Parcast was a digital media firm and podcast network, that specialized in producing scripted podcasts and 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 became a subsidiary of the Chinese conglomerate Wanda Group, with American equity firm Apollo buying a minority stake in 2022. In 2024, Legendary bought out Wanda's stake, making the former and Apollo equal partners.
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. 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 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.
Spotify is a Swedish audio streaming and media service provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. As of June 2024, it is one of the largest providers of music streaming services, with over 626 million monthly active users comprising 246 million paying subscribers. Spotify is listed on the New York Stock Exchange in the form of American depositary receipts.
Banijay Entertainment S.A. is a French multinational television production and distribution company which is the world's largest international content producer and distributor with over 130 production companies across 23 territories, and a multi-genre catalogue containing over 185,000 hours of original programming. Headquartered in Paris, the company was founded in January 2008 by Stéphane Courbit, former president of Endemol France, and has risen since its inception, to become a €3.2bn turnover business. It is a subsidiary of Banijay Group N.V., based in Amsterdam.
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 merging Gimlet and Parcast into Spotify Studios.
Chernin Entertainment is an American film and television production company owned by The North Road Company that is based in Los Angeles, California. It was founded on February 24, 2009 by producer and former media executive Peter Chernin, who is chairman and chief executive officer of the company. Jenno Topping is the president of film and television, with David Ready as executive vice president of film and TV. Kristen Campo is executive vice president of television. Twenty-seven films have been produced by the company, most of them with 20th Century Fox.
The Ringer is a sports and pop culture website and podcast network, founded by sportswriter Bill Simmons in 2016 and owned by Spotify since 2020.
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.
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.
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.
Motherhacker is a dark comedy scripted podcast produced by Gimlet Media and starring Carrie Coon.
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