Last week Fast Company Staff Writer Rebecca Greenfield published a comprehensive article on “The (Surprisingly Profitable) Rise of Podcast Networks.”
She talks with Alex Blumberg and Matt Lieber who are the cofounders behind the new Startup podcast, in which Blumberg engagingly documents the founding of his own podcasting network (incidentally, Midroll represents Startup to advertisers). Blumberg tells her that, “All the listening is going to shift from the broadcast tower to the smartphone,” and even Laura Walker, CEO of New York Public Radio, observes, “People under the age of 30 don’t own radios.”
Greenfield also covers the fact that podcast advertising is driving revenue and profits. Midroll’s Adam Sachs tells her that “Podcast ads work really well,” while Slate’s Podcast Chief Andy Bowers says, “People really pay attention to the ads.”
Of course, here at Midroll our business is built on making money for talented podcasters and great podcast networks. We know podcast networks are profitable because our shows earn real money–the top ones earn six figures or more a year–and Midroll is profitable. But after the hype that existed around podcasting’s birth in the mid-2000s simmered down, we also understand that it takes a while for this narrative to catch hold.
We’re really happy to see Fast Company and the Washington Post cover this aspect of the business. We love podcasting and we want the medium to grow and thrive, which means we want to see even more great podcasts come into existence, becoming successful and lucrative.
It also means we want advertisers to know podcasts are a fantastic way to promote their products and brands in an utterly unique fashion. Help us spread the word, will you?