In the world of podcasting and the audio industry, there were a few noteworthy updates this week. Let’s start with the TV rewatch podcasts. Despite the ongoing Hollywood strike, popular rewatch podcasts like Gossip Queens and Pod Meets World will continue to release new episodes. The SAG-AFTRA union clarified its rules regarding TV rewatch podcasts, stating that existing podcasts under a contract can continue to promote struck work. However, new contracts and promotions are off-limits. In a statement, the union’s national director of contract initiatives and podcasts, Sue-Anne Morrow, explained the guidelines.
While some rewatch podcasts can continue, it’s advised for hosts to consider changing up their content during the strike. The union encourages hosts to pivot their shows away from the promotion of struck work. It seems necessary for everyone to work together during this challenging time for the entertainment industry.
Moving on to Spotify, the company released its second-quarter earnings results. While podcast ad revenue saw a 30 percent increase and the number of premium users rose to 220 million, a net loss of €302 million suggests that it will take some time for the company to see the benefits of its streamlining efforts. Spotify initiated various cost-cutting measures this year, including layoffs and the merger of Gimlet and Parcast podcast studios. The company also made programming cuts, such as not renewing its deal with Archewell Audio.
Despite the loss, company leaders expressed optimism during the earnings call. They anticipate a gain in users and revenue due to price increases. Spotify recently raised the price of its Premium subscription in the US and in over 50 international markets. CEO Daniel Ek explained that the company preferred to focus on increasing the overall number of consumers on their platform. However, he acknowledged that price increases would eventually become a more important tool for revenue growth.
Spotify is also exploring the integration of artificial intelligence (AI) into its platform. Chief Financial Officer Paul Vogel mentioned AI in the context of podcast discovery. By summarizing podcast content with the help of AI, it would be easier to introduce new podcasts to consumers, resulting in higher engagement and growth for creators. This development is part of Spotify’s ongoing experimentation with AI features.
In other news, The Ezra Klein Show is set to join the lineup of public radio programs. PRX and The New York Times have partnered to bring the podcast to public radio stations starting in November. Although the podcast version will still be distributed by the Times, PRX will serve as the distributor of the public radio program. PRX, known for its distribution of shows like The Moth Radio Hour and Reveal, is excited to add The Ezra Klein Show to its roster, with a full list of stations to be announced later this year.
The Ezra Klein Show, hosted by the founder of Vox, is popular for its in-depth conversations with notable guests. This move to public radio showcases the growing influence of podcasts in the traditional broadcast space. In an effort to deliver engaging and informative programming to listeners, public radio stations are embracing podcasts like The Ezra Klein Show.
Overall, the podcasting and audio industry continues to evolve and adapt. Despite challenges like the Hollywood strike and financial losses, there are exciting opportunities for growth and innovation. As more podcasts find their way onto public radio and companies like Spotify explore advancements in AI, the future looks promising for the audio industry.
