LivexLive Media, of the US, is to acquire Courtside Group, the parent company of PodcastOne which hosts 200 podcasts including Radio Lab, The Nerdist, and Freakonomics Radio. LivexLive describes itself as a live social music network which livestreams festivals and other music experiences. Podcast One claims over 2bn downloads per year across 350 weekly episodes.
The deal is valued at $18m for a company that reported revenue of $27.5m last year, and Podcast One leader Norm Pattiz will remain with the company while Podcast One is integrated into the music streaming platform. It is estimated that one-third of Americans now listen to podcasts and that the market may generate $1bn in ad revenue p.a. by 2021.