More recent news items this month about layoffs at Chicago Public Media (WBEZ) and Colorado Public Radio, both affecting their podcast units. Key quotes:
The move to terminate nearly 15% of the 62 unionized content creators at Chicago’s National Public Radio affiliate comes amid a worsening financial crisis for the news organization marked by declining fundraising, listenership and philanthropic support.
https://www.wbez.org/stories/chicago-public-media-lays-off-14-staffers/451b3f28-338c-45bc-98c2-742a7106ecf2
In recent years revenue has grown but has not kept pace with expenses. CPR lists on its website that expenses had exceeded revenue by $1.3 million in fiscal year 2022 and $2.3 million in fiscal year 2023. Member giving has remained strong, but corporate sponsorship was down. Meanwhile, programming and fundraising expenses – driven in part by employee costs – have risen by millions of dollars.
https://www.cpr.org/2024/03/06/cpr-institutes-layoffs-in-audio-production-podcast-units/
Looks like my analysis from chapter 60 is still accurate:
If an organization is spending more money than it brings in income, they either figure out ways to increase revenue or cut expenses, or say goodbye! The technical term, I believe, is called “business”.
https://andysylvester.com/2023/11/24/the-end-of-podcasting-chapter-60/
On the flip side, an informally produced podcast by Nick Hilton featuring people sharing their experience with Parkinson’s disease has won an award at the Broadcasting Press Guild in London, UK. A nice pull-quote from Nick’s post:
Podcasting has proved the perfect home for Movers and Shakers. It’s allowed us to access an audience of many, many thousands of people who either live with the condition, have loved ones living with the condition, or are fascinated by the banter between some broadcasting legends. It has allowed us to dive into a level of detail that makes people feel seen and heard. These are people who often feel let down by the health service, by their doctors and nurses, employers or benefits assessors. It is an entertainment product, first and foremost, but it’s also a support group. That’s why, despite the fact it’s a technical nightmare, we still record the show down at the pub: so that people feel like they’re having a pint with the gang, joining in with a laugh and a moan, and the sharing in the experiences of living with Parkinson’s.
https://nickfthilton.medium.com/what-an-award-winning-podcast-taught-me-about-podcasting-f83544fd34a7
Perhaps this is a better model for many podcasts that are trying to be money-makers – just sayin….
Postscript: NiemanLab says ” more people are listening to podcasts than ever before” – I guess the advertisers aren’t listening….