Parcast is a digital media firm and podcast network, that specialized in producing both scripted podcasts as well as audio dramas. It was founded in 2016 by podcaster Max Cutler and his father Ron Cutler in Los Angeles California.[1]
In 2019, it was acquired by Sweden-based media firm and streaming service provider Spotify.[2] Spotify spent over $56 million to acquire Parcast; however, the total compensation has been reported to be over $100 million.[3][4] This makes the Parcast acquisition one of the largest podcasting platform mergers in US history and largest single acquisition deal of Spotify's $400 million acquisition program.[5] In September 2020, employees went public with their union drive at Parcast.[6] A month later, Spotify voluntarily recognized the union. 15 months later, 56 workers of the bargaining unit ratified their first collective agreement, which included a minimum salary of $70,000, annual increases and affirmative action when hiring.[7] On June 5, 2023, Spotify sent a memo to staff announcing that Parcast would be merged with Gimlet Media into a single Spotify Studios division, as part of a restructuring that also included the elimination of 200 jobs.[8]
History
Cutler, a 27-year old graduate of the University of Arizona, launched Parcast in 2016. He was inspired by the hit podcast Serial, itself a spinoff of This American Life. He believed that his network could produce podcasts of comparable quality while saving money on the production of individual episodes.[9]
Parcast produced over 40 daily and weekly shows, supported by a team of more than 75 voice actors, producers, and scriptwriters.[10] Following a decline in demand for the shows and the anticipated merger of Gimlet Media and Parcast into a single Spotify Studios subsidiary, the firm is expected to be disbanded sometime in 2023.[12][13]
Audience
According to due diligence performed by Spotify, over 75% of Parcast's audience is female.[14]
Fremantle Limited, formerly FremantleMedia, is a British multinational television production and distribution company based in London. The company was founded as Pearson Television in 1993 when publishing and education company Pearson acquired the former British ITV franchisee Thames Television. Fremantle takes its name from Fremantle International, which was acquired by predecessor company All American Television in 1994. Pearson Television and Bertelsmann's CLT-UFA merged in 2000 to form the RTL Group, with Pearson Television itself being renamed FremantleMedia on 20 August of the following year.
Legendary Entertainment, LLC is an American mass media and film production company based in Burbank, California, founded by Thomas Tull. The company has often collaborated with the major studios, including Warner Bros. Pictures, Universal Pictures, Sony Pictures and Paramount Pictures, as well as streaming services such as Netflix and Hulu. Since 2016, Legendary has been a subsidiary of the Chinese conglomerate Wanda Group and American equity firm Apollo.
Dawn Ostroff is an American businesswoman. She was the chief content officer and advertising business officer of Spotify, and is the former president of entertainment of The CW and former president of Condé Nast Entertainment.
Endeavor Group Holdings, Inc. is an American holding company for talent and media agencies with its primary offices in Beverly Hills, California, United States. The company was founded in April 2009 after the merger of the William Morris Agency and Endeavor Talent Agency. Endeavor represents artists in film, television, music, theater, digital media, and publishing. It also represents the NFL and NHL. Endeavor owns Professional Bull Riders (PBR) and is majority owner of World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) through TKO Group. In collegiate athletics Endeavor-Learfield IMG represents The American, A10, Big 12, Conference USA, Horizon League, MAC, MEAC, OVC, SEC and WCC.
All3Media Limited is a British worldwide independent television, film, and digital production and distribution company based in London. The All3Media group comprises more than 50 production and distribution companies and labels from across the United Kingdom and all other parts of Europe, New Zealand and the United States.
Spotify is a Swedish audio streaming and media service provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. It is one of the largest music streaming service providers, with over 615 million monthly active users, including 239 million paying subscribers, as of March 2024. Spotify is listed on the New York Stock Exchange in the form of American depositary receipts.
Alex Blumberg is an American entrepreneur, radio journalist, former producer for public radio and television, best known for his work with This American Life, Planet Money, and How to Save a Planet. He was the co-founder and CEO of the podcast network Gimlet Media.
Gimlet Media LLC is a digital media company and podcast network, focused on producing narrative podcasts and headquartered in Brooklyn, New York. The company was founded in 2014 by Alex Blumberg and Matthew Lieber, who served as the company's CEO and president respectively until Lieber stepped down in 2022. In February 2019, Spotify announced it had entered into a definitive agreement to acquire Gimlet for $230 million. In 2023, Spotify announced that they were to merge Gimlet and Parcast into Spotify Studios.
Chernin Entertainment is an American film and television production company founded and owned by producer and former media executive Peter Chernin, who is chairman and CEO of the company. Jenno Topping is the president of film and television, with David Ready as EVP of film and TV. Kristen Campo is EVP of television. Twenty-seven films have been produced by the company, most of them with 20th Century Fox.
Nazanin Rafsanjani is an American television and radio producer. She was the head of new show development for Gimlet Media until 2020, and before that served as Gimlet's creative director and a senior producer for The Rachel Maddow Show.
Pineapple Street Studios is a podcast studio based in Brooklyn, New York. In August 2019, it was acquired by Entercom. Pineapple's work includes multi-episode narratives, investigative journalism, branded podcasts, and talk shows. They have created series for companies like Nike, Hulu, Netflix, HBO, and The New York Times. In 2020, they led all podcast companies with two Peabody Award nominations, for The Catch and Kill Podcast with Ronan Farrow and Running From Cops. Twelve of their shows have reached #1 on Apple Podcasts.
Heavyweight is a podcast created and hosted by American-Canadian humorist Jonathan Goldstein where he helps people try to resolve a moment from their past that they wish they could change. The show was produced by Gimlet Media, which was absorbed into Spotify Studios.
Ron Cutler is a radio personality and entrepreneur best known for being the co-founder of the podcasting platform Parcast as well as the founder of Cutler Productions and the Cutler Comedy Networks.
Max Cutler is an American entrepreneur, creator, author and businessman best known for founding the podcast studio Parcast in 2016.
The Two Princes is a scripted fantasy action adventure podcast from Gimlet Media. It was created and written by Kevin Christopher Snipes and directed by Mimi O'Donnell. The story focuses on two princes from warring kingdoms who become unwitting allies when they journey into a mysterious forest in order to try and save their realms. Along the way, the two heroes fall in love with each other.
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
Case 63 is a science fiction podcast produced by Gimlet Media and FortySix with Julianne Moore and Oscar Isaac starring as the protagonists. It is a remake of a Chilean podcast, Caso 63. The first season was released on October 25, 2022, and the second on September 26, 2023.
Sandra is a fiction podcast by Gimlet Media starring Alia Shawkat. The show follows Helen as she starts a new job at a tech giant that developed a virtual assistant called Sandra.
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