Wa’ed Approves SR 1.9 Million Venture Capital Investment in Leading Podcast Training Platform Mohtwize
RIYAD – Wa’ed, Aramco’s entrepreneurial arm, announced SR 1.9million venture capital investment in Riyadh-based Mohtwize, a leading developer of podcast technology in the Mena region aimed at empowering creators audio content through podcast training and sponsorship opportunities.
The investment in Mohtwize, founded in 2018 by former podcaster Khalid Alkenaa, aims to create a sustainable business model for podcasts, a fast-growing medium in the Kingdom that already attracts 5.1 million regular listeners per week.
Mohtwize plans to use the investment from Wa’ed Ventures, the venture capital arm of Wa’ed, to further develop its software solution, increase staff and increase platform content, which is uploaded to around 2 million. times every month.
By helping monetize the podcasting niche and providing a more sustainable business model, Mohtwize’s platform is working to attract more content into the niche.
Podcasts are a rapidly growing medium among Saudis between the ages of 16 and 40, and a recent study by Hootsuite Digital Report found that Saudi internet users on average listen to podcasts for around 1 hour and 17 minutes per day.
But the growth of the sector has been hampered by a widespread lack of funding for podcasters, who have had to rely on obtaining hard-to-obtain financial support from large corporate sponsors.
It was this challenge that the founder of Mohtwize faced with his own podcast, Fsool Mohtwize, that attracted listeners but not financial support.
Alkenaa has therefore developed Mohtwize, a sophisticated content delivery platform that bridges the gap between content creators and advertisers.
Mohtwize allows advertisers to select the podcasts that best suit their business goals, reaching audiences chosen based on parameters such as gender, earning power, and interests.
At the same time, Mohtwize acts as a financial enabler for creators, providing podcasters with ad revenue to develop programs. Mohtwize is currently the only paid content delivery platform for Arab podcasters per listening.
“Mohtwize is a smart way to monetize the podcast industry, and our platform is helping this industry grow and prosper in Saudi Arabia and the MENA region,” Alkenaa said.
“We are grateful to Wa’ed for helping Mohtwize bring this fast growing medium to a new level of financial viability and success. “
The decision to invest in Mohtwize aligns with Wa’ed’s desire to promote Saudi start-ups that advance the growth of the digital economy in the Kingdom, said Fahad Alidi, chief executive of Wa’ed.
“Mohtwize’s unique platform helps monetize the podcast industry in Saudi Arabia and its sustainable financial model supports more content,” Alidi said.
With financial support from Wa’ed, Mohtwize plans to launch a technology solution this year that will allow corporate sponsors to place ads in archived podcasts.
Often, podcasters work months or years before they attract a large following. But once they do, listeners tend to search their archives for podcasts, listening to them for the first time.
Mohtwize’s new feature will allow podcasters to monetize older podcasts and give businesses the ability to leverage the full portfolios of over 100 podcast shows. – SG