4 minute read
FROM SLATE TO PODCASTS: Revolutionizing the Audio Space
BY HEATHER HAMILTON-POST
INTERVIEW BY KAREN DAY
Despite a business successfully sold to Spotify, Idaho’s Matt Turck is a media man in motion. “I have a kid in high school—I didn’t want him to come home and see me sitting on the couch,” he laughed. Otherwise, Turck is guided by his desire to work with a cohort of brilliant co-founders in the rapidly changing tech space and the irrefutable high that comes from building a successful company.
Turck’s willingness to evolve, necessary in a changing tech and media landscape, began early in his career and paved the way for his business success. In 2014, as the publisher of Slate and with decades of experience at Time Inc. and The Washington Post, Turck sought to grow the business.
Podcasts, though still largely a niche medium—beloved by enthusiasts but overlooked by major advertisers—caught the attention of Turck and his team. Then came “Serial,” the groundbreaking true crime podcast that captivated millions and thrust the format into the mainstream. At the same time, Apple made its podcast app a default, undeletable feature on iPhones. Suddenly, podcasts were more accessible than ever, which marked the beginning of a revolution—and an extraordinary business opportunity.
By 2015, they launched Panoply, a podcast network aimed at uniting likeminded creators and leveraging Slate’s expertise in podcast production and advertising. Initially, the plan was to launch with 35 podcasts. By the end of year, they’d reached 80, which included high-profile productions like Malcolm Gladwell’s “Revisionist History,” a show that is still popular today.
Panoply’s commitment to quality attracted audiences and advertisers, but Turck wasn’t just focused on content; he was also innovating the way ads were delivered in podcasts. “At the time, the only way ads were served in podcasts was ‘baked-in’—the host read or talked about a product,” he explained. “You should be able to reuse that advertising space, so we wanted to nd a way to dynamically insert ads, or pull an ad and replace it with new advertising,” Turck said. Though the move to audience-based targeting meant sacrificing $10 million in direct-to-consumer ad revenue, the gamble paid off. Panoply emerged as the largest enterprise podcast network—so in 2020, when Spotify wanted to grow their presence in the space, an acquisition made sense. Though they now refer to the targeting part of the business as Spotify Advertising Network, the Megaphone platform name lives on. Overall, the sale was a move that, as Turck said, laughing, “earned him some cred” with his kids.
When they acquired an Australian company called Audiometric—which became Megaphone—their vision became a reality, bringing podcasting into the modern digital advertising world.
By 2017, Panoply’s focus shifted toward targeting audiences through data. Leveraging a partnership with Nielsen, the company pioneered the Megaphone Targeted Marketplace, allowing advertisers to reach specific demographics, a move Turck knew would change the podcasting industry.
Since then, Turck and his co-founders have moved on to new ventures, including PodRoll, a company in its second year, that addresses the essential problem facing podcasts—discovery.
By enabling dynamic feed drops, where podcasts are promoted within other shows to attract new listeners, this innovative marketplace has generated significant revenue for participating creators while driving audience growth.
For aspiring podcasters, Turck advises starting small and focusing on differentiation.
“Earn your audience,” he said. “Start out with 20 minutes of content and develop a relationship with listeners. Make sure there’s something unique about your show that people are interested in, and come out strong, with promotion.” Turck adds that sound and visual quality—which he recommends for the future of podcasting—are also essential.
What’s next? In addition to PodRoll, Turck is hard at work on another project. “Spotify is a great company, and Megaphone is a great product. Maybe we can do it again,” he said.
