Podcasts Quickly Become Major Revenue Source For Barstool Sports
Barstool Sports has amassed a "large and loyal fanbase," and it has been "able to leverage that audience to expand into the burgeoning world of podcasting, which now represents a sizable and growing piece of its business," according to Todd Spangler of VARIETY. Barstool three years ago was "producing three podcasts" and "now has more than 30." The company "ranks as the No. 6 largest U.S. podcast publisher with 6.75 million unique listeners" in July -- "putting it ahead of rivals including ESPN." Barstool Sports CEO Erika Nardini said that "upwards of 35% of Barstool's revenue now comes from the podcast business." She "wouldn't share specific financial details but says the 180-employee company is 'on a path toward $100 million' in overall revenue over the next year and is profitable." Nardini said that for Barstool, podcasting is a "very high-margin business and far more cost-effective than TV production." She added that audio formats have been "strong for Barstool in letting it connect with 18-34 audiences." Spangler noted Barstool has "inked sponsorship brands for several of its podcasts, including with Roman, SeatGeek, Starbucks, FanDuel and Square's Cash App." The company also "sells merchandise like T-shirts and hats for its podcasts and is bringing its hosts to live events" (VARIETY.com, 8/20).