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The New York Times is reporting that Wondery has raised $10 million in a funding that values the podcast network at more than $100 million, as it looks to add to its slate of original programs and expand internationally. The fresh round of cash, roughly quintuples the largest independent podcasting company’s valuation from last March.
Podcast advertising revenue in the U.S. grew 53% last year to $479.1 million, and is expected to grow another 42% this year to $678.7 million and top $1 billion by 2021. All indications are that podcasting is quickly gaining the confidence of the financial world.
In 2018, more than 50% of the U.S. population over 12 years old listened to a podcast, according to Edison Research.
“Podcasts are growing faster than anybody expected both from total listening as well as total advertising revenue,” said Wondery Chief Executive Hernan Lopez.
Wondery is on track for $25 million in revenue this year, according to Times sources, and expects to turn an annual profit.