(Image courtesy of BRIC TV)
Squarespace and Blue Apron must be really converting.
Ad giant WPP announced this week that it has invested $5 million in everyone’s favorite podcasting network, Gimlet Media. The investment comes in addition to the $15 million Gimlet raised just last month.
WPP is a massive marketing and advertising conglomerate that owns several well known brands, including Ogilvy & Mather, Young & Rubicam and Burston-Marsteller. In 2016 it had $19.4 billion in global revenue.
In August, Gimlet said it would be focusing on developing new content and expanding the ways the make money, including into “feature films, TV, literature, and more.” The company said that the company’s “first podcast, StartUp, is being adapted by ABC into a single-camera sitcom, Alex, Inc. premiering in 2018, starring Zach Braff.”
Currently the company has 85 employees and its podcasts are downloaded more than 12 million times per month, according to WPP.