The Scoop: Evolving from newspaper journalist to $100 million podcast mogul

No one becomes a newspaper journalist looking to become rich. Few expect to become famous. But Kara Swisher parlayed her experience at the major American print outlets — the Times, the Journal, the Post — into a trailblazing podcast empire.

Along with partner Scott Galloway, Swisher has negotiated an unusual podcasting payment scheme that could usher in a new wave of power for podcast hosts. The team has a roster of five interview and tech-focused podcasts, including “Pivot” and “On with Kara Swisher.”  When their most recent contract with publisher Vox Media expired, they went shopping to see what kind of deal they could get.

The New York Times reports that the pair received offers including an eyewatering $40 million, four-year guaranteed deal. However, they ultimately decided to re-sign with Vox with no guarantee, instead giving the co-hosts 70% of any earnings, while Vox keeps 30%.

While nothing is certain, the pair believes they could gross $100 million over four years, which would leave them to split $70 million.

That kind of cash can put even traditional TV news anchors to shame — for instance, Anderson Cooper was believed to earn $12 million per year from CNN in 2021. But, in addition to even more cash, Swisher reaps another benefit over journalists like Cooper.

“Every day I get to decide what I do and it’s not dependent on anybody,” she said of her independence.

Why it matters: You already know that podcasts are important. We won’t bore you with those details again. But the way podcasters get paid matters.

This is not a podcast under traditional editorial control. Swisher is operating as an entrepreneur working in partnership with a publisher, but ultimately, as she notes, she is her own boss and sets her own agenda. She is betting on herself with both the risk and the reward that it brings. And not only that, she’s helping other journalists looking to follow in her footsteps, including letting former Vox journalist Casey Newton stay in her guesthouse for free while he plotted his own podcast, to urging Christiane Amanpour to get into the audio space.

When a podcaster is their own boss rather than working under a traditional media outlet (think Hard Fork, the New York Times podcast Newton went on to found), the relationship shifts. There is less editorial oversight. There are more opportunities for creative sponsorship deals. The host has more latitude to do precisely what they want.

This can offer big opportunities for creative PR professionals looking to place their clients on these juggernauts: the right pitch can land even if it’s a little unconventional. Pairing editorial and paid media is more flexible.

Swisher is currently an outlier, a rockstar who has risen from print to the pinnacle of new media. But if she succeeds, she likely won’t be the last.

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Allison Carter is editorial director of PR Daily and Ragan.com. Follow her on LinkedIn.