The ache isn’t over but for the podcast business, with layoffs and cancellations persevering with to pile up. Amrita lined the WNYC layoffs yesterday, which, because of negotiations between administration and the union, weren’t as steep as initially anticipated (6 % laid off versus 12 % beforehand introduced). Final week, Pushkin laid off one other 30 % of employees in its third spherical of cuts this 12 months, with shakeups even focusing on its C-suite. And dwell audio took one other hit on Wednesday, with Amazon shutting down Amp.
I’ve been speaking to folks from the enterprise aspect of podcasting about how the advert market has modified and why it’s hitting podcasts so arduous, particularly when the economic system appears to really be doing… high-quality? As I wrote about on the finish of 2022, the advert market is admittedly prone to uncertainty, and whereas layoffs have been primarily prevented in a lot of the economic system, corporations typically reduce advertising and marketing budgets earlier than slicing jobs. However that trickles down and manifests as job cuts in ad-dependent industries like media. And podcast corporations specifically, after using a wave of development and pleasure, are dealing with extra stress from advert businesses to ship on their targets.
I’ll have extra on that quickly, but additionally, be at liberty to electronic mail me your personal questions on what’s going on with the advert market. What do you wish to know? Or, what do you suppose I and folks within the business ought to know? Hit me up at firstname.lastname@example.org.
The Athletic, which is owned by The New York Instances, is eliminating its native sports activities podcasts, stories Nieman Lab. The outlet will as a substitute give attention to nationwide podcasts. The Athletic laid off 4 % of its employees in June, although this new podcasting determination doesn’t appear to have resulted in extra layoffs.
Along with Extra Excellent, WNYC has canceled La Brega, based on New York Public Radio spokesperson Jennifer Houlihan Roussel. La Brega was a co-production with Futuro Media that was funded by a grant from the Mellon Basis. Like Extra Excellent, La Brega was a seasonal manufacturing, which is the type of present WNYC has mentioned it can again away from as a way to give attention to native journalism.
Sizzling Pod has discovered that One thing Was Improper host Tiffany Reese has been signed by WME. In accordance with Bloomberg, the podcaster just lately left UTA, the place she was represented by the company’s head of audio, Oren Rosenbaum.
Amid Audacy’s ongoing monetary struggles, the radio large has skipped an $18 million mortgage compensation because it makes an attempt to refinance with its lenders. In accordance with Inside Radio, Audacy, which owns Cadence13 and Pineapple Road Studios, won’t be in default below the phrases of its mortgage settlement.
Podtrac stories that podcast listening declined 10 % in September among the many prime 20 publishers. That’s true when measuring towards figures each from August 2023 and September 2022. Podtrac’s knowledge isn’t a whole image — it’s lacking Spotify amongst its rely — however nonetheless, that may’t be good.
The Swifties proceed to exert their buying energy and have saved New Heights with Jason and Travis Kelce at primary on Apple Podcasts and quantity two (behind Rogan) on Spotify. Swifties apart, it follows the development of movie star chat exhibits surviving (and even thriving!) in an in any other case powerful market.
That’s all for this week. Have an awesome lengthy weekend!