DWNLOAD REPORT: Q1 2025

Welcome to another installment of the DWNLOAD Report. I’m currently en route to Stockholm, where I’ll be spending the week with the fast-growing Podspace team, as well as continuing my quest to find the best meatballs their fine city has to offer. 

In this update, we’ll talk about YouTube and Netflix, share thoughts on Q4 2024 earnings, and tackle FOX’s massive acquisition of Red Seat Ventures. 

About a year ago, I sent out the first version of The DWNLOAD Report, my sort of manifesto on the podcast industry, with the simple goal of sharing why the podcast industry is the most undervalued medium, and we sit at an incredible moment to invest in a rapidly growing industry. Since then, I’ve sent these quarterly reports, and I couldn’t be more bullish about my original thesis. 

If you were forwarded this email, feel free to sign up for this free quarterly(ish) newsletter sent to more than 1,000 investors and media executives. 

And a new feature, here’s two must-listen podcasts for your week:

• The Town with Matt Belloni interviews Netflix’s Bela Bajaria [listen]

• Semafor’s Mixed Signals interview with Chris Balfe [listen]

Alright, let’s get into it.

FOX & Red Seat Ventures

You may not have heard of Red Seat Ventures before the announcement of their acquisition by FOX, but this is an absolutely massive deal not only in the podcast space but also in the overall creator economy. I’m happy to share that Red Seat Ventures are minority owners in DWNLOAD Media, and founders Chris & Kevin Balfe have been instrumental in my career (and great friends). Congrats to them and the entire team. Also, congrats to the savvy executives who predicted M&A in conservative media in our end-of-the-year Podcast Executive Survey.