Facebook Pulls the Plug on Podcast Business

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Facebook Pulls the Plug on Podcast Business
04 May 2022
min read

News Synopsis

Facebook is withdrawing the podcasts and also plans to remove them from social media services altogether starting from June 3rd. Facebook, part of Meta Platforms Inc, will stop adding users to the podcasts starting this week, according to a note to partners. It will discontinue the short-form audio product Soundbites and remove the central audio hub.

Facebook announced several audio initiatives last April in the hot market for podcasts and audio in general. However, the company's interest has diminished and is now focusing on other initiatives, disappointing some providers.

The podcast market has grown rapidly in recent years. Spotify Technology has licensed successful shows and acquired companies. Amazon.com Inc. has purchased the Wondery Podcast Network and a hosting platform.

In addition, Meta faces competition from TikTok, Snap (SNAP), and others, and continues to fight the ongoing Federal Trade Commission antitrust proceedings.

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