Gimlet just might be buying a round of their eponymous cocktails, because they have something to celebrate. WPP, the British advertising and PR company, just plunked down $5 million to acquire a minority stake in the podcasting company behind hit shows like Reply All and Start Up.
“WPP’s investment is a strong signal of validation from the world’s largest advertising company that podcasts are a great medium for advertising and brand building,” says Matt Lieber, cofounder and president of Gimlet Media. “Its investment in Gimlet specifically, feels like a stamp approval of our approach to quality storytelling.”
The deal makes sense, because through its Gimlet Creative arm, the company has been making ads and branded content for companies like Ford, PepsiCo, and Microsoft, lending those oh-so-serious companies some of its hipster appeal. It’s also made fun podcasts like DTR, created for Tinder/Match, Virgin Atlantic’s The Venture, and Open for Business from eBay that casual listeners may not even realize are sponcon, which is worth its weight in gold for advertisers.