TALKERS News Notes
Edison Research just released its charts of the Top 25 Podcasts in the UK for the fourth quarter of 2023 and it’s interesting to note that the only U.S.-produced podcast to make the top 25 was “The Joe Rogan Experience,” which was #1 in the UK as it was in the U.S.
Cumulus Media announces that its subsidiary, Cumulus Media New Holdings Inc (the “Issuer”), is extending the Early Tender Time in its previously-announced Exchange Offer and Consent Solicitation (the “Exchange Offer and Consent Solicitation”), in which the Issuer offered to exchange any and all of the Issuer’s outstanding 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) for new 8.750% Senior Secured First-Lien Notes due 2029 (“New Notes”), to be issued by the Issuer, upon the terms of and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement dated February 27, 2024 (the “Offering Memorandum”). Capitalized terms used but not defined in this press release have the respective meanings ascribed to such terms in the Offering Memorandum. The Issuer is extending the previously announced Early Tender Time to 5:00 pm ET on March 18, 2024.
Twitter. In the 2024 Infinite Dial, 19% of the total population in the U.S. are using X – a 30% drop. Edison says, “While The Infinite Dial has recorded many incremental changes over its long history, a 30% change in any metric year-over-year is incredibly rare and noteworthy, acknowledging that in 2022 and 2023 the survey referred to the service as ‘Twitter’ and in 2024 it referred to the service as ‘X (formerly known as Twitter).’ Keep in mind this is not a measure of subscribers or Twitter/X accounts, but a measure of people who say they are ‘currently ever’ using the service. In addition to this overall usage drop, Twitter/X saw declines in monthly and weekly usage.” 
those living in suburban or urban areas. Rural listeners spend 43% of their daily audio listening time with AM/FM radio and radio streams, compared with urban listeners who spend 34% of their time with AM/FM radio and radio streams. Meanwhile, Urban listeners spend over twice as much of their daily audio time with podcasts as rural listeners. Urban listeners spend 13% of their daily audio time with podcasts compared with rural listeners who spend 6% of their daily time with podcasts.” Interestingly, if you combine the AM/FM listening and podcast listening numbers for Urban, Suburban and Rural listeners, these numbers are essentially the same – between 47% and 49%. Edison notes, “It appears that the ‘time budget’ for radio and podcasting combined is consistent across locations; it is just the apportionment of that time that varies.”
listened in the past week. The list shows the Top 10 Podcasts in the U.S. based on the number of Black weekly podcast listeners for Q4 2023. “The 
spot. But the big story is the rise of WSE Originals’ “New Heights with Jason and Travis Kelce” shooting from #67 in the Q3 2023 report to #6 in the Q4 chart. (The show was not in the top 100 in the Q2 2023 survey.) Edison says the show starring Taylor Swift’s boyfriend Travis Kelce “gained four and a half times the number of listeners and saw a change in composition to 50% female listeners.” Other noteworthy moves from radio-related podcasts include The DailyWire’s “The Ben Shapiro Show” rising from #17 in Q3 to #9 in Q4 and Cumulus Podcasts Network’s “The Dan Bongino Show” climbing from #29 in Q3 to #26 in Q4. Edison’s Q4 2023 ranker was conducted from October 9, 2023 to December 23, 2023, and is based on surveys of 5,356 weekly podcast listeners age 13+.
largest share of listening, accounting for more than one-third of daily time with audio among those age 13+. The vast majority of that listening (31%) is to AM/FM over-the-air signals.” (The other 5% comes from radio streams.) Behind AM/FM in listening is streaming music (20%), YouTube (14%), podcasts (11%), SiriusXM (8%), owned music (4%), TV music channels (3%), audiobooks (3%) and other (1%). 
from the study include: 1) the proportion of AM/FM radio in-car listening rose 9% year-over-year and is on par with pre-pandemic levels of listening; 2) spoken-word content listening is at an eight-year high with 39% of ad-supported listening (including AM/FM, streaming and podcasts) devoted to news/talk, talk, and sports; and 3) looking at Persons 25-54, the share of ad-supported audio time spent with personalities/talk shows has increased the most – from 11% of ad-supported listening in Q4 2016 to 19.4% in Q3 of 2023. 
Books, 2022) by Dr. Murray Sabrin. The book has been an Amazon bestseller and a popular vehicle sparking conversations on political news/talk shows across America. Its author, Murray Sabrin, Ph.D. is emeritus professor of finance, Ramapo College of NJ. Dr. Sabrin – a prolific author – is considered a “public intellectual” for writing essays about the economy in scholarly and popular publications as well as being a prolific guest and “go-to” resource on hundreds of radio and TV talk shows and podcasts. According to publisher Michael Harrison, who wrote the book’s provocative foreword, “From Immigrant to Public Intellectual is a truly American story about an immigrant child’s rise from humble beginnings to forge a stellar career as an educator, author, candidate, and media influencer. Murray Sabrin explains libertarianism in plain language using his own life story set against a half-century of changing times. Talk show hosts have been tapping into this articulate scholar’s knowledge and views for more than three decades since his impressive third-party showing as the Libertarian candidate for Governor of New Jersey in 1997.” To learn more about Dr. Murray Sabrin please visit murraysabrin.com and murraysabrin.substack.com.
word, which is a 55% increase over nine years ago (20%); 2) Spoken word listening at home has grown dramatically: 60% of the total daily audio time spent with spoken word audio is at home, 24% in the car, 13% at work, and 3% at some other location. The time spent listening to spoken word audio at home has grown to 41 daily minutes in 2023 from 27 daily minutes in 2014. Increases in at-home spoken word audio listening are seen across every hour in the listening day; 3) Spoken word listening in-car has shifted post-pandemic, but AM/FM radio remains on top: Of all the daily time spent listening to spoken word audio, time spent listening in the car has declined from 36% in 2014 to 24% in 2023. In the car, 62% of spoken word audio consumed by those in the U.S. age 13+ is to AM/FM radio content, including over the air and streams; 4) For the first time ever, the mobile device is the primary way people listen to spoken word: 39% of spoken word audio consumed daily by those age 13+ in the U.S. is on a mobile device, followed by 35% on an AM/FM radio receiver. At home, 41% of spoken word audio is consumed on a mobile device, and at work, 47% of spoken word is consumed on a mobile device. AM/FM radio receivers still dominate in-car, garnering 60% of the spoken word audio listening there; and 5) Podcasts represent a large and growing share of spoken word listening: Podcasts now represent over one-third (36%) of time spent with spoken word audio. Twenty-eight percent of time spent listening to podcasts goes to NPR/public radio. At home, 40% of spoken-word audio listening goes to podcasts. 
weekly podcast listeners age 13+. The top four shows in Q3 remain unchanged in rank from Q2: “The Joe Rogan Experience,” “Crime Junkie,” “The Daily,” and “This American Life.” Other radio related podcasts ranked on this chart include iHeartPodcasts’ “Something You Should Know” at #9, The Daily Wire’s “The Ben Shapiro Show” at #17, Ramsey Networks’ “The Ramsey Show” at #21, and Cumulus Podcast Networks’ “The Dan Bongino Show” at #29.
Spoken Word Audio Report 2023. According to data from the study, 48% of those in the U.S. age 13+ listen to some type of spoken-word audio daily, and audio consumers in the U.S. age 13+ spend 31% of their daily audio time with spoken word. They say this edition of the study focuses on listening locations and explores spoken-word audio consumption at home, at work, in-car, and other locations. 
monthly, and 77% have ever listened to podcasts. “All of this podcast and AM/FM radio audience duplication means there are great cross-promotion opportunities.” Among the podcast audience, over half the ad-supported time spent goes to podcasts themselves at a 53% share. AM/FM radio follows with a 37% share. Distantly following are ad-supported SiriusXM (4%), ad-supported Spotify (3%), and ad-supported Pandora (3%). Additionally, MARU/Matchbox was commissioned to study Cumulus Media radio listeners who listened for at least an hour to stations in Dallas, Chicago, Detroit, San Francisco and Atlanta and were exposed to promos for eight Cumulus Podcast Network podcast titles. Overall, 54% of the Cumulus radio audience were aware of the eight Cumulus Podcast Network podcasts. A much larger promotion of heavy AM/FM radio listeners (67%) were aware of the podcast titles, and a whopping 75% of the heavy AM/FM radio streaming audience were aware of the podcast titles. 
reach from Edison Podcast Metrics. “The Joe Rogan Experience” is #1 for this period, followed by audiochuck’s “Crime Junkie” at #2, and The New York Times’ “The Daily” at #3. Podcasts hosted by commercial talk radio personalities that made the Top 50 include: Cumulus Podcast Network’s “The Ben Shapiro Show” (#8), Cumulus Podcast Network’s “The Dan Bongino Show” (#21), The Ramsey Network’s “The Ramsey Show” (#22), and Cumulus Podcast Network’s “The Matt Walsh Show” (#42). 
42% if their parents have also listened to podcasts in the last month; 2) Eighty-seven percent of kid podcast listeners ages 6-12 say they have ever shared something they learned from a podcast with other people; 3) Kid podcast listeners participate in co-listening: Sixty-eight percent of parents of kid monthly podcast listeners ages 6-12 say their children listen with at least one parent, and 54% say their kids listen with siblings; 4) Parents use podcasts to foster family connections: Among parents of kid monthly podcast listeners ages 6-12, 72% say it is important for kids podcasts to be able to be enjoyed by the whole family and 71% say it is important for kids podcasts to give parents and their children topics to discuss together; and 5) Parents of kid monthly podcast listeners ages 6-12 say the top genres among their kids are: games (51%), music (43%), comedy (39%), short stories (39%). 
children ages 6-12. In addition to parent feedback, the study includes a parent-administered survey of children podcast listeners and is the first-ever comprehensive measurement of the listening habits and preferences of U.S. podcast listeners age 6-12. The webinar will also feature video excerpts from in-home interviews with parents together with their children to highlight what families like about podcasts.”
monthly podcast listeners started listening as a child, 57% started listening as a teenager and 25% started listening as an adult. This means 73% of Gen Z monthly podcast listeners began listening before the age of 18; 3) Those who began listening earlier in life, listen longer: Gen Z monthly podcast listeners who started listening as a child consume 10.6 hours of podcasts per week; those who started as a teenager consume 7.5 hours per week, and those who started as an adult consume 6.6 hours of podcasts per week. The average for all Gen Z monthly podcast listeners is 7.7 hours per week; and 4) Gen Z act as a result of podcast ads: 82% of Gen Z monthly podcast listeners have taken any action as a result of hearing a podcast advertisement; 70% have either purchased or wanted to purchase the product or service they heard advertised, 61% have visited a company or product website, 44% have used a promo code or discount code mentioned in the podcast, and 42% have recommended a product to a friend or family member. 
an estimated 24 million Gen Z US monthly podcast listeners. Gen Z listeners are also more diverse than the general population of podcast listeners; 2) 66% of Gen Z podcast listeners say they listen to or watch podcasts to stay up to date with the latest topics, and 61% listen/watch to keep up to date with social issues; 3) While many listen to podcasts while multitasking, 82% say that they listen to podcasts while doing nothing else, and this is especially true for Teens (86%). Podcasts are an important way for this generation to unwind and take a break from other media; 4) Over 80% of Gen Z listeners listen to/watch podcasts to relax, about 2 in 3 listen to escape, and over 50% listen to help them understand how they’re feeling about something. Additionally, almost 1 in 3 think that being on social media has had a negative impact on their emotional well-being; and 5) Over 4 in 10 Gen Z listeners (43%) have purchased a product after hearing a podcast ad for it (*among ages 16+), and 1 in 3 have asked someone to buy a product for them. 
producer or network that represents the advertising for the show, not the platform or app that the listener uses to access the podcast. For this period, Spotify, SiriusXM Podcast Network, and iHeartRadio take the top three spots, respectively. Other commercial radio-related networks making this ranker include: Audacy (#8), Cumulus Podcast Network (#10), The Ramsey Network(#25), and Blaze Podcast Network (#28). 
American Life. Other radio related podcasts that placed in the top 50 include “The Ben Shapiro Show” (#8), “The Ramsey Show” (#17), and “The Dan Bongino Show” (#25). The latest ranker from Edison Podcast Metrics shows the Top 50 Podcasts based on weekly audience reach and reflects two significant updates to the service that were implemented last year. The sample has been expanded to include weekly podcast listeners age 13-17. This measurement allows podcast producers and networks to understand the teen segment of the Gen Z podcast listeners. The ranker also includes increased sample size, which allows for more recency in reporting and robust cuts of data. The latest ranker includes measurement from the previous two quarters with a total sample size of 10,797 weekly podcast listeners age 13+. 
total of four hours and 15 minutes per day. Ninety percent of moms access the internet from their mobile phones. It also says that TikTok is used by 50% of U.S. moms, up from 42% in 2022, while Facebook is used by 83% of U.S. moms, down from 88% in 2022. Edison Research VP Melissa DeCesare says, “U.S. moms are heavily engaged with social media and online audio, and their time on the Internet continues to increase with the ease of mobile phone access. They are busy with children and are taking advantage of the convenience offered by wireless headphones and smart watches.” 
One out of three American AM/FM radio listeners are reached monthly by AM radio. From the Edison study: 1) AM/FM radio dominates listening in the car with an 88% share of ad-supported audio; 2) AM/FM radio’s near-90 share of in-car ad-supported audio has been steady as a rock for the last six years; 3) AM/FM radio’s ad-supported shares in the car are dominant across all demographics, even among 18-34s; and 4) ‘Perception’ vs. ‘reality’: Agencies and advertisers underestimate AM/FM radio shares and overestimate Pandora and Spotify audiences (‘Perception’ from Advertiser Perceptions data). MRI Simmons shows Ford owners represent 20% of all U.S. AM radio listeners and are more likely to listen to AM radio. Cumulus chief insights officer Pierre Bouvard comments, “AM stations serve very unique, targeted constituencies and represent many languages and voices. As automobile manufacturers consider eliminating AM radio, it’s important to underscore that the AM dial is one of the most diverse media platforms in the world. Why would we eliminate this variety from the car?” 
ownership has stalled with no post-Christmas “pop” in 2021 or 2022; 2) Smart speaker ownership rates are in the mid-40s for 13-54s but only 26% for those over the age of 55; 3) As smart speaker ownership flattens, the share of AM/FM radio streaming on smart speakers also stabilizes.The proportion of total U.S. AM/FM radio streaming occurring via the smart speaker has stabilized as device ownership growth has stalled. According to Triton Digital, since 2021, AM/FM radio streaming via smart speaker has stabilized, growing slightly from 23% to 26%; 4) Smart speakers are vital to U.S. AM/FM radio as they are now more likely to be the only “radio device” in the home. Edison’s 2022 Infinite Dial study revealed that 40% of smart speaker owners do not have a radio in their home, up from 28% in 2018; and 5) Aggressive promotion pays off as AM/FM radio is number one for smart speaker ad-supported audio shares. AM/FM radio stations are consistently number one in ad-supported audio shares on smart speaker devices. No wonder, as streaming now represents 20% of all time spent to AM/FM radio. 
“They have the time and tools to listen, they like spoken word contest,” and Edison Research president Larry Rosin reminds us, they’re big-money consumers.