Netflix hires former Apple executive to boost podcast catalog
What's the story
Netflix has hired Steve Wilson, a former Apple Podcasts executive, to lead its podcast content acquisition. The move is part of the streaming giant's strategy to expand beyond films and series and attract more viewers. Wilson previously handled partner relations at Apple Podcasts and recently worked with Daylight Media. He will initially join Netflix as a consultant.
Strategy shift
Netflix's podcast push amid layoffs
The appointment of Wilson comes at a difficult time for Netflix, which recently announced plans to cut 6% of its workforce.
The company is trying to establish a strong presence in the competitive podcast market.
Last year, Netflix started adding video versions of popular audio shows to its platform, including The Breakfast Club and The Bill Simmons Podcast.
However, this required participating shows to leave YouTube, Netflix's biggest competitor for online video audiences.
Platform rivalry
YouTube's response to Netflix's podcast expansion
YouTube, the top destination for podcast listening in the US, has responded to Netflix's move by offering talent across categories millions of dollars to stay on its platform.
For established podcast networks and their biggest shows, leaving YouTube could mean losing audience reach and revenue.
This is even as Netflix offers an opportunity for greater visibility on a major streaming platform.
Issues
Risks of losing existing audiences
Netflix's podcast strategy has mainly focused on convincing podcast networks to get their talent on the service.
However, this move comes with the risk of losing existing YouTube audiences.
The podcast initiative is still a small part of Netflix's overall content investment, which stands at $20 billion and mainly goes toward films and series.