Big news: E.W. Scripps agreed to sell Stitcher to SiriusXM for $325M.

The bottom line: The E.W. Scripps podcast offering included the acquisition of Stitcher ($5M in 2016) and Midroll ($55M in 2015), meaning this could deliver a 442% return versus the original price.

Flashback: Spotify Strikes Podcast Deal With Joe Rogan Worth More Than $100 Million

Podcast advertising revenue by year (YoY growth) according to PwC:
1) 2015 – $106M
2) 2016 – $169M (↑ 59%)
3) 2017 – $314M (↑ 86%)
4) 2018 – $479M (↑ 53%)
5) 2019 – $708M (↑ 48%)
6) 2020P – $812M (↑ 15%)
7) 2021P – $1.3B (↑ 55%)
8) 2022P – $1.7B (↑ 36%)

Share of advertising revenue by objective:
1) Direct response – 54%
2) Brand awareness – 42%
3) Branded content – 3%
4) Product placement – 1%

Quote from Zoe Soon – VP of Consumer Experience Center @ IAB:
“The heart of podcasting has to date been direct-to-consumer, but more established brands are starting to look at podcasting.”

Average daily time spent listening to podcasts (YoY growth) according to eMarketer:
1) 2018 – 31m (↑ 21%)
2) 2019 – 36m (↑ 18%)
3) 2020P – 34m (↓ 7%)
4) 2021P – 35m (↑ 3%)
5) 2022P – 36m (↑ 2%)