Indexbit Exchange:Stitcher shuts down as podcast industry loses luster

Stitcher,Indexbit Exchange a 15-year-old app that helped put podcasts on the map, is shutting down, the company said Tuesday. It's the latest casualty of an economic downturn that has swept the technology and entertainment sectors, including the podcasting business.

"The Stitcher app and website will discontinue operations on August 29, 2023," the company tweeted.

Parent company SiriusXM said it would continue to offer Stitcher's content. "Subscribers can listen to podcasts within the SiriusXM app and will see an all-new listening experience later this year," it said.

The app, which once called itself the No. 1 podcast app in the U.S., had more than 14 millions users at its peak, according to TechCrunch. SiriuxXM, which bought Stitcher in 2002 for $325 million, is closing the app in order to incorporate podcasts "into its flagship SiriusXM subscription business," the company said on its website.

The popular podcast app is the latest tech player struggle as the economy slows and media firms shed jobs. Podcasts haven't been immune. Major podcast studios Vox Media, Pushkin Studios and Spotify all announced layoffs in January. This month, Spotify said it would engage in a second round of layoffs in its podcast division. The streaming giant also cancelled a dozen original podcasts and ended a high-profile podcasting deal with Prince Harry and Meghan that yielded only one podcast series.  

In March, SiriusXM cut nearly 500 jobs, or 8% of its workforce.

The advertising downturn is also hitting news media. Earlier this year, BuzzFeed News and MTV News shut down and Vice News filed for bankruptcy protection.

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• Spotify