Amazon's latest move spells trouble for audio-based podcasting
Wondery was founded in 2016 as a studio dedicated to spotlighting long-form, narrative-based podcasts (think stories and formats along the lines of This American Life 's iconic Serial). It was acquired by Amazon in 2021 at the height of the pandemic-induced podcast boom for a reported $300 million. Now, Wondery's brand and existing shows will be shuffled off into larger Amazon products as its CEO Jen Sargent and around 110 employees are let go from the company.
A recent analysis from the analytics firm Grand View Research shows that the global podcasting market size was estimated at $30.72 billion in 2024 and is projected to reach $131.13 billion by 2030. But while podcasting is still on an upward trajectory, the way that fans consume podcasts is clearly shifting: Now, listeners are turning to podcasts that also include a video component, with popular podcasts like The Joe Rogan Experience and Call Her Daddy increasingly relying on repostable video formats.
'The podcast landscape has evolved significantly over the past few years,' Steve Boom, Amazon's vice president of audio, Twitch and games, wrote in a memo to Wondery staff viewed by Fast Company. 'The rise of video has also blurred the lines on what it means to be a podcast creator.'
Bad news for audio-only podcasts
In an initial report on August 4, Bloomberg claimed that Amazon was planning to fully shutter Wondery. However, Amazon has since clarified that it is not closing down the brand, and instead plans to keep at least some of its properties afloat under a new structure, but things are changing.
The team responsible for Wondery's narrative podcast series, including Dr. Death, Business Wars, and American Scandal, will now report to Amazon's Audible podcast vertical. Meanwhile, celebrity-led podcasts including Dax Shepard's Armchair Expert and Jason and Travis Kelce's New Heights will join a new organization called 'Creator Services' under the Amazon umbrella.
'This new team will continue to operate our creator-led podcast studio under the Wondery brand, working with a select number of top creators to drive scaled listenership and unlock broader and long-lasting relationships across Amazon,' Boom wrote in the staff memo.
In response to Fast Company 's request for more details on whether any Wondery shows will be canceled, and Amazon spokesperson shared, 'We're still finalizing content distribution details for specific shows, and will share updates once decisions are made.'
On the reasoning behind the restructuring, they added, 'The podcast landscape has evolved significantly in the past few years, particularly with the rise of video-forward, creator-led content. These changes reflect that evolution and will streamline how Wondery integrates further into Amazon.'
The video-based podcast evolution is having ripple effects across the entire industry. Currently, YouTube is the number one place that podcasts are consumed, topping one billion total podcast views per month this February. This year, Spotify picked up on the trend by leaning hard into its video podcasting arm, taking cues from social media in its UX design. Netflix that it may make a move into video podcasting.
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