Lest there be no question, we are now in a full-blown bubble. What on earth Podshow is going to do with almost $25M in funding is anyone’s guess, but it’s not going to end well I can tell you that. To raise this money they must have had a $35-60M pre-money valuation. That means the VCs are going to look for a $300-500M exit at the very least, and that means they need to get to $30-50M in revenue. Not sure I see that happening.

The entire concept is that this is niche media–you don’t need a lot of money. Weblogs, Inc. raised low six figures (from Mark Cuban) and we never spent it–we made money.

Unless Podshow is looking to do a rollup (which is what Ron and Adam were involved in during the last bubble) this is gonna end badly. I’d love to believe a podcasting business could grow to a billion dollars–but I just don’t.