As more advertisers experiment with podcast advertising, media agency WPP is making its own podcasting play. The agency conglomerate is investing $5 million in podcast producer Gimlet Media, which is behind several popular podcasts, including “Crimetown” and “Mogul,” and also creates branded content for companies including eBay, Microsoft and dating app Match.

Gimlet says its podcasts are downloaded more than 12 million times per month. The company has raised $27 million from investors, including the latest cash infusion from WPP.
 
WPP’s stake in Gimlet will allow it to better integrate its brand clients in the fast-growing podcasting space. As podcast listening surges, brands are eager to participate in podcast advertising, launch their own cobranded podcasts and create podcasts for their own digital platforms. Gimlet has experience in all of these areas.

Podcast advertising is booming, with Bridge Ratings projecting podcasts will generate $243 million in revenue this year and, by 2020, $534 million.

WPP’s investment in Gimlet is a way grow its stake to that claim, and also stay in line with the agency’s recent moves to focus on growing digital business. WPP positions itself as focused on data, digital content and technology, and its Gimlet partnership will advance its capabilities to provide clients access to content and data.

Digital is becoming a key driver of WPP’s revenue. Last year, digital generated $7.5 billion in revenue for WPP and its subsidiaries, which accounted for 39% of the company’s total $19.4 billion total. Within the next five years, WPP says it wants digital to account for 40%-45% of total revenue. So far this year, the company is on its way to achieving that goal: For the first six months of 2017, WPP says digital revenue represents 41% of total company revenue.