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Feb 1, 2016 · 22m · top-founders

King of Podcasts Tells Us How He Launched 5, Made Millions, with Alex Blumberg of Gimlet Media

Alex Blumberg · 12m spoken Nathan Latka · 7m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Gimlet Media co-founder Alex Blumberg joins host Nathan Latka on The Top to discuss the economics, venture funding, and advertising strategies powering high-growth narrative podcast networks.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 36.4% of the talking time here. How this is scored →

Nathan as informed peer 3.8 Guest teaching 3.4 Guest disagreement 1.8 Nathan pushing back 3.8
05100:0010:0020:001:11–3:21 · Nathan as informed peer 3/10 Introducing Alex Blumberg and Gimlet's Funding Strategy Nathan introduces Alex and asks about Gimlet's recent $6M raise, drawing briefly on his own past startup experience. Alex cooperatively explains that the capital provides runway for long-term investments and studio buildouts without relying solely on per-show operating profits.3:22–6:18 · Nathan as informed peer 5/10 Gimlet Media Show Portfolio and Premium CPM Ad Rates Nathan drills down on advertising rates and explicitly calls out Alex for being vague when citing industry average CPMs instead of Gimlet's actual pricing. Alex deflects giving exact figures while acknowledging their custom in-house produced ads command a premium well above standard market rates.6:19–12:16 · Nathan as informed peer 4/10 Show Development, Production Economics, and Team Operations Alex provides a deep breakdown of high-end narrative podcast production economics, explaining why a show takes six months, $100k+ in development, and dedicated teams of six people for 36 episodes. Nathan probes into team structures, talent acquisition, and production hour ratios.12:16–18:05 · Nathan as informed peer 5/10 Listener Analytics, Direct Response, Brand Ads, and Show Revenue Nathan challenges the efficiency of podcast advertising metrics and aggressively presses Alex to disclose show-level ad revenue. Alex explains direct response versus brand dynamics before conceding that a flagship show like Reply All brings in over $1 million annually.18:07–21:29 · Nathan as informed peer 2/10 Audience Contest Reminder and Growth Geeks Sponsor Promo Following a sponsor break and contest announcement, Nathan runs through the standard Famous Five rapid-fire format. The dynamic is collaborative and conversational with playful banter about Alex's diplomatic answers.1:11–3:21 · Guest teaching 2/10 Introducing Alex Blumberg and Gimlet's Funding Strategy Nathan introduces Alex and asks about Gimlet's recent $6M raise, drawing briefly on his own past startup experience. Alex cooperatively explains that the capital provides runway for long-term investments and studio buildouts without relying solely on per-show operating profits.3:22–6:18 · Guest teaching 3/10 Gimlet Media Show Portfolio and Premium CPM Ad Rates Nathan drills down on advertising rates and explicitly calls out Alex for being vague when citing industry average CPMs instead of Gimlet's actual pricing. Alex deflects giving exact figures while acknowledging their custom in-house produced ads command a premium well above standard market rates.6:19–12:16 · Guest teaching 6/10 Show Development, Production Economics, and Team Operations Alex provides a deep breakdown of high-end narrative podcast production economics, explaining why a show takes six months, $100k+ in development, and dedicated teams of six people for 36 episodes. Nathan probes into team structures, talent acquisition, and production hour ratios.12:16–18:05 · Guest teaching 5/10 Listener Analytics, Direct Response, Brand Ads, and Show Revenue Nathan challenges the efficiency of podcast advertising metrics and aggressively presses Alex to disclose show-level ad revenue. Alex explains direct response versus brand dynamics before conceding that a flagship show like Reply All brings in over $1 million annually.18:07–21:29 · Guest teaching 1/10 Audience Contest Reminder and Growth Geeks Sponsor Promo Following a sponsor break and contest announcement, Nathan runs through the standard Famous Five rapid-fire format. The dynamic is collaborative and conversational with playful banter about Alex's diplomatic answers.1:11–3:21 · Guest disagreement 1/10 Introducing Alex Blumberg and Gimlet's Funding Strategy Nathan introduces Alex and asks about Gimlet's recent $6M raise, drawing briefly on his own past startup experience. Alex cooperatively explains that the capital provides runway for long-term investments and studio buildouts without relying solely on per-show operating profits.3:22–6:18 · Guest disagreement 3/10 Gimlet Media Show Portfolio and Premium CPM Ad Rates Nathan drills down on advertising rates and explicitly calls out Alex for being vague when citing industry average CPMs instead of Gimlet's actual pricing. Alex deflects giving exact figures while acknowledging their custom in-house produced ads command a premium well above standard market rates.6:19–12:16 · Guest disagreement 1/10 Show Development, Production Economics, and Team Operations Alex provides a deep breakdown of high-end narrative podcast production economics, explaining why a show takes six months, $100k+ in development, and dedicated teams of six people for 36 episodes. Nathan probes into team structures, talent acquisition, and production hour ratios.12:16–18:05 · Guest disagreement 3/10 Listener Analytics, Direct Response, Brand Ads, and Show Revenue Nathan challenges the efficiency of podcast advertising metrics and aggressively presses Alex to disclose show-level ad revenue. Alex explains direct response versus brand dynamics before conceding that a flagship show like Reply All brings in over $1 million annually.18:07–21:29 · Guest disagreement 1/10 Audience Contest Reminder and Growth Geeks Sponsor Promo Following a sponsor break and contest announcement, Nathan runs through the standard Famous Five rapid-fire format. The dynamic is collaborative and conversational with playful banter about Alex's diplomatic answers.1:11–3:21 · Nathan pushing back 2/10 Introducing Alex Blumberg and Gimlet's Funding Strategy Nathan introduces Alex and asks about Gimlet's recent $6M raise, drawing briefly on his own past startup experience. Alex cooperatively explains that the capital provides runway for long-term investments and studio buildouts without relying solely on per-show operating profits.3:22–6:18 · Nathan pushing back 6/10 Gimlet Media Show Portfolio and Premium CPM Ad Rates Nathan drills down on advertising rates and explicitly calls out Alex for being vague when citing industry average CPMs instead of Gimlet's actual pricing. Alex deflects giving exact figures while acknowledging their custom in-house produced ads command a premium well above standard market rates.6:19–12:16 · Nathan pushing back 3/10 Show Development, Production Economics, and Team Operations Alex provides a deep breakdown of high-end narrative podcast production economics, explaining why a show takes six months, $100k+ in development, and dedicated teams of six people for 36 episodes. Nathan probes into team structures, talent acquisition, and production hour ratios.12:16–18:05 · Nathan pushing back 6/10 Listener Analytics, Direct Response, Brand Ads, and Show Revenue Nathan challenges the efficiency of podcast advertising metrics and aggressively presses Alex to disclose show-level ad revenue. Alex explains direct response versus brand dynamics before conceding that a flagship show like Reply All brings in over $1 million annually.18:07–21:29 · Nathan pushing back 2/10 Audience Contest Reminder and Growth Geeks Sponsor Promo Following a sponsor break and contest announcement, Nathan runs through the standard Famous Five rapid-fire format. The dynamic is collaborative and conversational with playful banter about Alex's diplomatic answers.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 69.4% · guest 30.6%0:00 · Nathan 69.4% · guest 30.6%3:00 · Nathan 29.2% · guest 70.8%3:00 · Nathan 29.2% · guest 70.8%6:00 · Nathan 27.6% · guest 72.4%6:00 · Nathan 27.6% · guest 72.4%9:00 · Nathan 12.1% · guest 87.9%9:00 · Nathan 12.1% · guest 87.9%12:00 · Nathan 18.3% · guest 81.7%12:00 · Nathan 18.3% · guest 81.7%15:00 · Nathan 24.9% · guest 75.1%15:00 · Nathan 24.9% · guest 75.1%18:00 · Nathan 62.7% · guest 37.3%18:00 · Nathan 62.7% · guest 37.3%21:00 · Nathan 64.3% · guest 35.7%21:00 · Nathan 64.3% · guest 35.7%
Sharpest disagreement ▶ 5:34 Alex refuses to disclose exact CPM figures

Alex openly refuses Nathan's direct prompt to give exact CPM numbers beyond standard industry benchmarks, pushing back against disclosing confidential pricing.

 Hardest push from Nathan ▶ 16:44 Nathan demands hard revenue data

When Alex hesitates and claims memory loss on show contract pricing, Nathan refuses the deflection, insisting on new data because his audience demands tough questions.

 Biggest teaching moment ▶ 11:35 Alex breaks down narrative audio labor dynamics

Alex educates Nathan on why narrative audio staffing demands step changes rather than linear expansion when adding professional reporting and scripting.

 Nathan holds their own ▶ 5:52 Nathan challenges CPMs against radio rate cards

Nathan demonstrates industry domain knowledge by pushing Alex to compare podcast advertising CPMs directly against legacy terrestrial radio rate cards.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Alex Blumberg and Gimlet's Funding Strategy 3212 Nathan introduces Alex and asks about Gimlet's recent $6M raise, drawing briefly on his own past startup experience. Alex cooperatively explains that the capital provides runway for long-term investments and studio buildouts without relying solely on per-show operating profits.
Gimlet Media Show Portfolio and Premium CPM Ad Rates 5336 Nathan drills down on advertising rates and explicitly calls out Alex for being vague when citing industry average CPMs instead of Gimlet's actual pricing. Alex deflects giving exact figures while acknowledging their custom in-house produced ads command a premium well above standard market rates.
Show Development, Production Economics, and Team Operations 4613 Alex provides a deep breakdown of high-end narrative podcast production economics, explaining why a show takes six months, $100k+ in development, and dedicated teams of six people for 36 episodes. Nathan probes into team structures, talent acquisition, and production hour ratios.
Listener Analytics, Direct Response, Brand Ads, and Show Revenue 5536 Nathan challenges the efficiency of podcast advertising metrics and aggressively presses Alex to disclose show-level ad revenue. Alex explains direct response versus brand dynamics before conceding that a flagship show like Reply All brings in over $1 million annually.
Audience Contest Reminder and Growth Geeks Sponsor Promo 2112 Following a sponsor break and contest announcement, Nathan runs through the standard Famous Five rapid-fire format. The dynamic is collaborative and conversational with playful banter about Alex's diplomatic answers.

Statements from this episode (8)

Assertion Not checkable as stated
Blumberg: All podcast shows launched by Gimlet Media are profitable
“The way we're operating right now, like on a per show basis, all the shows that we've launched are profitable.”
Alex Blumberg Feb 1, 2016 ▶ 2:46
Disclosure
Blumberg: Gimlet commands premium ad rates by producing ads in-house
“We are able to command a premium on those spots because we produce them ourselves. And we have a unit inside Gimlet that produces the ads.”
Alex Blumberg Feb 1, 2016 ▶ 4:29
Assertion Not checkable as stated
Blumberg: Gimlet ad CPMs are well above industry average of $20–$30
“I think the average for the industry is somewhere between 20 and 30 dollar CPMs per spot and we're getting well above that.”
Alex Blumberg Feb 1, 2016 ▶ 5:13
Prediction Not checkable as stated
Blumberg: Podcasting will head toward premium television production values
“Our bet is that, you know, as this medium matures, that it's going to be heading in the direction of sort of premium television, that like, there's going to be, you know, higher and higher production values, more and more sort of like creative energy into crea…”
Alex Blumberg Feb 1, 2016 ▶ 6:37
Disclosure
Blumberg: Gimlet takes six months to develop a show from concept
“It's a six month process taking a show from concept to final execution.”
Alex Blumberg Feb 1, 2016 ▶ 7:17
Disclosure
Blumberg: Gimlet spends at least $100k developing each new show
“We're spending at least a hundred grand before we even, before we're out the door with one single podcast.”
Alex Blumberg Feb 1, 2016 ▶ 8:15
Disclosure
Blumberg: Reply All produces 36 episodes yearly with six dedicated staff
“They release 36 shows a year. And there's a staff of six, you know, working full-time you know, five, five full-time people and an intern.”
Alex Blumberg Feb 1, 2016 ▶ 11:19
Assertion Not checkable as stated
Reply All generates over $1M annually at 500k downloads per episode
“What a show like reply all if it's got 36 shows a year at the audiences that it's doing, which are about, you know, which are like somewhere close to half a million downloads per episode. You know, it's bringing in over a million dollars a year.”
Alex Blumberg Feb 1, 2016 ▶ 17:26
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