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This is really the first time we’ve gotten a detailed behind-the-curtain look at the Luminary operation, and it’s not pretty. Bloomberg is calling Luminary a “money-losing podcasting startup,” burning through $4 million per month and only generating $500K per month. And that only about 80,000 people who tried the app have remained paying subscribers
The report also says that the company is cutting costs after struggling to attract subscribers by slashing its marketing budget, not adding new shows and eliminating staff.
Bloomberg reports the company has raised more than $30 million in a new round and is looking for more money.
The Luminary issues bring back the biggest question about podcasting and consumers: Will they pay for content they’ve been getting for free for years, especially when they can click one button several times to fast forward past any ads in their favorite shows.
Check out the Bloomberg story HERE (note it may be behind a paywall for you).
Comments:
My podcast took a look at paywalls and we had thoughts. This proves mine: https://podcasts.apple.com/us/podcast/podcast-on-podcast/id1498382181