Audioboom has received a cash injection for the development of original podcast deals, totaling $4-million (3.2-million GBP). The benefactor is familiar to observers: Nick Candy, a real estate investor who has infused Audioboom with venture capital about a year ago in two installments.
The money reportedly will be used for up-front payments to audio content creators for new and existing shows. The industry’s best-funded networks generally are moving in that direction; Spotify and Luminary are two examples.
In return, Nick Candy reportedly has the right to buy up to 10-million Audioboom shares at a set price, making the deal resemble an option play. Audioboom is a public company traded on the London Stock Exchange.