Sports podcast company Blue Wire raises round from Decathlon
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Blue Wire, a sports podcast company, has raised new funding from Decathlon Capital to fuel its growth, founder Kevin Jones tells Axios.
Why it matters: A broader ad market slowdown has forced podcast businesses to shrink over the past year as they focus more on profitability.
Of note: The 6-year-old company has cut its staff from 30 to 18 in recent months, slashing its marketing team that created custom content for podcasters.
- Jones declined to disclose details on the total raised or the company's valuation after Decathlon's round.
Catch up quick: The funding follows a community fundraising round last year. The firm raised $218,190 from 80 investors, well off its $1 million goal.
- Blue Wire has previously raised $12 million, including a $1.2 million seed round and a $5 million Series A led by Dot Capital in 2020, a $3.5 million investment and studio residency with Wynn Resorts, and various angel investments.
Details: The Decathlon investment is primarily for building proprietary technology to help podcasters run their businesses more efficiently. It's also for recruiting more content creators and hiring more salespeople.
- The deal is revenue-based financing with a five-year period to pay down the borrowed money, according to Jones.
Between the lines: Blue Wire is ending a three-year partnership with Wynn Resorts, which will remain one of the company's largest shareholders, Jones says.
- The move comes as Wynn ceases operations of its WynnBEt service and iGaming platform across eight U.S. states.
By the numbers: Blue Wire reached profitability in October 2023 and is cash flow positive, Jones says. Profit margins improved 39% from 2022 to 2023, he adds.
- The company works with more than 20 podcast networks, along with dozens of independent podcasters, including Action Network, All City Network, Betsperts, Fubo and Sports Gambling Podcast Network.
- More than 130 advertisers worked with Blue Wire in 2023.
