How does this podcast star make $20 million a year?

Joe Budden, a former rapper who now oversees a robust podcast network, gives a rare look into the finances of the industry, writes Jessica Testa from New York

- Jessica Testa

The podcaster Joe Budden, an ex-rapper who has been called the “Howard Stern of hip-hop,’ wanted to flex a little. He accidentally over-flexed.

Last month, he posted a screenshot of his traffic from Patreon, a subscription service that allows fans to pay creators directly through monthly contributions. It showed more than 30 million visits in 30 days.

Revenue figures on the Patreon data had been scribbled over. But sleuths manipulated the image, and to them, it appeared that he had earned more than $900,000 — a number that made headlines.

Yet that was just his earnings from the month of June. Overall, the Joe Budden Network is on a pace to generate more than $20 million this year, according to its chief executive, Ian Schwartzman.

MrBudden agreed to share those and other details about his podcast business with The New York Times, offering a rare window into the economics of podcasting. Publishers of shows rarely share details of their revenue, or even their download or streaming figures. They want to maintain a competitive edge in the advertising marketplace and, like many private businesses, simply aren't keen to open their books.

MrBudden’s reason for releasing figures now, he said in an interview, goes beyond flexing; he and Mr Schwartzman want to make a broader argument for maintaining independence as creators.

THE MONEY COMING IN

They have been podcasting for a decade; although they spent two years working exclusively with Spotify, they are not affiliated with any outside podcast network or media company today.

So far this year, the Joe Budden Network has earned an average of $1.04 million per month on Patreon. It has about 70,000 paying subscribers. Subscriptions range from $5 to $50 per month, with higher tiers granted access to more episodes, including from spinoff shows. (Two weekly episodes of the flagship podcast are free.)