Amazon cuts 110 jobs in reorganization of Wondery audio division
The cuts reflect an industry shift toward producing more podcasts with video, a format that has become more popular with consumers who listen to their favorite hosts on platforms including YouTube and Spotify.
The layoffs also mark the latest sign of contraction in the once burgeoning podcast industry. In June, Spotify laid of 5% of staff in its podcast division and Philadelphia-based Audacy shut down New York-based Pineapple Street Studios.
'As video podcasting has grown in popularity, we have learned that creator-led, video-integrated shows have different audience needs and require distinct discovery, growth and monetization strategies compared to audio-first, narrative series,' Steve Boom, vice president of audio, Twitch and games at Amazon, wrote in a memo to staff.
Under the changes, Amazon will combine Wondery's narrative podcast studio with audio books and podcast division, Audible. Wondery staffers in its creator-led podcast studio will be part of a new organization called creator services with Amazon's talent services group.
Amazon acquired Wondery in 2020 for an undisclosed amount. The Culver City-based company is known for producing podcast series including 'Dr. Death' 'American Scandal' and 'The Shrink Next Door.'
Amazon said the restructuring will help it better support creators across different channels to monetize their content and simplify the process for advertisers, while also 'making the content more accessible to audiences wherever they prefer to consume it.'
Wondery CEO Jen Sargent is leaving the company to pursue other opportunities, Amazon said.
Ray Wang, principal analyst of Constellation Research, said the reorganization will help the company grow its ad business.
'This makes a lot of sense given how advertisers view both formats,' Wang said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Will the S&P 500 Index Do the Unthinkable and Rise at Least 20% for the 3rd Consecutive Year? History Says It's Unlikely, but 1 Wall Street Analyst Thinks It Can Happen
Key Points The broad market briefly fell into bear territory earlier this year before making a huge recovery. Major changes to U.S. foreign trade policy have increased volatility. One Wall Street analyst is bullish on where stocks will end the year, as long as there's clarity on tariffs. 10 stocks we like better than S&P 500 Index › The S&P 500 has been on a wild, nearly three-year bull run. Sure, the benchmark index has experienced its ups and downs, most notably in early April when President Donald Trump's initial tariff announcements sent stocks plunging. But it only took a few months for the S&P 500 to recover, and it's now up 6% this year, as of this writing. This follows strong showings in 2023 and 2024, when the index rose 24% and 23%, respectively. With the market continuing to inch higher and about five months to go in 2025, can the S&P 500 do the unthinkable and rise over 20% for three consecutive years? History says it's unlikely, but one Wall Street strategist thinks it will happen. It's only happened one other time in nearly 100 years The stock market's performance in 2023 and 2024 was incredible, but if the S&P 500 somehow manages to claw another 13% higher from here, it would be nearly unprecedented. Looking back nearly a century, such a winning streak has only happened one other time. Thirty years ago, in the run-up to the dot-com bubble, the S&P 500 delivered more than 20% annual price gains from 1995 through 1998, and it was less than half a percentage point shy of doing so in 1999. Some believe the stock market is currently on a similar trajectory to what it experienced in the 1990s. During that time, the internet boom created tremendous enthusiasm as investors rightly predicted the new technology would go on to transform society. What they missed is that technological disruptions rarely move in a straight line, and the late 1990s was also a time of low interest rates. Today, the stock market is being powered by the artificial intelligence boom, which has sent a small group of companies to meteoric valuations. Some now have multitrillion-dollar market caps. Interest rates aren't exactly low, although one could argue the market may still be riding high from a decade of zero interest rate policy and lots of quantitative easing. This Wall Street analyst sees a back-half surge in 2025 Recently, Oppenheimer strategist John Stoltzfus put out a research note, predicting the S&P 500 would hit 7,100 by the end of the year, implying a roughly 21% move in 2025. Part of Stoltzfus' call has to do with progress the Trump administration is making on trade negotiations. Deals have begun to come in and the agreements between Japan and the European Union are enough to provide clarity to investors and remove the uncertainty that has prevented the market from moving even higher, according to Stoltzfus. As part of the deals, the U.S. will impose 15% tariffs on goods from Japan and the E.U., and both will also make hundreds of billions of investments in the U.S. "Fundamentals are improving. Look at the [3%] GDP print today. It ain't perfect, but it's certainly a lot better than the crew that was thinking we were going into a recession was thinking [...] in addition to that, you've got earnings expectations not only meeting but beyond expectations another quarter so far," Stoltzfus said on a recent interview with Yahoo! Finance. Trump has just imposed new higher tariff rates on some countries as of this writing. However, the situation remains fluid, so the higher rates may not be final. There's still near-term risk I would agree with Stoltzfus that a recession seems unlikely, at least in the near term when you consider recent economic data. However, there has also been data suggesting that macro conditions are beginning to deteriorate. There's also another big risk if inflation does not fall to the Federal Reserve's preferred 2% target. After all, the strong second-quarter gross domestic product (GDP) report suggests that economic activity is quite robust. Tariff rates are also still coming in higher than expected, with most at 15% or above, and it's very possible this will create a one-time surge in inflation. Fed Chair Jerome Powell will not cut rates this year if he doesn't believe inflation is under control, unless there is a real downturn in the job market. If rate cuts don't materialize this year, that could take some of the wind out of the market's sails. Ultimately, the S&P 500 could manage to eke out a solid year, but delivering another 20%-plus gain is more of a bull-case scenario than a base case, as things stand now. Do the experts think S&P 500 Index is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did S&P 500 Index make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,019% vs. just 178% for the S&P — that is beating the market by 841.12%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Will the S&P 500 Index Do the Unthinkable and Rise at Least 20% for the 3rd Consecutive Year? History Says It's Unlikely, but 1 Wall Street Analyst Thinks It Can Happen was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
17 minutes ago
- New York Post
Oil baron CEO claims he was subject of ‘sham' swinger rumors so rival could steal his job: lawsuit
What a crude awakening. The co-founder and CEO of a wealthy Colorado-based energy firm accused an inner-company rival of spreading 'sham' rumors that he and his wife were swingers at a local country club to steal his job, according to a lawsuit. Michael Duginski, of Sentinel Peak Resources in Denver, was axed by his company in May after being sent a memo that he had allegedly exhibited 'unacceptable behavior in the workplace,' according to the lawsuit obtained by BusinessDen. Michael Duginski claims he was axed by his oil firm after his rival co-founder spread rumors that he and his wife were swingers. Crescent Energy Group Duginksi was placed on leave, but his company board allegedly refused to tell him what he was being accused of. After an ominous investigation and a probe, he was fired by the three other members of the company's board, the lawsuit filed last Monday claimed. The former oil baron said the decision to fire him started from rumors over his sexual proclivities spread by jealous co-founder George Ciotti, who took over his job as CEO when he was ousted, court records stated. In July, Duginski had several 'revealing' conversations at the Glenmoor Country Club in Cherry Hills Village, where he learned that Ciotti spread rumors that he and his wife were swingers and had sexual relationships with others outside their marriage, the filing claimed. Ciotti allegedly launched a 'sham investigation' against Duginski to 'create a vacancy for the role he coveted,' the lawsuit said. 'This accusation is untrue, and Mr. Ciotti knew it was false but wanted to harm Mr. Duginski's reputation,' the document said. Duginski had several 'revealing' conversations at the Glenmoor Country Club in Cherry Hills Village, leading him to learn about the rumors. Instagram Duginski is suing Sentinel Peak Resources for $650,000 in back wages, $3 million that he invested in the company and the value of his company stock — in addition to suing Ciotti for defamation. 'Colleagues within his community and industry now have misconceptions about his character,' the filing alleged. Sentinel Peak Resources is a portfolio company focused on the acquisition and development of oil and gas assets, according to its company website. A representative of the company did not immediately respond to The Post's request for comment.
NBC News
18 minutes ago
- NBC News
Amazon lays off over 100 employees in Wondery unit as part of audio business restructuring
Amazon is laying off roughly 110 employees in its Wondery podcast division and the head of the group is leaving as part of a broader reshuffling of the company's audio unit. In a Monday note to staffers, Steve Boom, Amazon's vice president of audio, Twitch and games, said the company is consolidating some Wondery units under its Audible audiobook and podcasting division. Wondery CEO Jen Sargent is also stepping down from her role, Boom said. 'These changes will not only better align our teams as they work to take advantage of the strategic opportunities ahead but, even more crucially, will ensure we have the right structure in place to deliver the very best experience to creators, customers and advertisers,' Boom wrote in the memo, which was viewed by CNBC. 'Unfortunately, these changes also include some role reductions, and we have notified those employees this morning.' Bloomberg was first to report on the job cuts. The move comes nearly five years after Amazon acquired Wondery as part of a push to expand its catalog of original audio content. The podcasting company made a name for itself with hit shows like 'Dirty John' and 'Dr. Death.' More recently, Wondery signed several lucrative licensing deals with Jason and Travis Kelce's 'New Heights' podcast, along with Dax Shepard's 'Armchair Expert.' Amazon is streamlining 'how Wondery further integrates' into the company by separating the teams that oversee its narrative podcasts from those developing 'creator-led shows,' Boom wrote. The narrative podcasting unit will consolidate under Audible, and creator-led content will move to a new unit within Boom's organization in Amazon called 'creator services,' he wrote. Amazon's audio pursuits face a heightened challenge from the growing popularity of video podcasts on Alphabet 's YouTube, which now hosts an increasing number of shows. Video shows require different discovery, growth and monetization strategies than 'audio-first, narrative series,' Boom wrote in the memo to Amazon staffers. 'The podcast landscape has evolved significantly over the past few years,' Boom said.
