Can Netflix apply its streaming playbook to the world of video podcasts?

Netflix is still an up-and-comer in the podcasting industry, but the streamer’s recent activity suggests that it’s ready to make a bigger splash in the realm of audiovisual shows. In rumored conversations with podcast distribution giant iHeartMedia, Netflix has reportedly sought exclusive rights to the video versions of the content it could potentially acquire.

iHeartMedia controls the distribution rights for hit programs like Las Culturistas and the Jay Shetty Podcast. As podcast traffic continues to soar, platforms that previously focused on non-talk content are looking to expand their horizons. As a result, we’ve seen intense bidding wars for the rights to top podcasts, such as Alex Cooper’s Call Her Daddy.

Netflix took its first steps into the video podcasting landscape when it teamed up with Spotify to disseminate popular shows in categories like true crime and sports. In that case, the deal was non-exclusive in nature, with the featured podcasts remaining available beyond Netflix.

Now, the streamer is ready for something a little more committed, and Wall Street likes the move. iHeartMedia shares ballooned to their highest price in two years after news of the Netflix negotiations reached the public.e

On the heels of the iHeartMedia rumors, The Hollywood Reporter revealed that Netflix is engaging in similar talks with another major podcasting company, SiriusXM. In those negotiations, as with the iHeartMedia dealings, Netflix is reportedly seeking exclusive distribution rights for the podcasts it adds to its library.

With its newfound focus on podcast exclusives, Netflix seems to be following the same game plan it used to reshape the entertainment industry nearly 15 years ago. The company’s identity as a streaming hub began with shows and movies licensed from Hollywood rights holders. From there, Netflix made a bold move into original programming, beginning with 2012’s Lillyhammer

Once it built an original content library capable of attracting millions of subscribers, Netflix shifted its focus to the acquisition of both licensed and original programming. But even after spending $17 billion on content in 2024, Ted Sarandos and co. are finding that their subscribers are still hungry for more.

That part of the streaming playbook may be difficult to apply to podcasts. Netflix already licenses some shows, and its pursuit of exclusives suggests that it’s keen to add some originals to the mix. But then what? Netflix will have to elbow its way through the competition if it wants to build a podcast library with the same breadth as its TV and film offerings. These days, everyone from Spotify to Tubi is hunting for podcast exclusives — so where can Netflix find an edge?

The nature of video podcasts may help. Netflix needs hours and hours of programming, and long-form audiovisual shows can provide that volume. Netflix is also wary about the needs of subscribers who watch in the background, hence its move to ask screenwriters to do more telling than showing. The rise of video podcasts can be tied to the fact that the format is perfectly suitable for background consumption.

Even with all those advantages, the podcasting industry still finds itself on unstable ground, at least in terms of its long-term outlook. So if Netflix wants video podcast exclusives, it’s right to go out and acquire them as soon as possible. The streamer’s latest push may not be as groundbreaking as Lillyhammer was, but it can at least provide you with something you can throw on while you cook.