The “dumb money era” is over for podcasting companies like Tom Brady and Michael Strahan’s Religion of Sports, according to the New York Times.
Battered by the twin threats of an economic recession and a weakening ad market, once high-flying podcasting startups are increasingly laying off staffers.
Founded by Brady, Strahan, and Gotham Chopra in 2018, Religion of Sports came out of the gate fast with six new shows. But the company recently did an about-face, laying off podcast employees and shuttering its audio division.
The celebrity-based media startup is not alone.
Spotify reduced its podcast staff in January for the third time in five months. Chief content officer Dawn Ostroff has resigned.
“The dumb money era is over,” podcast strategist Eric Nuzum told the New York Times. “People had been throwing money at things just to see if they could get in and scale up audience quickly, but now everyone’s being a little bit more conservative.”
But don’t cry for Brady, the seven-time Super Bowl champion who recently announced his retirement from the NFL.
This week, SiriusXM announced a multiyear extension of Brady’s “Let’s Go” podcast with Jim Gray and former All-Pro receiver Larry Fitzgerald.
In 2024, Brady will step in as Fox Sports’ No. 1 game analyst as part of a 10-year, $375 million deal.
