In one fell swoop, Radio.com parent company Entercom has acquired both Pineapple Street Media and Cadence13, two of the most prolific independent American podcasting companies.
Financial details of the deal were not disclosed, but it brings Pineapple Street’s award-winning podcasts like The Clearing, Running from COPS, and Missing Richard Simmons under the same roof as Cadence13’s pod partnerships with Goop, Crooked Media, and its digital star podcasting network The Ramble. Cadence13 was one of Fast Company’s 2019 Most Innovative Companies, and Pineapple Street Media cofounder Jenna Weiss-Berman was Fast Company’s 2017 Most Creative People in Business honoree.
“With these important acquisitions, Entercom will stand as a unique leader in the audio universe with both the greatest collection of premium, original local audio content along with arguably the best national podcast content,” said Entercom chairman, president, and CEO David Field in a statement.
Both companies now become wholly owned subsidiaries of Entercom, under the leadership of chief digital officer J.D. Crowley, with Pineapple Street Media undergoing a slight name change to Pineapple Street Studios.
“We started Pineapple three years ago with the simple goal of making great shows that found huge audiences, and joining forces with the amazing teams at Entercom and Cadence13 means we can do that at a scale we never imagined,” said Pineapple Street Media cofounder Max Linsky, in a statement.
Cadence13 founding partners Spencer Brown, Chris Corcoran, and John Murphy said in a statement that Entercom’s portfolio of broadcast radio stations and the Radio.com platform gives Cadence13 access to a national audio platform that will accelerate revenue and development of its listenership. “This acquisition helps us extend the reach of our partners and build their audiences across the audio landscape,” they said.
The deal comes six months after Spotify shook the podcasting world with its acquisitions of Gimlet Media and Anchor, and further advances the consolidation of the podcasting business. It shouldn’t come as a surprise, given the revenue growth of podcasts over the last few years. According to an IAB and PwC report, American advertisers spent an all-time high of $479 million on podcast ads in 2018, up 53% from $314 million in 2017, and podcast revenues are predicted to double by 2021 to more than $1 billion.