Perspectives: Opinions from our network of advisors, investors, operators and analysts on the risks and opportunities they see.
It has been a rough freshman week for podcasting’s first $100 million VC darling.
Luminary, the buzzy new startup heralded as “the Netflix of podcasts,” launched on April 23. With substantial capital backing and widespread industry awareness thanks to a popular New York Times profile, the fledgling podcast seemed primed to present an alternative for the quickly maturing podcast industry.
But the company quickly cannibalized much of that positive energy.
It all began with a since-deleted tweet of a bunny holding a sign that read “Podcasts don’t need ads.” This, understandably, caused an eruption of criticism from an industry primarily held up by independent creators dependent on advertising revenue. As Luminary co-founder and former New Enterprise Associates Principal Matt Sacks told The Verge, “The bunny put a foot in our mouth.”