Wondery, Stern, and the Economics Driving Media’s Reset

Hey there, and welcome to another look at the intersection of podcasting x investing.

It’s been an eventful week, with news that Amazon has officially shut down Wondery, eliminating more than 100 jobs in the process. A lot of the coverage immediately jumped to the usual take — “this proves Amazon’s podcast strategy didn’t work.”

That might make for a good headline… but doesn’t really tell the full story.

Also worth touching on: Howard Stern and recent reports that SiriusXM is canceling his show. A lot of legacy media realignment is happening — and it's worth unpacking what it means.

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Let’s get into it.

Wondery

Amazon acquired Wondery back in 2020 under its Amazon Music division. And ever since, I’ve been puzzled by the lack of integration with Audible — the more natural fit, in my opinion.

If you’ve followed my writing, you know I’ve often talked about the opportunity that exists in the blurring of podcasts and audiobooks. Amazon had a perfect setup to combine Wondery’s premium IP with Audible’s deep library and loyal user base.

Instead, the two were left to operate in silos.

More recently, Wondery leaned heavily into celebrity-driven content — the Kelce bro’s, Armchair Expert, SmartLess (before moving to SiriusXM). While that move made sense commercially, it also raised a bigger question: what is Wondery now? Who is truly a fan of the brand — and are they subscribing to Wondery+? 

That value prop was much clearer in the early days of Dr. Death, Dirty John, etc. But with a sprawling catalog, fragmented formats, and the rising dominance of video — it increasingly felt like Wondery was two separate content companies, neither fully aligned with Amazon’s other assets.

Now comes the reset.

Amazon is moving the audio-first content into Audible, where it can sit next to audiobooks and Audible Originals. Meanwhile, more celeb-led projects will fall under a broader creator-focused initiative.

On paper, it makes sense. But as one smart CEO texted me: “This might work for shows like Kelce’s — but what about creators only making $5M?”

Exactly. For tentpole shows, this could work. But in an org as massive as Amazon, will anyone care about the rest?

Howard Stern

It was reported this week that SiriusXM is “canceling” The Howard Stern Show. While unconfirmed, it’s hard to imagine the show continuing in its current form — especially with Stern already taking summers off, only broadcasting 3 days per week, and doing it via Zoom (vs. in-studio).

Back in December, I wrote:
“2025 could mark the end of an era as Howard Stern steps away from his daily radio show. As highlighted in my Q3 report, the media buzz around Kamala Harris’ interview with Alex Cooper (of SiriusXM’s Call Her Daddy) dwarfed Howard’s. And let’s be real—nobody can touch the reach of Joe Rogan’s interview with Trump. The gap between perception and reality has started to show.”

Stern still commands a loyal audience, but SiriusXM’s approach has clearly evolved. Their focus is now centered on creator-first talent with multi-platform reach — names like Alex Cooper, Conan O’Brien, SmartLess, and Megyn Kelly.

These aren’t just podcast hosts. They’re creators with influence across YouTube, social, satellite radio, live events, and more. It’s a 360 strategy — and one that reflects the broader shift happening across all of media.

Also worth noting: reports say Stern’s show employs a staff of 90 people — nearly the size of Wondery’s entire team. For a show that airs live three days a week, that model just doesn’t match the format or economics of today’s media environment. (Side note: I honestly cannot get my head around a number anywhere this size, but have even heard Bababooey himself cite this number.)

Q2 earnings reinforce the shift: SiriusXM’s podcast revenue was up 50% year-over-year — one of the strongest performers in their portfolio. Their investment in podcasting and creator-led IP is working.

It’s the same story as Colbert — and a reflection of the new realities for legacy media.

The creator economy is the future of media.
And the talent is cheaper, faster, and multiplatform by design.

The old guard needed $100M budgets and 90-person staffs.
The new guard needs a camera, a mic, and a distribution plan.

That’s the shift.

Chris

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This newsletter is sent out every Sunday (ish), written by me, Chris Peterson of DWNLOAD Media. Each week, I write about the themes and trends I see emerging in the podcast industry through the lens of investment and opportunity. Subscribe here.