The Rise of Podcasting
An estimated 500 million people will listen to podcasts this year—the most in the medium’s short history. Since the term “podcast” was coined 20 years ago, the industry has grown into a $25 billion powerhouse, attracting both independent creators and major media corporations.
Platforms like Spotify have played a significant role, with their top podcast, The Joe Rogan Experience, boasting over 14 million subscribers—nearly three times more than the next most popular show. However, with rapid growth comes growing pains, as the industry grapples with challenges in monetization, scalability, and sustainability.
A Decade of Transformation: From ‘Serial’ to the Mainstream
Podcasting’s breakthrough moment came with ‘Serial’, a true crime podcast launched in 2014. At the recent On Air Fest, an industry event held in a hip Brooklyn hotel, Sarah Koenig and Julie Snyder reflected on how their show reshaped the landscape.
🔹 Over 300 million downloads to date
🔹 Helped bring podcasting into the cultural mainstream
🔹 Paved the way for a new era of storytelling and journalism
At the festival, industry heavyweights, including Malcolm Gladwell and even Grammy-winning singer-songwriter Norah Jones, gathered to discuss the evolving role of podcasts.
“I have a podcast now. Doesn’t everybody?” Jones remarked, highlighting the explosion of creators entering the space.
From true crime and music to cooking and niche storytelling, podcasts now cater to every imaginable interest. But behind the scenes, a deeper struggle unfolds—one that reflects a tale of two industries.
The Business of Podcasting: Boom, Bust, and Uncertainty
The commercial side of podcasting has evolved rapidly. In 2019, Spotify made waves by acquiring Gimlet Media for over $200 million, signaling a new era of corporate investment in the space.
🚀 The goal? To scale and dominate the audio industry.
📉 The reality? A mismatch between expectations and actual returns.
Many companies soon realized the challenges of monetization, leading to:
- Mass layoffs across major podcasting divisions
- Budget cuts affecting independent creators
- Shift toward ad-driven and influencer-style content
🔹 Kelli Hurley, VP at SiriusXM, explained the shift:
“There was a little bit of overexcitement. Now, we’re being a lot more rigorous in terms of the deals we bring in.”
For many industry veterans, the promise of creative freedom clashed with the financial realities of big media ownership.
John Delore, a seasoned audio producer, was among those laid off. His experience highlights the struggle between creative integrity and corporate expectations:
“This is a company whose bread and butter is Howard Stern. The kind of storytelling we make requires time—something these corporations didn’t account for.”
The Future of Podcasting: Niche Growth & Creator Independence
Despite industry shake-ups, podcasting remains a vibrant creative space.
🔹 New opportunities for independent creators
🔹 Niche audiences driving engagement
🔹 Podcasts expanding beyond audio into video, social media, and live events
🔹 Laura Mayer, executive producer at ABC News, sees this as a “right-sizing” moment:
“The obsession with making one podcast that everyone listens to? That may no longer be the case. Instead, smaller, engaged audiences are proving to be more valuable.”
Tonya Mosley, co-host of NPR’s Fresh Air, exemplifies this shift. With her new podcast, ‘She Has a Name’, she is targeting a specific audience—Black and Brown urban listeners—rather than chasing mass appeal.
“I don’t have a blueprint, but I know my audience is out there,” Mosley stated.
Podcasting Beyond Audio: A Multimedia Future?
As the industry stabilizes, new trends are emerging:
🎥 Podcasts expanding into video (YouTube, social media integration)
🎭 Live shows and touring events gaining popularity
📱 Podcasters becoming full-fledged influencers across multiple platforms
SiriusXM’s Kelli Hurley sees this evolution as necessary for sustainability:
“We’re going to see content creators expand beyond audio—becoming influencers across different formats.”
Meanwhile, at On Air Fest, founder Scott Newman remains optimistic:
“The future of podcasting isn’t set in stone. The people here today—creators, investors, and listeners—are the ones who will shape it.”
Even Norah Jones, who entered the space purely for fun, captures the spirit of the podcasting movement:
“I’m not quitting my day job. This is a labor of love.”
Conclusion: The Road Ahead for Podcasting
Podcasting is at a crossroads. While it remains one of the fastest-growing media formats, it is also facing growing pains in business models, monetization, and audience engagement.
Key Takeaways:
✅ The audience continues to grow, but competition is tougher.
✅ Big media investment is shifting, focusing on profit over creative risk-taking.
✅ Independent creators and niche audiences are shaping the future.
✅ The next evolution of podcasting will likely extend beyond audio into video, social media, and live events.
As the industry recalibrates, one thing is clear—creators will lead the way, shaping the next chapter of podcasting in a world where audio storytelling is more powerful than ever.
📢 What are your thoughts on the podcast industry’s evolution? Let us know in the comments!
