Podcasting is a wonderful platform of expression. The question about podcasting has always been about making it a profitable venture. Blue Wire is seeking to do that as well.
The company, which has 250 podcasts, has just raised $2.5 million of funding. Blue Wire has raised $11.4 million since it’s founding in 2018.
The company is in business with the podcasts of former NFL player Chris Long, former NBA player Richard Jefferson, Miami Heat guard Duncan Robinson and Las Vegas Raiders defensive end Maxx Crosby.
Blue Wire has made progress stating it is on track to generate $10.3 million of revenue this year which tops last year’s earnings of $4.8 million and $1 million in 2020. Kevin Jones, Blue Wire’s founder, says the company hopes to achieve profitability in 2023 where he estimates $23 million in revenue and 250 million podcast downloads.
“Purse strings are tighter,” Jones remarked. “They were a little looser in previous years, which was great for us. Everyone still has a match out there. If your company is growing fast and you have the metrics, you should be able find a handful of folks, but it’s getting harder. There are a lot more No’s and the process is going to take entrepreneurs longer to raise capital, at least that’s what we’re running into.”
But Jones has heard ‘yes’ before. Wynn Resorts invested $3.5 million in Blue Wire last year in an effort to also promote its WynnBET online sports betting product. Blue Wire has a 1,700-square-foot podcasting studio at the Wynn resort in Las Vegas, where the company tapes at least 35 hours of podcasts per week.