Two podcast networks and a podcast creation studio have been selected to receive a cash infusion to help get their shows up and running. The money comes from Podfund, the newly-created firm designed to help podcasters get seed money to get podcasts off the ground or accelerate growth for an existing series.
Nicola Korzenko, general manager of Podfund, said in an email that the company has become a go-to resource for ambitious creators building a podcast business. “We've spoken to hundreds of podcasters and announced 10 investments since launching May,” she said.
The latest podcasters to receive an investment include:
DIVE Studios, an English-language podcast network focused on K-pop and Asian culture, and a creative space for artists based in Seoul, South Korea. DIVE Studios already has two hit shows. Their first podcast, K-Pop Daebak with Eric Nam, reached No. 1 in the Music category on Apple Podcasts in 18 countries. Their second show, The Tablo Podcast, debuted last month and reached No. 1 in the Music category in 22 countries. DIVE Studios plans to release three more podcasts by year-end.
Domino Sound is a woman-owned, Brooklyn-based podcast studio that aims to bring equity to the world of podcasting by promoting acceptance, inclusion and awareness through authentic storytelling. The company is led by Alexandra DiPalma, who was previously Brand Studio Director at Stitcher, and Kenya Anderson, who comes out of the TV/film world. They’ve so far published four podcasts including Food 4 Thot, Akimbo with Seth Godin, Raising Rebels, and Scream, Queen!.
Osiris Podcasts, a company launched last year by Phish lead songwriter Tom Marshall and Phish uber-fan RJ Bee. Osiris’s shows focus on music and culture, from podcasts featuring high-profile musicians (including shows led by Bob Crawford of The Avett Brothers, Jon Barber of The Disco Biscuits) to explorations of specific bands and genres.
Korzenko says moving beyond simply backing individual show producers, Podfund’s latest investments are a reflection of how the industry is developing. “We’ve started to see — both in Podfund applications and throughout the industry — a wider range of audio creator models including more emerging studio and networks,” she explains in a blog post. “In some cases, there is a vertical theme, and in others the unifying concept may be more abstract, such as diversity of stories and opinions, and we’re bullish on this next generation of specialized audio-first media companies.”
Podfund launched in early May, offering to provide podcasters with tens of thousands of dollars in funding. It’s not a grant program. Instead, in return for the money, a podcaster accepting the funding must agree to a revenue share agreement that will see Podfund receive 7%-15% of revenue for the first three to five years, depending on the show’s traction, ad revenues and projected growth. And in the event the company that is producing the show is ultimately sold, Podfund would receive 1% of the total purchase price.
Korzenko tells Podcast News Daily they continue to accept applications for funding and expects they’ll announce additional investments in the coming weeks. She’ll be promoting Podfund’s efforts at several industry invents during the coming month, including Hearing Voices in New York on Friday, Werk It in Los Angeles next week, and She Podcasts Live in Atlanta in October.