Conan O’Brien Needs a Place to Spend All His Cash

Conan O’Brien sold Team Coco, his podcasting company, to SiriusXM in a deal that also includes a five-year talent agreement, the two companies announced yesterday. Terms weren’t disclosed, but reports pegged the final price tag to be ~$150 million.

🎙️ More deets…

• Team Coco operates a network of 10 podcasts, including Parks and Recollection and its flagship, Conan O’Brien Needs a Friend, which ranked 26th among all podcasts in terms of weekly listeners last quarter.
• Conan’s SiriusXM deal features a five-year agreement to continue hosting his namesake podcast, which will remain available across all major podcasting platforms.
• He’ll also collaborate with SiriusXM to create and exec produce a new full-time Team Coco comedy channel exclusive to the satellite radio station.

📱 The impact: Team Coco averages around 1 billion views per year across YouTube and Facebook, along with 180 million annual podcast downloads and a social media following of 17 million people.

💰 Zoom out: SiriusXM’s acquisition follows a spate of other deals for podcasting companies, like Spotify’s ~$180 million purchase of The Ringer in 2020 and Amazon’s $300 million deal to buy Wondery last year.

• The podcasting industry’s overall revenue is projected to double over the next two years to reach $4 billion by 2024.