For years new podcasting companies were being created then were gobbled up by larger, more established media, that believed they needed to get into the space. Millions of dollars were being tossed at podcasting companies. Spotify, Amazon, the radio industry, and others were all looking for content to keep the ears of the consumer in their tents.
Bloomberg reports that “with hiring freezes, smaller upfront payments and fewer acquisitions, the podcast boom is feeling like a thing of the past.” The financial trade says that the podcasting industry has matured and now looks more like established media industries and suggests that the best days of podcasting’s “high-spirited youth may now be behind it.”
Bloomberg quotes podcast entrepreneur Nick Hilton from his blog “2022: The Year That Podcasting Died.” Hilton writes, “At what point do you have to just call it, and say that rather than being a ‘big thing’ in waiting, it’s just a run-of-the-mill ‘medium thing,’”
The article goes on to highlight how some of the industry’s biggest spenders are pulling back due to growing concerns about the economy and the possibility of weakening advertising sales in audio.
And Bloomberg highlighted the layoffs we’ve reported on over the lat year. “Acast recently laid off 15% of its work force, SiriusXM is planning to reduce its staff, Spotify laid off some of its podcast editorial workers in addition to employees at its Gimlet Media and Parcast studios. And in November, National Public Radio revealed that it would institute budget cuts and a near hiring freeze.”
Read the full Bloomberg article HERE.
