Laurene Powell Job’s Emerson Collective is back in the news. Two days after acquiring a majority stake in The Atlantic, the non-profit has participated in a funding round for Gimlet Media, a podcasting company. The $15 million round was led by the investment firm Stripes Group. Some of Gimlet’s shows include “StartUp,” about the funding of Gimlet, “Homecoming,” the company’s first fiction podcast, and my personal favorite “The Pitch,” a Shark Tank-esque investing podcast.
Emerson Collective and Graham Holdings, owners of rival podcast network Panoply, also joined in the round. “This investment is a gratifying validation that we are at the beginning of the second golden age of audio,” said Alex Blumberg and Matt Lieber, Gimlet Media’s co-founders.
There isn’t much money in podcasting, but Gimlet makes up roughly $15 million of an estimated $118 million industry. A PwC study, funded by Gimlet and other podcasting companies, estimates this number will jump 85% to $220 million this year.
Gimlet is looking at other ways to expand revenues as well. Gimlet’s very first podcast, “StartUp” is being turned into a single-camera sitcom on ABC called “Alex, Inc.” starring Zach Braff. “Homecoming,” about a secret government agency whose staff desperately wants to rejoin civilian life, has been given a two season order by Amazon Studios.