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The Art Of Selling And Keeping Your Podcast [S3E117]
Episode 11727th April 2021 • Podcast Pontifications • Evo Terra
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Evo Terra:

Mergers and acquisitions in podcasting show no signs

Evo Terra:

of slowing, and now individual shows are getting scooped up.

Evo Terra:

As a podcast owner, would you consider selling your show?

Evo Terra:

More importantly, should you?

Evo Terra:

Hello, and welcome to another Podcast Pontifications with me, Evo Terra.

Evo Terra:

In case you missed the news amongst all the other news that's out there,

Evo Terra:

yesterday two shows were sold.

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Relatively high-profile shows, one big, one smallish.

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You probably read the news that Roman Mars has sold 99% Invisible to SiriusXM Radio.

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They own Stitcher and Midroll and a bunch of other things.

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Jay Acunzo sold 3 Clips, the show he does that breaks down

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podcasting - it's a podcast about podcasting, if you will - to Castos.

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Yeah.

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Big deal.

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And I was updating the Airtable that Anne Baird and I created to track

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all of this activity, and, of course, you will find the link in the episode

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details to said Airtable with all of the mergers and acquisitions of podcasting,

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and I realized, wow, there's a lot.

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There are a lot of things happening and now they're continuing to happen.

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So it got me thinking about selling, specifically around the question

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should you sell your podcast?

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If someone comes knocking and says, "I would like to buy your

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podcast," should you sell it?

Evo Terra:

Yes.

Evo Terra:

Show's over.

Evo Terra:

No, I'm kidding.

Evo Terra:

Show's not over.

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I have more to say about that, but yes, I think you should

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at least entertain the offer.

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"There's no such thing as selling out, only the possibility

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of selling too cheaply."

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Wise words from a friend of mine named Dave Slusher, long-time podcaster, longer

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than me, of Evil Genius Chronicles, shared that with me along long time ago.

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Now, selling a podcast might be different than the way you're thinking

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about selling things in general.

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I don't know what your relationship is with selling things, but look,

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oftentimes when you sell something, if you sell your house to someone

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you can't live in your house.

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They're going to want the house to live.

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That's why they bought it.

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Podcasting is a little bit different, especially these two most recent deals

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because while they were sold, both of the hosts get to keep doing the show.

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The same way they were?

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Eh, maybe.

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Different ways?

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Sure.

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Whatever.

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But they did not sell it to someone and say, "Here it is.

Evo Terra:

I'm out of here, off to the Caribbean."

Evo Terra:

Nope.

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They sold it and they're staying involved.

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They're still the host of the program, right?

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It's not like they sold all of the elements.

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That's one way to sell your show.

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But this was actually selling the license and the agreement and all of that.

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But here I will sit behind the microphone and keep doing the things that I do.

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Now, that's interesting.

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That's getting all of the support behind you, but you can still continue

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to do the things that you want to do.

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And I'll have links to both of the articles that both Jay and Roman put

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out that explain why they did that, what they're looking forward to.

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But for the rest of the time we have here together today, I thought I'd talk

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about some pros, not professionals, but the pros as opposed to the cons,

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why would you do something like this?

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I think the biggest reason you, me, any podcaster should consider selling our

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show, if someone comes knocking, is cash.

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Cash is good.

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We all have different levels of cash that we need, but cash is good.

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In fact, Roman got enough cash to let him kick in at least a million

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bucks back to his old company, PRX, over the next four years.

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That's a fair chunk of change.

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I would think having cash up front allows you to do a lot of work, right?

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But the primary pro is cash.

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You're not worried about cashflow.

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You're not worried about paying your rent for the next

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X months, years, whatever else.

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Second pro, focus.

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See cash, by the way, on why you are allowed to focus, but really focusing

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when you've sold it to someone and you're still the host means you can double

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down and do the things you wanted to do with your podcast in the first place.

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And then lean on your partner, owner, whatever they're called to do the

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things that you don't want to do.

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Maybe sell inventory, maybe do all the marketing, who knows

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what it is you don't want to do.

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But you now have the focus because you no longer have to do everything.

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Now you can focus in on just the parts that got you jazzed about doing the

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show in the first place or that you discovered during the show's evolution.

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These are the things you want to do because of that cash now you have the

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focus and also because the business partners, you now have the focus to stay

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doing just the things you want to do.

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Third pro, you have access to the future.

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Here's what I mean by that.

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You see, most deals for acquisition of a show have some sort of either

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an end date or a renewal date.

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Not to where the rights revert back to the original owner, although I guess

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that's possible, but typically where the host, you, would get to duck out.

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After six months, six years, whatever the timeframe is, it's up to the two of you,

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whether or not you want to continue on.

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Having that date out there, having a definite end date written down on a

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contract makes you think about the future.

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It makes you think what you're going to do after this.

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A lot of times, podcasting can feel a little bit like a weight that constantly

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dragging you down because it's a thing I have to do every day or week or month.

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Whenever you put your show out with no end in sight, because that's

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the podcast you've structured.

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This changes that you can now focus on that end date gives you some

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sort of a sense of accomplishment already because you've made one major

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milestone or maybe more before that.

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But at least there's one big one of selling your content.

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Now you're looking forward to this next milestone when your contract is over.

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So you can start thinking about what is next for you.

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And of course with any time there are pros that are cons, right?

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And I don't want to dwell on the cons because there are many of them.

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But I think the biggest one that all boils down to is that you're

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no longer the sole decision maker.

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When you sell your show and stay in the hosting seat, you got a

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job, you have a job, or at least you have a boss or a partner.

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Who's making decisions along with you.

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It's not just all about you, but again, cash focus future.

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I think I might trade some of those things.

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In fact, what I take my own advice.

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Absolutely.

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You bet the ability to focus really deeply on what really

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jazzes me about this kind of stuff.

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And in thinking about the future, all of that makes really good sense.

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Should you well, again, I think you'd be foolish not to

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at least entertain the offer.

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I can't don't and doesn't mean you have to do it, but at least have the

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conversation and start thinking about future or a cash and focus and future.

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I mean, this was normally the part of the show where I say, share this

Evo Terra:

article with a friend, although.

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Maybe instead this time you should share this article with a company

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or a firm who you think might be interested in acquiring your podcast.

Evo Terra:

And since no one is offering to buy me or my podcast, you can at least buy me a

Evo Terra:

coffee over at buymeacoffee.com/EvoTerra.

Evo Terra:

Thanks.

Evo Terra:

That's it.

Evo Terra:

I shall be back tomorrow with yet another Podcast Pontifications!