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9:17 am PDT 9/13/2018
by
Natalie Jarvey
Stuff Media is the company behind the "Atlanta Monster" and "HowStuffWorks" podcasts.
iHeartMedia is playing a game for more podcasts.
The broadcaster agreed to acquire Stuff Media, the company behind the podcasts. HowStuffWorks and Atlanta monster. The terms of the transaction have not been disclosed but The Wall Street Journal, who first reported the news, quotes sources who say the purchase price was $ 55 million.
Stuff Media will significantly enhance iHeartMedia's original podcasting business, a sign that the company, created in 1972 as the owner of Clear Channel Communications radio station, sees an opportunity to capture new audiences via digital media. .
iHeartMedia has been in the podcasting business for a while thanks to its iHeartRadio app, where it has partnered with major podcast publishers and offers more than 20,000 shows. The iHeartRadio podcasts network also hosts over 750 original programs from its local stations. Conal Byrne, President and CEO of Stuff Media, will now join iHeartMedia to lead its podcast division and report to iHeartMedia Networks Group President, Darren Davis. Chris Peterson has been promoted to executive vice president of the podcasting division and will oversee the range of iHeartRadio's original podcasts and will manage the affiliate relationships for the company.
"Although podcasting has already grown considerably, the real opportunity to bring the potential of podcasts to the mainstream is yet to come," said Bob Pittman, CEO of iHeartMedia. "Stuff Media is the pioneer of the podcasting industry and we have been impressed by its ability to develop a massive and loyal audience over the last decade, led by a strong, experienced and consistent management team, whom we welcome from iHeartMedia. "
He continued, "This strategic acquisition will bring together the extremely popular content and creative capabilities of Stuff Media with the vast resources and massive scale of iHeartMedia through our digital platforms, social networks and radio stations, introducing podcasts in the vast majority of the country with unique opportunities for advertisers to reach their consumers. "
Twenty-year-old Stuff Media began life as a reference site, HowStuffWorks, and quickly established itself in the podcasting market. Today, his network has 61 million downloads and streamers per month, and his Stuff You Should Know podcast has exceeded 500 million downloads. The company backed by Raine Group also recently collaborated with Tenderfoot TV on the real crime podcast Atlanta Monster, which gave birth to a franchise. (iHeartRadio previously announced that it would team up with companies for the new season of the show, dubbed Monster: The Zodiac Killer.)
"More than 10 years ago, HowStuffWorks was a pioneer in podcasting support and we're really excited to take another step with iHeart to chart the path of the industry for the next decade, "said Byrne, adding that the agreement" gives us the unmissable position in the podcasting sector and a platform like no one else . No company in the world has iHeart & # 39; s Audience size and innovative player, and the creative engine of Stuff Media, this is a game changer for podcasts and advertisers, and I am honored to lead this effort. "
Although podcasts have existed for a number of years, the sector has recently exploded, as more and more mainstream media companies launch into space with original programming. Last year, the industry recorded advertising revenue of nearly $ 314 million, according to the Bureau of Interactive Advertising.
Stuff Media will remain based in Atlanta and Byrne will continue to lead the business as President and CEO.
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