How podcasts grew into a multimillion-dollar industry

Photo by Amelia Holowaty Krales / The Verge

The New York Times already wants to know if we’ve reached “peak podcast,” and sometimes, yes, it seems like everybody has a show. Oprah, Shaq, reality TV stars, random friends of yours — everyone! The industry has existed for over a decade, but this year it’s been particularly buzzy, especially after Spotify announced its plans to spend $500 million on podcast-related acquisitions. Even just this week, Bloomberg reported that Apple might start bankrolling exclusive shows for Apple Podcasts, too. Podcasts are expected to generate $1 billion in revenue by 2020, according to a study from Interactive Advertising Bureau (IAB) and PwC; the space is only going to continue to grow.

The industry has slowly gained traction since former Apple CEO…

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