The Podcast Election: How Donald Trump Secured The Bro Vote
The Growing Influence of Independent Podcasts and How to Invest in Them
The 2024 US Election marked a turning point for podcasts.
The medium outperformed legacy media when it came to both audience share as well as capturing the electorate — at least amongst younger voters.
Donald Trump’s appearance on the Joe Rogan Experience (JRE) has generated well over 100 million downloads across all platforms, more than double the amount of people who tuned in to CNN to watch the first debate between Trump and Joe Biden.
More broadly, the average JRE episode gets 11 million downloads, whereas the average CNN Primetime show gets just 400,000 viewers, 80% of which are outside the 25–54 year-old demographic sought after by advertisers.
Not only that, but it’s literally just Rogan, his assistant Jamie, and his guest booker, working a handful of hours a week to put out a handful of episodes, whereas dozens of people work around the clock on CNN’s Primetime programming.
Podcasts are now cutting through to younger generations in a way that legacy mainstream media not only fails to do, but seems incapable of even understanding.
People’s trust in mainstream media has been faltering for years — and this is especially true in light of the mixed messages we grew accustomed to during the pandemic and the Government-triggered suppression of news stories.
Younger generations are drawn to podcasts because they — for the most part — are independent, authentic, relatable, and as far as the audience is concerned, more trustworthy than their well-heeled peers in legacy media.
Whether this is true or not is obviously another story and subject to a podcast-by-podcast, episode-by-episode evaluation.
Many have argued that Donald Trump’s longform podcast interviews not only helped to humanize him among predominantly young male voters, but to sway the electorate his way — effectively earning him the so-called ‘bro vote’ of men aged between 18 and 44.
Kamala Harris too went on what seemed a late and reluctant podcast tour in response to Trump’s aggressive pursuit of podcast audiences, making shorter form interview appearances on shows such as Call Her Daddy, The Breakfast Club, and Brene Brown’s Unlocking Us.
Let’s dive in to the numbers to gain a full appreciation not only of the appeal of podcasts, but how they came to influence the outcome of the 2024 Presidential election.
By The Download Numbers
About 31% of people watch podcasts on YouTube instead of listen to them on other platforms like Spotify and Apple Podcasts, so I’ve applied a 2X multiple of the YouTube views to estimate total downloads.
Donald Trump’s Podcast Tour
Kamala Harris’s Podcast Tour
Casting aside the likely overlap in audiences, Donald Trump’s podcast tour is likely to have generated about 25X more viewers, half of which was attributable to the Joe Rogan Experience.
Curiously, Harris was invited to appear on JRE but decided to pass because she allegedly refused to travel to Joe Rogan’s studio and do more than 45 minutes (JRE episodes are typically two to three hours long).
The disparity in downloads between Trump and Harris’ respective campaigns is a reflection of both (a) podcast selection, and (b) Donald Trump’s ability to draw larger interest and audiences than Kamala Harris.
And I haven’t even touched on the fact that Trump’s running mate JD Vance also appeared on many of the same podcasts, racking up massive download numbers.
Throughout October 2024, at the height of the election madness, CNN Primetime was generating about 830,000 viewers per episode. At this rate, CNN would need a whole year to generate the 300M views that Trump managed by appearing on just 10 podcasts.
Whatever you think about the election outcome, podcasting is gaining a lot more influence than mainstream media as younger audiences flock to independent voices, and will have to become a foundational part of political campaigns going forward, especially as older voters begin to check out of political engagement.
The Bro Vote
The following survey gives us insight into the demographic split of JRE’s audience, albeit off a small sample size of British survey participants. The majority are male and between 18 to 54 years old.
It should come as little surprise then that Donald Trump’s successful podcast tour, among other widely discussed factors, was fundamental in helping to flip and secure the ‘bro vote’ of men aged 18–44, below.
While crypto is heating up on the back of Donald Trump’s election — Bitcoin has soared by 40% in the week since his election, the apparent popularity and influence of podcasts is renewing interest from investors and advertisers in podcasting and the creator economy at large.
Numerous industry stalwarts have eluded to this including Mumbrella founder and author of Media Unmade, Tim Burrowes.
The Next Wave of Media
But is this just hype, has the creator economy horse already bolted, or are we just at the beginning of a new wave of media?
Well, according to Edison Research, podcast consumption has been trending up for almost two decades now, albeit off a low base (below).
And as at the time of writing, almost half of all Americans and Australians listen to podcasts at least monthly — with similar trends across Anglosphere countries.
Investing in Podcasting
Despite this rapid growth, market projections suggest that it’s still early, with the podcast market forecast to grow by a CAGR of a whopping 27.8% through to 2032 to become worth almost a quarter of a trillion dollars globally — that’s 10X growth.
Not only that, but we’re facing a unique point in time where numerous technologies and consumer behaviors are coalescing.
In the early 2010s, venture capital firms that invested at the intersection of cloud, mobile, social media, and the emergence of a faster, cheaper internet were handsomely rewarded — it was one of the best vintages of all time with firms generating more than double the usual ROI.
Today in media, similar opportunities exist at the intersection of::
- Generative AI
- AI agents
- Workflow automation
- Seamless and inexpensive offshore outsourcing
- Influencer and creator economy
- Commoditized recording distribution
- Lean working methods
- Web3, DAOs, and digital collectibles (NFTs etc.)
But if you wanted to get exposure to this market you could start a podcast, and you would probably fail, with 99% of podcasts tapping out before episode 21.
It’s a lot of work and you’re unlikely to get to traction without putting out something like 100 or more episodes.
But what if you could passively invest in the growing podcast market?
There are opportunities both in the public and private markets to do exactly that.
And these opportunities exist across several levels — infrastructure, applications, and content/talent.
Before we dive in, a disclaimer.
Disclaimer: This content is for informational purposes only and does not constitute financial or investment advice. All investments carry risks, and past performance is not indicative of future results. Always consult a qualified financial advisor for advice tailored to your financial situation. Information presented is accurate at the time of publication but may not reflect current data.
Public markets
Public market companies have resources, but their ability to effectively leverage and take advantage of the above mentioned trends could be harmed by the fact that they have legacy people, processes, and shareholders to deal with — they are susceptible to the innovator’s dilemma.
Still, they present opportunities to get exposure today in a liquid fashion.
Spotify (SPOT): Spotify has made substantial investments in podcasting, acquiring companies like Gimlet Media, The Ringer, and Anchor, and is licensing third-party content and developing exclusive content to enhance its podcast offerings.
Sirius XM (SIRI): Through its subsidiary, Pandora, Sirius XM has expanded into podcasting, offering a variety of content and acquiring platforms like Stitcher to bolster its podcast library.
iHeartMedia (IHRT): iHeartMedia operates a vast podcast network, producing and distributing a wide range of popular podcasts across various genres.
Audacy (AUD): Audacy has expanded into podcasting through acquisitions like Cadence13 and Pineapple Street Media, enhancing its content portfolio.
Cumulus Media (CMLS): Cumulus Media owns the podcast network Westwood One, which produces and distributes a variety of podcasts, including news, sports, and entertainment content.
Southern Cross Media Group (ASX: SXL): Southern Cross Austereo operates radio networks across Australia and has been expanding its digital audio content, including podcasts. Its flagship podcast, Hamish & Andy, generates almost 2 million downloads a month — something it claims is coming in 2025.
Despite this, the company has spent about $65M on CapEx to support its podcast strategy in the past three years, and is yet to turn a profit on the investment — something it alleges it is on track to do in 2025.
HT&E Limited (ASX: HT1): HT&E, through its ownership of ARN (Australian Radio Network), offers a range of audio content, including podcasts, across its digital platforms. Thanks to its partnership with iHeartMedia and shows like shows like The Imperfects, Stuff You Should Know, and She’s On The Money, ARN has rocketed to the top of the Australian podcast publisher charts.
Private markets
Private market opportunities are not as easy to come by — mostly because they’re typically not visible to the general public unless listed on equity crowdfunding sites or on the secondary market.
Typically you need to be a looped in angel investor, limited partner in a VC fund and/or a VC to gain access to early-stage private market opportunities, but getting in early is typically where you’ll also find the biggest returns (albeit at the greatest risk premiums).
Here are some movers and shakers in the private markets.
Infrastructure
Acast: Founded in 2014, Acast offers a comprehensive suite of podcasting services, including hosting, monetization, and analytics. It aims to empower podcasters of all sizes to grow their audiences and monetize their content effectively.
Acast’s platform provides features like dynamic ad insertion and access to a global marketplace of advertisers, allowing creators to generate revenue and reach a wider audience with ease.
Omny Studio: Omny Studio is tailored for enterprise-level podcasting, serving radio stations and large networks. It offers specialized tools such as automatic radio broadcast capture, a web-based audio editor, and in-depth analytics. These features help integrate traditional radio content into digital podcasting formats seamlessly.
Apps
Castmagic: Castmagic is an AI-driven platform designed to streamline podcast production by automating tasks such as transcription, content generation, and editing. By leveraging advanced AI technology, it enables podcasters to efficiently transform audio content into various formats, including show notes, summaries, and social media posts, thereby enhancing productivity and content reach.
OpusClip: OpusClip is an AI-powered video repurposing tool that transforms long-form videos into engaging, short-form content suitable for platforms like TikTok, YouTube Shorts, and Instagram Reels.
By analyzing the original video, OpusClip identifies key moments and seamlessly rearranges them into standalone clips, enhancing content reach and engagement.
Content
SonicBoom (full disclosure, I’m the founder)
SonicBoom is an AI-first, creator-hosted podcast network that will be launching hundreds of podcasts in partnership with influencers across myriad categories, bringing audiences to the table from day one.
Think of us as a capital-efficient record label for podcasts, one that places lots of small bets on talent by doing all of the back office heavy lifting, and doubles down on the winners.
Thanks to our use of AI, automation, and offshore talent, we’re more than 10X more capital efficient than competitors, which gives us the ability to place said bets and help creators play the long game, and unlike incumbents, we’re not hamstrung by existing processes, people, and shareholders.
If you’d like to learn more about what I’m building, send me an email.
Sonoro is a global entertainment company specializing in creating premium, culturally relevant audio-first content that extends into television, film, and beyond. Collaborating with leading and emerging Latin storytellers from over a dozen countries, Sonoro develops original franchises in English, Spanish, and Spanglish.
The company has pioneered new podcast formats, launching multiple #1 hits, including Toxicomanía: El Experimento Mexicano, which is being adapted into a film for Paramount+, and Tejana, starring and executive produced by Stephanie Beatriz, which won the 2022 Best Fiction Ambie Award and is being developed for television.
Downstream Opportunities
Downstream from podcasting, there are companies across the value chain that will stand to benefit such as fan and subscription platforms such as Patreon, as well as web3-enabled creator economy plays like Catalyze and Royalty.
Final Thoughts
The influence of podcasts on the 2024 presidential election underscores a seismic shift in media consumption, particularly among younger Gen Y and Z voters.
With podcast platforms offering unfiltered, authentic, and longform content, candidates like Donald Trump capitalized on their power to engage audiences directly and extensively, achieving unmatched reach compared to legacy media..
This shift indicates a broader trend where podcasts are becoming pivotal in shaping public discourse and electoral outcomes.
As political campaigns adapt to the evolving landscape, embracing the podcast medium is no longer optional — it’s essential.
Steve Glaveski is the founder of SonicBoom, an AI-first, creator-hosted podcast network.
