COVER STORY: How Conan O'Brien and other top hosts are driving the podcast revolution
— a startup aiming to become the Netflix of podcasting, a new and unproven business model for the medium — with $100 million in backing and exclusive content.
“Audio punches below its weight in terms of a national profile,” says Gimlet CEO Alex Blumberg, whose company is behind such hits as “Homecoming.” Podcasting is attractive partly because of its profit margins. The most popular podcasts can make north of $10 million annually, and costs are minimal, often boiling down to renting studio space or paying someone to produce a show. “The capital barrier to entry is low so you don’t need to be a part of a big company to make a show,” says Luminary CEO Matt Sacks. “All you need to be successful is a good idea.
A surge of high-profile talent in the space and higher production budgets promises to accelerate the format’s popularity. Celebs who have flocked to the game include Will Ferrell, Dr. Phil and Oprah Winfrey. Actor-comedian Joe Rogan, previously best known for hosting TV’s “Fear Factor,” has helmed talk show “The Joe Rogan Experience” since 2009, and it’s now one of the industry’s top podcasts.
In a bid to hit scale in the podcast biz, players like iHeart turned to acquisitions. Since buying Stuff Media, the company has boosted its output nearly five times and premieres upwards of six shows each month, says Conal Byrne, president of iHeartMedia Podcast Network. It generates 130 million downloads monthly and cross-promotes its lineup to 150 million listeners across iHeart’s business.
“In television, there was a before and after VOD,” Lopez says. “You had shows like ‘Friends’ in the ’90s. Then TiVo is invented, and that’s when you get ‘Sopranos,’ ‘Mad Men,’ ‘Breaking Bad.’ It dawned on me there was going to be a new golden age of storytelling in podcasting.” Some people in the industry argue that podcasts should increase the number of ads they air. They note that podcasts average three spots per listening hour compared to 18 for radio. However, others believe that cramming more ads into programming will hurt the business.Moffett, the COO of National Public Media. “Right now we can command a premium, but if you have more ads, prices will go down.”
“You can tell when people think something is going to make money because of who starts emailing you.”Given the economics of podcasting, Malek couldn’t earn what he could get from “Bohemian Rhapsody.” But the project gave the actor the opportunity to take a producer role and incubate intellectual property. Also, it took him just two days to record.
Technological advancements continue to spur the medium. Starting with the iPhone, smartphones have created an environment where podcasts can flourish. Faster mobile internet speeds will be a boon, along with rising adoption of smart speakers and connected cars. But even with momentum and money, podcasting isn’t in the same league as other mass media.
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