Who needs bankers when you have a loyal fan base? The independent sports podcast company Blue Wire has launched a community fundraising round which it hopes will raise $1 million for the company. Blue Wire says the raise will allow investors – including fans, journalists, athletes, and creators – to join the company’s ownership group and support Blue Wire’s plans to scale up operations, expand its portfolio of profitable content, and develop proprietary software to further support its network of over 500 creators and 300 individual podcasts.
“In a market dominated by major conglomerates and publishers, Blue Wire is building a different type of business,” said Kevin Jones, Founder & CEO of Blue Wire. “We believe in ‘strength in numbers,’ and this crowdfunding campaign further highlights this core value.” The effort, in partnership with WeFunder, values Blue Wire at $25 million.
Blue Wire tells would-be investors that the new funding round comes at a time of “explosive growth” for the company. Blue Wire says it has a U.S. audience of more than three million unique monthly listeners and an annual download count of over 130 million. Blue Wire also works with more than 100 advertisers. It also collaborates with a range of strategic content partners including Wynn Resorts, Action Network, and Fubo Sports to produce and monetize content.
The result is more than $20 million in revenue generated by Blue Wire since 2020, with revenue doubling during each of the last four years. This year, Blue Wire says it is on track for projected $8.4 million in revenue in 2023. And it has a plan to reach profitability by 2024.
“Blue Wire is offering individual investors the opportunity to join our movement,” Jones said. “Independent podcasters are building thriving content businesses, and our infrastructure can support this explosive growth.”
Two-time NBA All-Star and Blue Wire investor Baron Davis is among the investors in Blue Wire. He calls it a “perfect opportunity” to be in the podcast space. “The company has great vision, great intuition, and they care about what they’re building,” Davis said.
In addition to Davis, since 2020 Blue Wire has secured $12 million in funding from various sources, including seed and Series A rounds led by Dot Capital, Wynn Resorts, and East Carolina University’s Pirate Fund.
With a goal of $1 million, WeFunder says $64,000 has been raised so far.
Blue Wire was founded in 2018 by Jones, a veteran of sports talk radio including KNBR San Francisco (680).