Podcasting Could Take More Hits in 2023 with Layoffs and Slowing Ad Revenue

Podcasting advertising revenues in 2023 are expected to be half that of last year's.

The Joe Rogan Experience podcast on Spotify displayed on a phone screen and headphones are seen in this illustration
The Joe Rogan Experience was the No. 1 most listened to podcast on Spotify this year. NurPhoto via Getty Images

The podcasting industry could face a difficult 2023 after a period of growth during the pandemic, according to the Verge.

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Podcast providers like Spotify, Amazon and Sirius XM invested hundreds of millions of dollars into the technology in 2020 and 2021, but it hasn’t grown at the same rate in post-pandemic times. In 2023, podcast ad revenues are expected to grow by 29 percent, which is the same figure as 2022, but half of last year’s growth. In 2024, the growth rate is expected to drop by 10 more points, according to eMarketer.

Advertisers have slowed their spending in recent months, which has led to reduced revenue and layoffs in the technology and media industries. And there isn’t much indication this will change at the turn of the year. SiriusXM is expected to cut an undisclosed number of staff in the coming weeks due to the economy, Bloomberg reported earlier this month. In October, Spotify laid off at least 38 podcast employees—representing 5 percent of its podcast workforce—and cancelled 11 shows.

Podcasting Could Take More Hits in 2023 with Layoffs and Slowing Ad Revenue