join, was advisor during deal


  • Bolster PodX’s global podcast portfolio across UK, France, Nordics, and Latam
  • Bolsters English-language portfolio – 3rd deal in the UK
  • Help PM expand to new int’l markets and scale in UK
  • Value in consolidation and shared infrastructure
  • Take larger swings in talent-led shows, brand partnerships, acquiring IP, expanding to new areas and geos


Podcast consolidation makes sense. As I’ve written about extensively (see podcast section halfway down), the last half decade saw too much capital funding too much infrastructure in a podcast market that was growing in listenership and advertising, but still relatively nascent ($2B ad mkt in 2023). 

This means the capital allocation didn’t match the market size. A story we’ve seen extensively across the creator economy.

But overall, audio, and particularly podcasting, is an attractive market with strong tailwinds. Of note, 2023 ad revenue growth of 5% to $2B was below expectations, but market growth is expected to double in 2024, with total podcast ad spend reaching $2.6B by 2026. 

Our client Chris Peterson of Dwnload Media has a good explanation of the key drivers here…

“If you look at the major players and their quarterly earnings over the last year, they all saw growth. So, what slowed down overall revenue? Simply, it was the middle & lower tier of podcasting. Brand dollars went to Spotify, iHeartMedia, SiriusXM, etc., increasing the delta between those platforms & the independent publisher.” 

– Chris Peterson of Dwnload Media

Which means there’s an opportunity in the independent publisher market. 

I therefore believe PodX is making a strong long-term bet as the podcast market continues to grow and mature, and they work to create a scaled podcast and audience platform that can effectively compete for brand dollars against the majors like iHeart and SiriusXM. By acquiring good companies with strong leadership teams, at what are likely good to great prices, PodX could be in a great place as traditional media goes through generational disruption.

🧐Other things I’m curious about…

  • How much is PodX helping their portfolio co’s grow post acquisition? Which shared services are working well, and what shared services are still a WIP / require more resources to better support portfolio co needs? Would love to see a case study here, and a common theme many are also asking about the video aggregator space, like Lunar X and Electrify Video
  • How are PodX portfolio co’s collaborating with one another? Co-productions to launch new IP simultaneously in different geos, helping one another localize legacy IP in new territories, shared creative services, intros to new brand and broadcaster buyer relationships, other? Again, would love to see case studies
  • What other M&A is in the works? Could PodX be looking at diversifying its brand service offerings, and looking to acquire audio and digital ad agencies as well? I wouldn’t be surprised considering the M&A consolidation dynamics across the agency space…
  • Why hasn’t PodX bought any podcast assets in the US? Are US targets on their 2025 roadmap? What is preventing them from pulling the trigger here? The indie US podcast market is very fragmented, and many podcast businesses seek growth capital and support…there’s a clear consolidation opportunity here for those that sift through the good business models and leadership teams…

Alright, I’m now off to Europe… see you in a couple weeks! ✈️


I’m the founder of RockWater Industries. We do financial and strategy advisory for media, agencies, and creator economy. From M&A and fundraising to consumer research and go-to-market planning. 

DM me on LinkedIn or email me chris @ wearerockwater dot com

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