And don’t forget about all those indie podcasters

But is anyone really tuning into Spotify at 10 p.m. on a Wednesday night to listen to Alex Cooper interview minor celebrities?

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For the most part, it’s almost impossible for podcasts that are getting made today to become a hit in the way that a podcast like Serial was. Bloomberg published an article back in January about how podcasting hasn’t produced a new hit in years, which is partially to do with the absolute glut of podcasts getting made today. So yes — advertising dollars will rarely be enough to cover the cost of production, and if ad revenue is the reason to make a podcast, you will be disappointed.