When Jenna Weiss-Berman left her job as head of Buzzfeed Audio earlier this year, she hoped that she could attract a little startup capital for her new podcast startup. Indeed, she could: Within four weeks, no fewer than four venture capital firms began offering her and Pineapple Street Media cofounder Max Linsky funding.
How hot is podcasting? Stupid V.C. money hot.
Money is chasing money. Podcast advertising expanded at a 48 percent rate last year, and it’s forecast to grow about 25 percent a year through 2020. By that point, it would be approaching half a billion dollars in annual ad revenue. That growth is rising from a small base, yes, but it’s very reminiscent of the old Interactive Advertising Bureau charts of Internet advertising we saw at the turn-of-the-century: tiny numbers growing explosively.