Veteran Podcasters Pull the Plug as Ad Revenue Dwindles

Hundreds of Thousands of Listeners Lost as Veteran Podcasters Cut the Mic

• Two Try Guys members announced the end of The TryPod and You Can Sit With Us.
• Both shows once attracted hundreds of thousands of weekly listeners.
• Instability at podcast ad networks left the podcasts unable to monetize.
• The collapse highlights a broader ad‑revenue crunch affecting veteran podcasters.

When ad dollars dry up, even the biggest names can’t stay on air.

PODCAST INDUSTRY—The Try Guys, a YouTube sensation turned podcasting powerhouse, shocked fans last November when Keith Habersberger and Zach Kornfeld disclosed that their flagship shows were hemorrhaging money. The TryPod, which routinely drew a massive audience, and the spin‑off You Can Sit With Us were both slated for termination.

According to the Wall Street Journal, the duo blamed “instability at podcast ad networks” for the shortfall, noting that their massive YouTube following could no longer subsidize the audio venture. The revelation underscores a growing tension between audience size and sustainable revenue in the digital audio ecosystem.

Industry analysts warn that the Try Guys’ predicament is not an isolated incident but a symptom of a sector grappling with volatile ad pricing, fragmented inventory and shifting advertiser preferences.

The Try Guys’ Podcast Collapse: A Symptom of Industry Turbulence

When Keith Habersberger and Zach Kornfeld announced the demise of The TryPod and You Can Sit With Us, they were not merely ending two shows; they were sounding an alarm for an entire generation of veteran podcasters. The WSJ article notes that the podcasts “regularly brought in hundreds of thousands of listeners,” yet the revenue pipeline dried up because ad networks could not monetize the audience.

Audience Size vs. Revenue Reality

Edison Research’s 2023 Podcast Consumer report shows that while 78 million U.S. adults listen to podcasts weekly, only 22 percent of those listeners regularly act on ads. This conversion gap translates into lower effective CPM (cost per mille) rates for creators, especially when ad inventory is fragmented across dozens of platforms.

For the Try Guys, whose YouTube channel commands over 10 million subscribers, the expectation was that a comparable audio audience would attract premium advertisers. Yet the IAB’s 2023 study indicates that average podcast CPMs ranged between $18 and $50, far below the $70‑$100 CPMs typical for video on YouTube. When ad networks falter, the shortfall can be dramatic.

Industry veteran and podcast analyst Alex Rivera of the Podcast Insights firm explains, “Even a show with 300,000 weekly listeners can struggle to break even if the ad network’s fill rate drops below 30 percent.” Rivera’s assessment aligns with the Try Guys’ experience, where the lack of reliable ad inventory forced the creators to rely on YouTube ad revenue—a stream that cannot fully subsidize audio production costs.

The broader implication is clear: veteran podcasters cannot assume that a large fan base guarantees financial stability. The ad‑network model, once hailed as the backbone of the podcast boom, now appears precarious, prompting creators to reevaluate their monetization mix.

As the industry grapples with this shift, the next chapter examines the economics of ad networks and why they are stumbling.

Why Ad Networks Are Struggling: The Economics Behind Podcast Monetization

The ad‑network ecosystem that once fueled podcast growth is now showing cracks. According to Reuters’ 2024 Global Podcast Ad Spend Forecast, total industry ad spend is projected to grow only 3 percent year‑over‑year, a slowdown from the double‑digit gains of the previous five years.

Supply‑Side Pressures and Pricing Erosion

Ad networks aggregate inventory from thousands of shows, selling it to advertisers via programmatic platforms. When demand falters, fill rates— the percentage of ad slots sold—drop sharply. The IAB report notes that average fill rates fell from 65 percent in 2021 to 48 percent in 2023.

Lower fill rates force networks to slash CPM prices to attract advertisers, compressing revenue for podcasters. A 2023 study by the Interactive Advertising Bureau (IAB) found that the median CPM for a 30‑second pre‑roll ad fell from $24 in 2021 to $18 in 2023, a 25 percent decline.

Expert commentary from Dr. Maya Patel, senior research fellow at the Media Economics Institute, emphasizes that “the programmatic model rewards scale over niche relevance, leaving veteran podcasters with highly engaged but smaller audiences at a disadvantage.” Patel’s analysis underscores why shows like The TryPod, despite strong listener loyalty, could not secure sufficient ad dollars.

The financial squeeze is evident in the Try Guys’ own numbers. While the WSJ piece does not disclose exact revenue, industry benchmarks suggest that a podcast with 300,000 weekly listeners and a $18 CPM could generate roughly $1 million annually—far less than the multi‑million dollars the duo earns from YouTube.

Given these pressures, many creators are turning to direct sponsorships and listener‑supported models. The next chapter profiles veteran podcasters who have successfully diversified beyond shaky ad networks.

Comparative Look: Veteran Podcasters Who Survived the Ad Crunch

Not every veteran podcaster has been forced off the air. Shows like The Joe Rogan Experience, My Favorite Murder, and The Daily have weathered the ad‑network turbulence by building diversified revenue streams.

Revenue Mix That Works

According to Podtrac’s 2023 Top Podcasts Revenue Rankings, The Joe Rogan Experience earns roughly 60 percent of its income from exclusive platform deals (Spotify), 25 percent from ads, and 15 percent from merchandise. My Favorite Murder, a true‑crime series with a devoted fan base, splits its earnings 45 percent from Patreon‑style subscriptions, 35 percent from ads, and 20 percent from live‑show ticket sales.

These mixes illustrate a strategic pivot: by securing a baseline of listener‑supported income, creators reduce reliance on volatile ad markets. Media analyst Priya Desai of Chartable notes, “Shows that lock in a direct‑to‑consumer revenue component can sustain production costs even when CPMs dip.”

Financially, the difference is stark. The IAB reports that podcasts with a subscription component can command CPMs up to $75 for premium ad inventory, compared with $18‑$25 for standard programmatic slots. This premium reflects the higher engagement of paying listeners.

For the Try Guys, whose model relied heavily on ad revenue, the lack of a subscription tier left them exposed. The lesson for veteran podcasters is clear: diversify early, and treat ad revenue as one piece of a broader monetization puzzle.

Next, we explore emerging pathways that creators can adopt to future‑proof their audio businesses.

What Does This Mean for Creators? Future Paths for Monetization

With ad‑network instability now a documented risk, veteran podcasters must chart new financial courses. The Reuters 2024 forecast projects that total podcast ad spend will rise modestly to $2.5 billion, but the growth will be concentrated among a handful of platform‑exclusive deals.

Emerging Revenue Models

Listener‑supported platforms such as Patreon, Supercast and Apple Podcasts Subscriptions have seen subscriber growth of 40 percent year‑over‑year, according to a 2023 report by the Digital Media Association. These platforms enable creators to charge $5‑$15 per month, translating into a reliable monthly cash flow.

Another avenue is branded content. Brands are increasingly seeking integrated storytelling rather than traditional pre‑roll spots. A 2023 Nielsen study found that 68 percent of podcast listeners are more likely to purchase a product after hearing a host’s authentic endorsement.

Dr. Elena García, professor of Media Business at Northwestern University, warns that “the shift toward direct‑to‑consumer models will widen the gap between creators with strong community ties and those who rely solely on mass‑market advertising.” García’s research suggests that podcasts with a dedicated fan base can generate up to three times the revenue of comparable shows that lack a subscription component.

For the Try Guys, a potential pivot to a subscription tier could have mitigated the ad shortfall. However, building that tier requires a compelling value proposition beyond the free content they already offered.

Looking ahead, the industry is likely to see a consolidation of ad inventory under a few large platforms, while independent creators double‑down on community‑driven revenue. The final chapter asks whether this evolving landscape signals the end of the traditional podcast model.

Is the Podcast Model Broken? A Question for the Industry

When veteran creators like the Try Guys abandon their shows, the industry must ask: Is the traditional ad‑driven podcast model fundamentally broken?

Revenue Share Breakdown

Data from the IAB 2023 study shows that the average podcast’s revenue composition is 55 percent ads, 30 percent subscriptions/memberships, and 15 percent ancillary streams (merch, live events). The heavy reliance on ads makes shows vulnerable to market fluctuations.

Expert commentary from Sarah Liu, partner at media‑focused venture firm MediaVentures, argues that “the next wave of podcast success will belong to creators who own their audience data and can monetize directly, bypassing the opaque ad‑network layer.” Liu’s firm has recently funded several subscription‑first podcast platforms, indicating investor confidence in the shift.

To visualize the current mix, the donut chart below illustrates the proportion of revenue sources for an average veteran podcast in 2023.

Ultimately, the Try Guys’ decision may serve as a cautionary tale, prompting both newcomers and established voices to redesign their business models before ad revenue dries up further.

As the audio landscape evolves, creators who blend community funding with selective brand partnerships are poised to thrive, while those clinging to legacy ad structures risk becoming the next headline.