This is the download from Sounds Profitable. The most important news from this week and why it matters to people in the business of podcasting. I'm Manuela Badoia. And I'm Gavin Gattons. This week, US Creator Funding Surges for the first time since 2021, NBC Universal sells out digital and linear ad space for opening and closing ceremonies of the Paris 2024 Olympics. SXM teases the Sports Audio Report and Rebecca LaVoy's suggestions for reframing podcast
expectations for public media. Let's get started. This Tuesday from Kaya Yuryef and Akash Pesriyshah at the Information. According to the Information's Creator Economy Database, Funding for US-based creators start-ups more than doubled in the first three months of 2024, reaching almost $341 million. Notable splashes include YouTube Comedy Group Dude Perfect's $100 million in Growth Capital. Here's a quote from the article.
Five of the 37 deals in the first quarter accounted for about two-thirds of total global funding. Indian Audio Company Pocket FM which offers audio series similar to podcasts and serialized amateur fiction, in March said it had raised $103 million in a series D-round led by light-speed venture partners. AI Voice Generator 11 Labs raised $80 million at a $1.1 billion valuation in January. Passes a Los Angeles-based subscription site for super fans raised $40 million. End quote.
While we're not back at the $1.5 billion per quarter startup investment phenomenon of 2021, venture capitalists are opening their checkbooks and voting confidence in creator-focused start-ups. And as Pocket FM shows, that includes areas of podcasting outside individual shows led by influencers.
Last Wednesday from Alyssa Myers and Jasmine Sheena of Marketing Brew. NBC Universe so has completely sold of both digital and linear ad inventory for the opening and closing ceremonies of the 2024 Olympic Games in Paris. According to NBCU's president of the Olympic and Paralympic partnerships, Dan Loveinger on a press call, so far the network has accrued $1.2 billion in ad revenue just below the overall record for Olympic ads. While NBCU had not broken record at the time of interview,
Loveinger expressed confidence they will exceed it. Still, the opening ceremony and closing ceremony are both book solid. As with any major sporting event, podcasting stands as an excellent source of inventory for brands looking to get in on the action after the traditional venue sell out. Sports podcasts are growing in popularity, have open inventory, and feature passionate engaged audiences. Speaking of engaged sports fans, this Tuesday, Melissa Paris, vice president of sales research
and analytics at Series XM Media, has posted a preview of the sports audio report. The new report from Series XM, Group M, and Edison Research is built from surveys of over 3,500 Americans aged 13 and up who identify as sports fans, scoring themselves 4 or higher on a 10 point scale. Two out of three US citizens aged 13 plus consider themselves sports fans, and their big into content, 89% of sports fans say they frequently or occasionally watch
sports content, while 64% listen to it. According to the report, sports audio fans average 6 hours and 26 minutes of audio content each day, 2 hours more than the average American spends listening to audio. Over 90 minutes of that 6 hours is dedicated to sports content
specifically. Sports radio is the top choice for Gen X and Baby Boomer fans, while podcasts have the edge with millennials and Gen Z. 86% of those listeners do it to stay connected with their favorite team or sport, while 58% do it to be part of a community of fans. 46% of respondents say they would be more likely to buy a product or service advertised by an athlete they like. For respondents who specifically listen to sports podcasts,
that number jumps to 68%. Over 3 in 4 sports fans have taken action after hearing an ad on a sports podcast or sports focused audio program, and over half report having purchased a product or service as a result. Last Thursday, greater public's Nancy Rosenbaum spoke with Rebecca LaVoy, creator of Crime Riders On, and New Hampshire Public Radio Director of On Demand Audio. On a larger scale,
some public media has had to pull back from podcasting due to budgetary issues. New Hampshire Public Radio and independently licensed medium-sized station has found podcasts to be a powerful audience development tool and vehicle for broadcasting impactful journalism. While Rosenbaum's interview with LaVoy is specifically targeting public media, LaVoy's advice to reframe what it means to have a successful podcast can easily apply to the larger industry.
Here's a quote from LaVoy. How would you feel if you produced a weekly live show in a 5,000 person theater, and it was full every week? You'd be really excited and that would be considered a huge success, right? And quote, even if a podcast has a small audience, it's likely that audience are concentrated die-hard listeners. And as studies like medium moves a message have found, podcast audiences
have a tendency to react positively to make their favorite shows possible. Be it donating to a local radio station or supporting a brand that sponsored that season's episodes. Finally, it's time for our quick hits. These are articles that didn't quite make the cut for today's episode, but are still worth including in your weekend reading this week.
The real work of murder, Lessons from the Stars of True Crime by Tom Webster. Lessons learned from true crime vets like John Allen and Kylie Loe during the Sound Summit at South by Southwest 2024. Preparing for pre-election, mitigating the UK's general election impact on revenue by Andrew Goldsmith. The Adelicious CEO explains the advertising drought that comes during a special pre-election period just before general elections in the UK when government advertising spend is heavily restricted.
2024 IAB podcast upfront demonstrating the power of podcast advertising and captivating audiences. The IAB podcast upfront will feature the debut of the 2024 podcast advertising revenue report. Sounds profitable will also be an attendance interviewing buyers live at the event. The merit within the complexity of ARN's bid for SCA by Chris Pash. Morgan Stanley weighs
in on the publicly available details surrounding ARN's SCA acquisition proposal. One possible outcome is the consolidation of audio content into listener. WTF is the American Privacy Rights Act by Seb Joseph. A breakdown of what the proposed privacy legislation is, what it means for advertising, and what time frame could be expected. Spoiler alert, it's not even in committee yet. And that was the download brought to you by Sounds Profitable. Today's episode is hosted
on ARN 19. Find out more at r19.com. I know we went through today's stories fast, so be sure to check out the links to every article mentioned. Right in your podcast, thisening app are on soundsprofitable.com slash podcast. And thank you for sticking with us as we ring the top stories you might have missed from the past week. Our producers are myself Brian Barletta and Tom Webster, special thanks to Speaker for hosting the download and thanks to you for joining us. Robot? Download, complete.