One of Tom Brady’s numerous business ventures is experiencing layoffs.
Religion of Sports, the media company that Brady co-founded in 2018 with Michael Strahan and Gotham Chopra, is cutting its podcast division, reports the New York Times.
The company launched its first podcast, “Now for tomorrow with Deepak Chopra,” in 2020. It hired more than a dozen producers and developed a wide range of shows, six of which have been released. At the time, podcasting seemed like an exploding industry that would only grow in the coming years (Spotify has spent more than $1 billion to sign exclusive podcast deals with stars like Joe Rogan and Kim Kardashian).
But just three years later, the advertising market has cratered, leading to layoffs among many media and tech companies. In early January, Religion of Sports made the decision to shutter its audio division.
“The dumb money era is over,” Eric Nuzum, a podcast strategist, told the Times.
Last year, Front Office Sports reported that Religion of Sports was seeking to raise $50 million. In 2021, its revenue reached $35 million.
Religion of Sports has produced two successful documentaries: Brady’s 10-part “Man in the Arena” series and Simone Biles’ “Simone vs. Herself.”
Brady’s own podcast, “Let’s Go!,” airs on SiriusXM and is distributed by iHeartMedia.
