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Entercom CEO David Field sat down with Jeff Blumenthal at The Philadelphia Business Journal (Entercom’s home base is in Philadelphia) and among the topics discussed was podcasting. Field said Entercom will be getting a nice chunk of the podcasting ad revenue over the next several years.
The full Field interview is behind a paywall, however, Kevin Kinkead from Crossing Road pulled some quotes.
Blumenthal asked Field if Entercom, the second largest company in the radio industry was making money podcasting. Here’s what Field had to say: “The marketplace is now a $600 million market. And the estimates are that it will be a $1 billion market by the end of 2020 or in 2021. And we will have a nice chunk of that. We announced that the businesses we purchased are now doing $48 million to $50 million a year in sales. But that market is growing by a 25% rate. Those are public analyst estimates. So we feel we’ll be able to grow nicely as we continue to build on that business. What’s really nice is how it works symbiotically with our core business. Pineapple Street and Cadence have done great work. But they have not had the benefit of a discovery platform that we have. So when you think about the crowded world of podcasting today and how you get new podcasts discovered, how do you build audiences? And there’s no better place to build audiences than broadcast radio.”
In 2019 Entercom purchased Pineapple Street Studios as well as Cadence 13 for $48 million. Field says the Entercom podcasting business represents 150 million downloads every month.