Entercom – the parent of Cadence13 and Pineapple Street – says it has no plan to cash-in on a consolidation wave in the podcast business. Entercom spent $48 million to acquire the two companies, and while other deals suggest they could easily sell their podcasting business and turn a profit, CEO David Field says that is not in the cards.
“We are not sellers in the space,” Field said Friday. “We think it is integral to what we do and adds value and symbiotic opportunities in both directions.” During a conference call with investors, he said what makes him confident about Entercom’s embrace of podcasting is that it works well with their lineup of news, talk and sports radio stations, as well as local radio personalities that could promote their shows.
Field said it also helps Cadence13 and Pinneapple Street sign partnerships with producers who are excited about the opportunity to see their podcasts promoted through radio. “We think that puts us in a really nice competitive position and we’re not being pushed do any deals that are not economically sound,” he said.
Entercom reported its digital revenue grew 41% from a year ago during the third quarter to $47.3 million. It did not release podcast-specific figures. However, Field did say that its unique user numbers climbed 36% during the quarter according to Triton Digital, and total listening hours increased 14% as downloads rose 27% compared to a year ago.
Total third quarter revenue at Entercom was $268.5 million, up 53% compared to Q2, but down 30% compared to a year earlier. “Ad sales continue to suffer from the deep impact of the pandemic,” said Field.