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- One of the biggest and most successful podcast producers, Wondery, is to be restructured by Amazon, laying off a reported 110 people including the company’s CEO, Jen Sargent. Wondery was bought by Amazon at the end of 2020 for $300mn, then doubled its staff. It currently has around 360 published shows.
- Wondery’s narrative podcast studio will be combined with Audible. Marshall Lewy, Wondery’s Chief Content Officer, will also join Audible. The company’s creator-led shows (New Heights, Armchair Expert, etc) will be merged with the existing Talent Services team, rebranding to Creator Services.
Ads and sponsorship will merge with a team at Amazon Music. Ads and sponsorship will create an entirely new team that includes the existing ad-sales team at Amazon Music.
- The story was broken by Bloomberg in a paywalled article. (Podnews readers can save on a subscription). Business Insider carries the memo from Steve Boom explaining the changes, and noting that podcast revenue has grown by 4x since the company was bought by Amazon.
- Why the change? Video killed the owl, it seems. The memo reads: “The podcast landscape has evolved significantly over the past few years. As video podcasting has grown in popularity, we have learned that creator-led, video-integrated shows have different audience needs and require distinct discovery, growth and monetization strategies compared to audio-first, narrative series. The rise of video has also blurred the lines on what it means to be a podcast creator.”
- Amazon’s decision should be read alongside the performance of its other podcast acquisitions. Amazon bought podcast hosting company ART19 in June 2021, which has never achieved more than a 1% share of total episodes published, and currently hosts 3,900 shows (other enterprise hosts like Megaphone, Simplecast or Triton/Omny each host around 20,000). Amazon splashed $80mn on the SmartLess podcast: but that deal only lasted three years. Last year it spent $100mn for New Heights, promising international audio adaptations (which haven’t happened) and live events - there hasn’t been a live event for the show since Amazon’s ownership. Amazon Music started slowly adding podcasts in 2020; it has a 13% market share for music in the US, but achieves just a 1.6% share of US podcast downloads.
- If you’re affected by recent layoffs at Wondery, Pineapple Street Studios or public radio, Podcast Movement is offering a limited number of complimentary passes for its event in Dallas later this month. Email support@podcastmovement.com to get connected with the team.
- Podnews has a free jobs board, and if we can help in any way, just reply to this email.
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