Vox Media Studios, the podcast and video production arm of Vox Media, is reportedly aiming for more than $100 million in revenue in 2021 as it ramps up the number of new series it will debut in the coming year. The production division includes the Vox Media Podcast Network, a network of owned and aligned shows, which Axios says has revenue in the eight figures.
Vox Media’s overall revenue is roughly $300 million according to the New York Times, which means audio and video production are responsible for roughly a third of the company’s annual revenue. There is no breakout of podcast-specific revenue, but the majority is likely tied to video with Vox Studios creating projects for Netflix, Hulu, YouTube, and HBO, among others.
Axios said Vox Media Studios will look to capitalize on last year’s acquisition of New York Media. That was on display in August when it resurrected The Cut, the podcast produced by New York magazine’s vertical also called The Cut. It has partnered with the Vox Media Podcast Network to revive the show that focuses on topics of culture, style, sex and politics after an eight-month hiatus.
One challenge will be overcoming the loss of one of the Vox Media Podcast Network’s more popular podcasts. Ezra Klein, host of the The Ezra Klein Show, announced last month that he was leaving the company he cofounded in 2014. Klein is heading to the New York Times where he will write a public policy column and host a new Times Opinion section interview podcast.
Separately, Vox also lost Editor-in-Chief Lauren Williams, who had been overseeing more than a dozen podcasts as part of her duties. She is leaving to launch Capital B, a new not-for-profit news organization that will target Black audiences.