Podcasting started as a niche-nerd pursuit. Now it’s a $9 billion industry. Is that a lot? The strange economics of this thing we do.

• SOURCES:
  • Jim Bankoff, chairman and C.E.O. of Vox Media.
  • Ben Davis, head of digital at WME.
  • Will Page, former chief economist at Spotify and author of Pivot.
  • Jenna Weiss-Berman, head of Paper Kite Audio and executive producer of Good Hang with Amy Poehler.
  • Jeanine Wright, co-founder and C.E.O. of Liquid Studios (Inception Point AI).

• RESOURCES:
  • "U.S. AI infrastructure buildout is surpassing every prior investment in American history," by Cris Tolomia (Quartz, 2026).
  • "The AMP Accords," (Alliance for Measurement in Podcasting, 2026).
  • "Owl & Co: Global Podcast Economy Grew 23% To $9.2 Billion In 2025." (Inside Radio, 2026).
  • "James Murdoch to Buy New York Magazine, Other Vox Assets for Around $300 Million," by Isabella Simonetti and Jessica Toonkel (The Wall Street Journal, 2026).
  • "Patreon Says Podcasters Earned $629 Million in 2025, Up 33%, as Platform's Biggest Content Category Keeps Growing," by Todd Spangler (Variety, 2026).

• EXTRAS:
  • "How to Think About A.I.," series by Freakonomics Radio (2023).
  • "How Spotify Saved the Music Industry (But Not Necessarily Musicians)," by Freakonomics Radio (2019).
  • "Our 100th Episode!" by Freakonomics Radio (2012).

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