Podcast company

Jordan’s Sowt acquires UAE podcast company Finyal

Sowt Media, a Jordan-based podcast platform that provides audio content to Arabic speakers around the world, has purchased Dubai-based podcast production company Finyal Media.

The move will strengthen Sowt’s content, audience and business opportunities, the company said in a statement Monday.

The acquisition was funded by Sowt and Media Development Investment Fund (MDIF), a New York-registered nonprofit, the company said, without disclosing details of the transaction.

“This acquisition marks a big step for the audio industry in the Mena region. [Middle East and North Africa] and for Sowt,” said its managing director Ramsey G Tesdell.

“We are excited about the potential growth that joining forces with Finyal offers [to] listeners…we are proud of what Sowt has accomplished and excited about what the future holds,” said Tesdell.

Founded in 2016, Sowt, headquartered in Amman, which means voice or sound in Arabic, produces podcasts, audiobooks, and audio articles focused on Arabic-speaking audiences.

Some of his originals, including Eib, Domtak, Manbet, Matryoshka and Almostajad, have been featured in international media and have topped podcast charts on services like Apple Podcasts, Anghami and Deezer.

The Mena region recorded 33 exits in the first half, according to Magnitt. The United Arab Emirates recorded the highest number of exits (10), followed by Egypt (nine) and Saudi Arabia (five).

The size of the global podcasting market is expected to grow at a compound annual growth rate of 31.1% from 2021 to 2028, from $11.5 billion in 2020, according to market research and consulting firm Grand View Research. .

The acquisition marks a “major step” in the development of the Mena podcast industry, said Leila Hamadeh, co-founder and chief executive of Finyal.

“We are very proud of all the work that has gone into creating Finyal Media’s award-winning podcasts and we see a strong fit for our shows in Sowt’s incredible content portfolio,” Ms. Hamadeh said.

Dubai-based Finyal Media has produced some of the best Arabic fiction podcasts and branded content. His main podcasts include 1001 Nights, Juha, Sindibad, Al Silah and The Basement.

“Sowt is an undisputed leader in the Arabic-language podcast space, producing high-quality original content, and we’ve been a long-time admirer of their work,” said Bilal Randeree, MDIF’s program director for the Africa and the Mena region.

“Sowt has assembled a young and talented team, bringing together backgrounds and skills that allow them to continuously innovate and experiment in this industry, and we look forward to working with the company as it continues to expand. his work.

Updated: September 12, 2022, 1:32 p.m.