Podcasts

The host read is still going to have a lion's share of the profits for the bigger shows. For smaller shows, or shows where the host can't do something custom then you're going to have the opportunities for the more programmatic type of advertisements. The problem of programmatic over time is it's usually a race to the bottom on pricing. I believe the ad reads will remain their primary source of revenue for the foreseeable future. Right now, the advertisers see the return on investments still better with that,. so that they're going to continue to pay better for that.