A notable sports podcast producer has added new investors to its team. blue wirewho worked with TikTok stars to grow his audience and revenue, raised a $2.5 million cash injectionaccording Forbes.
The funding round is a convertible note, which means it is a short-term loan that will eventually be converted into equity. Participants understand Capital dotwhich has invested approximately $5 million of the $11.4 million Blue Wire has raised so far, and a pair of East Carolina University-affiliated ventures. Kevin JonesBlue Wire’s 33-year-old founder is an ECU veteran.
Jones chose this form of financing in response to current trends in the financing world. “A lot of VCs are stepping down,” he said Forbes. “They’re just like, ‘It’s too risky now.’ People have to find different ways to fundraise.I’m proud to be connected to my alma mater, East Carolina.
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Many Blue Wire podcasts are hosted by professional athletes, such as the NFL lineman Maxx Crosbynba sniper Duncan Robinsonand former players Chris Long and Richard Jefferson. In total, the Blue Wire podcast network includes around 250 shows.
Recently, Jones has added a new dimension to her business by working closely with influencers. Matthew Sponhour, Blaiden Kirkand Theo Ashwho all have significant followings on TikTok, are pictured above as the three co-hosts of Blue Wire’s Stay warm. Besides getting around 140,000 downloads per month, Stay warm engaged its fans with live coverage of important events in the sports calendar, such as the NFL Draft.
Blue Wire has also tapped Mountain Dew to sponsor The dew zone, a podcast hosted by TikToker Druski. These influencer-focused shows have helped Blue Wire improve its financial position by leaps and bounds. A report from earlier this year predicted $10 million in revenue for the company in 2021, to accompany around 60 million downloads.
Jones’ recent success has made him optimistic about Blue Wire’s future. He said Forbes that he hopes to make his business profitable in 2023 and that he is looking to raise additional funds to support the growth of the podcast network.