Podcasting: Why Have We Been Undervaluing a $7.3B Industry? - with Hernan Lopezz

CAOs, there’s a number out there in the world that if you knew it, it’d change your business forever. Our guest on this week’s episode of the Media Roundtable found that number— How’d he do it? Join Dan Granger (CEO, Oxford Road & Veritone One) as he hosts Hernan Lopez (Founder, Wondery & Owl & Co) in a special double episode about the BIGGEST number in podcasting and why it matters.

They’re talking: Counting What Counts, Why Definitions Matter, Audio Wins, and more. Let’s dive in.

“ I estimated the global podcast economy to be worth $7.3 billion.”

Count What Counts 🤓 - Hernan’s $7.3B estimate of the industry shakes up previous assumptions on podcasting. It doubled the US estimate, and added several billion in global podcast business. Tracking down the numbers isn’t easy, and it’s not perfect. That’s okay. CAOs, in measurement, having a better idea of the truth puts you miles ahead in your decision-making power.

Definitions Matter 👏 - Owl & Co.’s groundbreaking study emerged from Hernan and Dan’s discussion as part of our “What’s A Podcast?” limited series. They knew the IAB didn’t count video podcasts in their $2B US estimate, and video podcasts are clearly podcasts too. When we define our industry clearly and consistently, we can show receipts for the growth we’re driving (and get commensurate investments).

Audio-Only Successes 🏆 - The pie has grown for everyone by counting video podcasts as podcasts. But equally important—video isn’t necessary to succeed in podcasting (e.g., Pivot, audio-only, should earn ~$25M/episode). There are pros and cons to every format approach, and the actual metric we should care about is what connects with an audience. CAOs, when you’re picking shows, consider being format-flexible, but insist on audience-host connection, like Hernan has been able to cultivate across shows at Wondery.

For a deeper dive into one of the most consequential studies podcasting’s ever seen, plus Hernan’s fascinating journey to get there, check out the full episode below.

Bianca Gorodinsky