Kollective Ventures (KV), a capital advisory and investment firm based in Singapore, and Turn Capital, the family office of Joseph Phua, Co-Founder and Non-Executive Chairman of 17LIVE Inc., have jointly agreed to fully acquire SoundOn, Inc, Taiwan’s Leading Podcast Platform.
SoundOn has grown rapidly over the last year to be the largest hosting platform for Podcasts in Taiwan, driving over 35m podcast downloads each month. This number is projected to grow to over 500m downloads in 2021.
Due to its popularity as a platform, SoundOn possesses the most complete podcast data for the Taiwan market, and in turn, has created a robust advertising platform that connects Podcasters to advertisers. In addition to its services for Podcasters, SoundOn also produces its own original content shows, featuring some of Taiwan’s top influencers. These podcasts have been wildly popular with the Taiwan audience, with a few mainstays in the top podcast rankings within the market.
SoundOn also manages its own podcast player app and website, which has been the go-to source for discovering new podcasts in the Taiwanese market.
The Podcast industry has grown at an incredible rate since SoundOn entered the market in late 2019. The number of podcasts produced for the Taiwan audience has grown from less than 50 when SoundOn was founded to now over 10,000, and SoundOn’s own traffic has grown over 20x in the past year, reaching nearly 35m unique downloads a month.
“With the burgeoning growth in market size, and SoundOn’s strong product-market fit, the company has achieved over 70% market share and looks to drive further domination in 2021. KV and Turn Capital see massive potential in the podcast and audio space in Taiwan, and this acquisition allows us to further invest and develop the podcast ecosystem,” said Joseph Phua
“We are excited to partner with Turn Capital and Joseph in this deal. Given Joseph’s strong expertise and track record in the entertainment space, we believe the value proposition of such a partnership is very straightforward. In addition, KV strongly believes in the audio space. Besides SoundOn, our portfolio consists of Goodnight, another strong audio player in the Asian market, within the social dating and entertainment space. Recent global success stories in the space, like Clubhouse, have shown the explosive potential of the social audio entertainment space. We look forward to exploring synergies between our audio-related portfolio companies to create an Asian beachhead in this space,” shares Khenglian Ho, Managing Partner at KV.
“During our fundraising process, we were looking for investors to provide SoundOn with the best strategic fit to help the company fast-track its current growth trajectory. KV and Turn Capital turned out to be a real natural fit, with their experience in rapidly scaling other startups. I’m extremely excited about the future of SoundOn under new ownership,” said Likai Gu, founder of SoundOn.
SoundOn will continue to operate under its current brand and its services remain unaffected. KV and Turn Capital will look to continue to accelerate the growth of the company and the industry in the near future.