Modern Australian
Men's Weekly

.

How podcasting became a multi-billion dollar industry

  • Written by Siobhan McHugh, Associate Professor, Journalism, University of Wollongong
how podcasting became a multi-billion dollar industry

“You kind of fail your way to success,” observed Matt Lieber, head of podcast operations at Spotify, at this year’s Audiocraft festival, an annual weekend of panels about podcasting. Normally held in Sydney, this year, thanks to COVID-19, the festival shifted online.

Lieber was talking about StartUp, his podcast about establishing Gimlet Media in 2014. Lieber and his business partner, Alex Blumberg, wanted to develop a podcast studio that would become “the HBO of audio”.

Last year, Gimlet hit the jackpot. It was acquired by Spotify for US$230 million (A$322 million).

While podcasts have been alive on the internet since 2004 (“But what to call it? Audioblogging? Podcasting? GuerillaMedia?” asked the Guardian), 2014’s Serial is largely credited with starting a new boom for the form.

Serial hit 420 million downloads in late 2018; S-Town, from the same production company, had 40 million downloads in its first month.

Last week, the New York Times (whose own The Daily has surpassed one billion downloads) acquired Serial Productions for US$25 million (A$35 million).

What was once on the fringes of the internet is now a multi-billion dollar industry.

Read more: Why S-Town invites empathy not voyeurism

The growing numbers

For a long time, podcasting was touted as the most democratic and accessible mode of journalism and public engagement.

On podcasts, hobbyists could indulge a passion for Greek legends, friends could riff on their favourite books, celebrities could show their human side, and media organisations could share stories too unwieldy for a newspaper or television format.

The early low-budget, niche podcasts were a far cry from shows like Serial or The Joe Rogan Experience. (Hosted by comedian Joe Rogan, the latter show has a reported 190 million downloads a month and was acquired by Spotify in May for around US$100 million (A$140 million).

While some Spotify shows are still available on other podcasting services, productions like The Joe Rogan Experience and the platform’s latest offering, The Michelle Obama Podcast, are available exclusively on Spotify.

Obama’s podcast, which launches today, features conversations on the “relationships that shape us” – not surprisingly, her first guest is her husband.

Spotify’s known investment in acquiring podcasts over the past 18 months comes to around US$696 million (A$975 million). This figure doesn’t include the unknown price Spotify has paid in deals with the Obamas and Kim Kardashian West to produce original shows, nor the money Spotify is investing in-house.

While Rogan and Obama’s podcasts are (for now) free to listen to, they will tempt people over to the platform and – Spotify hopes – create paying subscribers. Obama’s 2018 memoir, Becoming, has sold over 10 million copies: that is a lot of potential listeners.

Far away from these mega-investment dollars, independent producers are still creating smaller shows for devoted audiences. Many attending Audiocraft were these independent producers, seeking to learn more about the art, craft and business of bringing their podcast ideas to life.

Such aspirations were mocked by a recent ABC skit with celebrities begging people not to turn to podcasting under quarantine.

The skit polarised viewers: older folk laughed, but younger people bristled, seeing it as an entitled elite trying to police what should be a wide open space without gatekeepers.

This divide is a growing tension among podcast producers.

Pushing boundaries

The other big commercial contender in podcasting is the Amazon-owned Audible, which has similarly gone on a “multimillion-dollar shopping spree” for podcasts over the past few years.

With Spotify locking listeners into their platform, and Audible’s podcasts only available to paying subscribers we are a far cry from the open internet ideals the form was built on.

Yet, even in this world of multi-million dollar deals, independent producers are still asserting their right to shape the industry.

Renay Richardson, a black British podcaster whose passionate presentation at Audiocraft wowed the audience, founded Broccoli Content to advance diversity in podcasting. This year, she launched an Audio Pledge demanding equity in pay and representation for minority voices.

It has so far been signed by over 250 organisations, including Spotify and the BBC.

With raw empathy, the podcast shares moving stories of women talking about abuse, addiction and crime on the outside along with darkly humorous stories of life on the inside. One of the best podcasts for women, it’s a testament to deep relationships formed over a long and immersive production time.

An intimate artform

According to Spotify’s Matt Lieber, podcast listeners want to hear a story, learn something new, and find someone you would want to hang out with. One festival session ticked all three boxes.

Bird’s Eye View was made in Darwin Correctional Centre over two years. Funded by the Northern Territory government and the Australia Council and independently distributed, Birds Eye View gives a remarkable insight into the lives of incarcerated women.

With raw empathy, the podcast shares moving stories of women talking about abuse, addiction and crime on the outside along with darkly humorous stories of life on the inside. It’s a testament to deep relationships formed over a long and immersive production time.

The payoff is the compelling personal storytelling at which podcasting excels.

Some producers fear with the industry so rapidly growing, market forces could choke creativity and innovation.

An old adage holds that if you can fake sincerity, you’ve got it made. If the big podcasting platforms figure that one out we will all be the poorer.

Podcasting’s special ingredients have long been the authenticity of its wide range of voices and the intimate relationship they engender with the audience, speaking directly into our ears. If those defining characteristics get subverted in a push for profit, much of podcasting’s magic will be lost.

Authors: Siobhan McHugh, Associate Professor, Journalism, University of Wollongong

Read more https://theconversation.com/michelle-obama-podcast-host-how-podcasting-became-a-multi-billion-dollar-industry-142920


How Professional Cleaning Improves Indoor Air Quality

Indoor air quality (IAQ) plays a crucial role in our health, comfort, and overall wellbeing. Australians spend nearly 90% of their time indoors-at hom...

Solar and Solar Battery Systems: Powering Smarter Homes in Victoria

As energy prices continue to rise and sustainability becomes a priority for Australian homeowners, more families are investing in Solar and Solar Ba...

Plumbing Emergency Melbourne: What to Do When Every Minute Counts

A sudden plumbing issue can quickly turn into a major disaster if not handled promptly. From burst pipes and overflowing toilets to leaking gas line...

Why Older Melbourne Homes Require Detailed Building & Pest Inspections

Older homes make up a large part of Melbourne’s housing stock. Victorian terraces, Edwardian houses, Californian bungalows, and post-war brick hom...

7 Essential Tips for Choosing Reliable Moving Services in Perth

Moving to a new home or office can be exciting, but it also comes with stress, planning, and plenty of decisions. One of the most important choices yo...

How to Find the Best Real Estate Agent Near You on the Central Coast

Choosing the right real estate agent can make a major difference to your final sale price, days on market, and overall experience. The Central Coast...

Unlock Durability And Beauty With Burnt Timber Cladding Solutions

Imagine a home or commercial space that not only stands the test of time but also tells a story through its very facade. In the world of architectur...

Offroad Caravans: Built for Adventure Beyond the Beaten Track

Australia’s vast and varied landscapes invite travellers to explore far beyond sealed roads and crowded parks. Offroad caravans are purpose-built ...

The Expert's Guide to Understanding Large Bore Steel Pipe Specifications

When it comes to infrastructure, construction, and various industrial applications, the choice of materials is paramount. Among the options availabl...

Preparing for Your First Trip to San Francisco in 2026

San Francisco has long occupied a particular place in the Australian imagination. It is compact yet complex, progressive but historic, and visually st...

Modern Office Painting in Australia - It's the Real Game Changer

Walk into any modern Australian office today and you'll be struck by the fact it's a whole different beast from the ones we grew up with. Gone are t...

How to Choose the Right Suburb for Your Lifestyle

Choosing the right suburb is one of the most important decisions you’ll make when buying or renting a home. Beyond the property itself, the suburb...

Considering Cryolipolysis Fat Freezing? Here’s What You Need to Know

Body confidence can shift over time, and sometimes even good diet and training can still leave a stubborn area of fat that won’t budge. If you’r...

From Local Tradie to Digital Leader: The Strategy Behind Auto Gate Guys Sydney’s Growth

For many small trade businesses, digital marketing still feels like a buzzword, not a necessity. They rely on word-of-mouth referrals, repeat clients...

Electric Automation System: Smarter Control for Modern Electrical Infrastructure

Modern buildings and industrial facilities are increasingly dependent on intelligent control and efficiency. An electric automation system brings t...

The Damp Truth: Why Your Overflowing Gutters Are an Open Invitation for Termites

When it comes to protecting your home, most people think about visible threats — storm damage, cracked tiles, break-ins. But one of the most destruc...

Is Your Inventory a Sitting Duck? 2 Critical Upgrades to Protect Your Business Assets and Your Bottom Line

Imagine this: you finish a long day on the job, lock up your tools, materials, and work vehicle in the garage, and head home. But overnight, someone b...

Electrician in Melbourne: Reliable Electrical Solutions for Homes and Businesses

Finding a dependable electrician Melbourne is essential when safety, efficiency, and long-term performance matter. Electrical systems form the back...