NEWS
NEWS
NEWS
Podcast service Stitcher bought by Scripps for $4.5 million
Media conglomerate E. W. Scripps has just spent $4.5 million to purchase Stitcher, the second largest podcast platform after iTunes.
According to the company, Stitcher’s platform will be operated by Midroll Media, Scripps’ own podcast advertising network, which allows podcasters to earn money through audio ads. Midrolls ads can be heard on a number of the popular podcasts, including WTF with Marc Maron and The Nerdist Podcast.
“The Stitcher brand is recognized to be an early mover and innovator in on-demand audio, especially with connected cars,” said Adam Symson, chief digital officer for Scripps. “Stitcher’s data-driven technology has made it a leader in podcast discovery and audio distribution, which will complement Midroll’s leadership in content creation and advertising sales.”
According to Zenith Optimedia, ad spending on podcasts had been expected to reach over $34 million in 2015, and Midroll is a key player in that industry. The acquisition of Stitcher could give Midroll an incredibly valuable channel for new ad revenue.
“At Midroll, we’ve always been impressed with Stitcher’s incredible reach and pioneering work in the audio landscape,” said Erik Diehn, vice president of business development for Midroll. “Together, we can accelerate the podcast industry’s growth and further our combined mission to connect ever larger audiences with even more great shows.”
Photo by M. Keefe
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