Michael Mignano has joined the customer practice of the sprawling venture firm Lightspeed Venture Partners, immediately after previously co-founding the podcasting platform Anchor and then major Spotify’s speak audio business enterprise immediately after the streaming giant acquired Anchor in 2019 for much more than $150 million.
Interestingly, Mignano joins a firm that did not invest in Anchor, even though he says in a new Medium post that he initially met Lightspeed when he was out fundraising for his then-nascent startup. (Founded in 2015, Anchor went on to raise $14.four million from Homebrew, GV, Accel, Betaworks and Eniac Ventures, amongst other individuals, prior to it sold.)
Mignano says in that similar Medium post that he’s excited to back inventive teams regardless of exactly where they are in the planet, even though it is also evident from a Substack newsletter he authors that he remains passionate about podcasting in certain.
In a post yesterday, for instance, he tends to make the case that the majority of the world’s podcasts will in the end give their audience the chance to each listen as effectively as watch, a la The Joe Rogan Experience (exactly where Elon Musk was famously observed puffing away on a spliff even though getting interviewed by Rogan in 2020).
It’s a matter of dollars, largely, says Mignano, writing that podcast revenues are expected to exceed $two billion this year, even though YouTube generated practically $29 billion in video ad income final year alone. “In other words,” he continues,”the video marketplace is vastly larger than the podcast marketplace. As much more and much more podcasters turn to video, much more income will be unlocked for their shows.”
Little wonder podcasting is nevertheless prime of thoughts for Mignano for now. According to the Verge, Anchor has grow to be the most-applied podcast hosting platform, with a single out of 4 new podcast episodes published via Anchor.
Mignano is primarily based in New York, exactly where Lightspeed not too long ago opened an workplace that will be also be staffed by investors James Ephrati and Adrian Radu.
When he left Spotify in early May, it came rapid on the heels of two other executive departures. Courtney Holt, a prime executive with Spotify’s podcasting business enterprise, left immediately after 4 years in a split that was described to Variety as amicable. (Holt hasn’t announced his subsequent move but.)
Former New York Times reporter Lydia Polgreen, who was assisting to run the podcast studio Gimlet, which Spotify purchased for a reported $230 million in February 2019, meanwhile left the enterprise in April to rejoin the Times.