--- title: Podcasting has a big money problem - The Hustle description: More people are listening than ever before — but the ad market has dried up. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/534147622-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-podcast_20230809233357.webp --- # Podcasting has a big money problem ![Ben Berkley](https://53.fs1.hubspotusercontent-na1.net/hubfs/53/assets/hubspot.com/web-team/WBZ/HubSpot%20Media/Blog%202021/Images/Nav/Optimized/TheHustle_Icon_Dark.svg) [Ben Berkley](https://hs-sbup.thehustle.co/author/ben-berkley) Published: August 10, 2023 Updated: October 11, 2023 Podcasts are more popular [than ever](https://www.tritondigital.com/news-item/January-25-2023/2022-was-another-record-year-for-podcasts). Among listeners, anyway. ![podcasting](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/534147622-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-podcast_20230809233357.webp?width=595&height=400&name=534147622-httpsthdaily.s3.us-west-1.amazonaws.comfinal_size-podcast_20230809233357.webp) For many creators and production companies, it sure doesn’t feel that way: The money that sustains their shows has slowed to a halt. #### **What’s going on?** The last decade or so has been a golden age for podcasting, as shows like *Serial* popularized the medium and took it mainstream. Today, [64%](https://www.pewresearch.org/journalism/fact-sheet/audio-and-podcasting/) of Americans say they’re podcast listeners. (BTW: 0% of respondents say they listen to [the podcast of their favorite daily newsletter](https://link.chtbl.com/THDS-Daily), but that’s only because they weren’t asked.) This [listening boom](https://www.nielsen.com/insights/2022/u-s-podcast-listenership-continues-to-grow-and-audiences-are-resuming-many-pre-pandemic-spending-behaviors/) saw media companies pour lots of money into audio; Spotify notably invested [$1B+](https://midiaresearch.com/blog/spotify-podcast-earnings-moving-beyond-the-investment-phase) in podcast acquisitions and celebrity deals. But this year, those investments have scaled back — hard. - In March, [layoffs](https://www.npr.org/2023/03/23/1165559810/npr-layoffs-cancels-podcasts-invisibilia-rough-translation) at *NPR* led to the cancellation of four popular podcasts. - In June, Spotify [laid off](https://www.nytimes.com/2023/06/06/business/spotify-layoffs-gimlet-podcasts.html?hubs_content=blog.hubspot.com%2525252Fmarketing%2525252Fauthor%2525252Flestraundra-alfred&hubs_content-cta=How%25252520Duolingo%25252520Struck%25252520Social%25252520Media%25252520Gold%25252520with%25252520Unhinged%25252520Content) 200 employees from its podcast division, shuttering some of its major shows. - This month, SiriusXM will officially [shut down](https://variety.com/2023/digital/news/stitcher-shutting-down-siriusxm-podcast-app-1235655994/) its once-popular podcast player, Stitcher. #### **Where did things go wrong?** Put simply: advertisers are no longer footing the bill. The monetization model for most podcasts took power away from their listeners. - With shows distributed for free, fans haven’t been the ones exchanging money to keep their favorite shows going — that’d be corporations and advertisers. Now, that market is in a state of correction. With a [recession](https://www.latimes.com/business/story/2023-07-29/rolling-recession-or-a-richcession-might-spare-the-us-economy-from-a-full-scale-downturn) looming over the past year, advertising budgets have been among the first to go for companies looking to curb spending. The podcast industry has [watched that happen](https://www.hollywoodreporter.com/business/business-news/podcast-deals-market-advertising-1235302513/) in real time this year. **The silver lining here: **podcasting isn’t going anywhere — it just needs a more sustainable business model. *Want more like this? *[*Subscribe*](https://blog.hubspot.com/the-lead-subscribe?_hsmi=267750091&_hsenc=p2ANqtz-9GsfYaexcU8sxxlwGK_g0aDw7Q7L9sXkSBibFf9f1zYSdrZARELfv-im3z8xlU-4lhN3WjRCV4WnoFefFNr94jziVXU12eLKMNu8DGLJIOXof2YrI-4hWFefxzWdTUdWLKNppy)* to our new sibling newsletter, The Lead, delivering marketing trends, tips, and tactics to inboxes every Wednesday.* Topics: [Podcast](https://hs-sbup.thehustle.co/tag/podcast) ## Follow us on social media Pop up for Subscribe to The Hustle Daily Newsletter Subscribe to The Hustle Daily Newsletter Get the 5-minute news brief keeping 2.5M+ innovators in the loop. Always free. 100% fresh. No bullsh*t. 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