How Joe Budden Shaped The Market For Modern Podcasting
A recent episode of Abbott Elementary found one of the teachers attempting to teach kids how to start a podcast. During his rant about the “coolness” of podcasting he referred to Ira Glass as the Godfather of podcasting aka “The Podfather” to which one of the kids responded:
“Oh, you mean Joe Budden?”
If you’re not a rap fan, you might be asking yourself, who is Joe Budden? And what do you mean he’s the Podfather? How is he responsible for birthing the podcasting market?
All good questions, and all deserving of an answer. So let’s start with the basics.
Who is Joe Budden?
Joe Budden is a rapper from the early 2000s who’s mostly known for his hit record “Pump It Up” if you don’t remember, the link is below.
Joe spent over a decade as a rapper eventually finding some success with his “Mood Music” projects — a series that often has him credited as one of the first rappers to talk about mental health, depression, and anxiety.
However, even with his success in music starting grow, Joe decided to expand into the world of media to grow his brand — a move that would invariably change the direction if his career forever.
In May of 2016, he stepped behind the mic and in front of the camera with two guest hosts - Rory, and Marisa Mendez for the first episode his podcast entitled…
“I’ll Name This Podcast Later”
That brings us to the crux of today’s story:
Joe certainly isn’t the first podcaster ever — and the real podfather is Combat Jack (RIH).
BUT, if someone ever commissions a Mt. Rushmore of podcasting Joe’s face deserves to be on there because he’s the reason that everyone’s getting a bag off of podcasting.
He shaped the market for it. Let me explain:
I. Before Joe, The Market Hadn’t Reached Maturity
At the time of the launch of the Joe Budden podcast, podcasting was still a novel concept. Spotify had just introduced “different forms of audio” to their platform a year prior and many brands weren’t sure how to leverage podcasting, aside from occasionally sponsoring them.
In short, podcasting was the Wild Wild West. But that didn’t deter Joe.
In a recent interview with Earn Your Leisure, the hosts asked Joe about his start podcasting to which he replied that nobody knew how to make money.
Research says that only 28 million people listened to podcasts in 2016, meaning that while podding eventually became the force it is today it wasn’t nearly as big when Joe started.
However, by 2017, The JBP started to gain a foothold in the burgeoning podcast market, eventually moving from Soundcloud to Youtube. From there, he was able to increase his viewership even more and he eventually replaced Marissa with his longtime friend Mal.
By 2018, it became clear that something special was happening, and major forces in podcasting began to take notice.
II. Spotify Saw An Opportunity
Remember, in 2016, no one knew how big podcasting could be. It wasn’t quite the same as terrestrial radio, and there wasn't a precedent for large licensing deals or content ownership with pods. Joe Budden changed all that.
Think about it like this…
While the music streaming market had reached maturity, the podcast landscape was only at the precipice of its major “boom.”
Spotify was the leading music streaming platform, but it needed the right partner to capitalize. Someone who could get people to sign up for their premium services by becoming the exclusive home to their work. That’s when they called The JBP.
The Joe Budden Podcast had a strong fanbase, and they provided proof of concept to Spotify. Typical JBP episodes were almost 3 hours long, but despite that, they saw no lapses in viewership on YouTube. On Spotify, their numbers were as strong.
Joe was exactly who Spotify needed to start expanding to other forms of audio outside of music.
III. How Much is a Stream Worth?
Like a lot of good partnerships, eventually they come to an end.
Joe’s relationship with Spotify became really rocky because like a true creative he had questions about ownership and compensation.
The sobering reality is that streaming platforms underpay artists. If you look at the SNOBHOP article on Nipsey’s pricing model, you’ll see that Spotify & its competitors pay less than 1/10 of a penny per music stream. Ergo, to generate any wealth from their music, an artist would need millions of streams to get them.
For Joe that raised an interesting question:
If (1) stream of a 3-minute song is worth .0001 cents, how much is (1) stream of a 3-hour podcast worth?
As he eludes to in the clip below, Joe had unanswered questions and with the renewal deal from Spotify having too many stipulations that he found unreasonable he walked away. Despite that, his impact on the podcasting world is evident by looking at those who came after him.
IV. The Market Matures
Joe’s deal with Spotify showed them a better roadmap for the future of podcasting. Between the data they collected and having a solid understanding of the habits of podcast fans, they were ready to make moves that would bring the market to maturity.
That brings us to today.
Spotify has a deal with Joe Rogan reportedly worth over $300 million dollars — something that many attribute to them going through their growing pains with Joe Budden.
Duos like Gillie Da Kid & Wallo (Million Dollars Worth of Game) are finding homes media companies who are willing to give them the types of numbers they deserve (rumors say Gillie & Wallo were given $100 million by Barstool Sports).
As for the JBP?
It is still independent & thriving. Thought the original hosts are no longer there (another story for another time), please look below at a compilation of some of the funniest moments of the Joe Budden Podcast. This is NSFW so definitely use your headphones.
Enjoy.
Peace.