Great article Nathan!
I agree that the $35m ad rev number is a bit light. I bet it’s closer to $100m.
Anyways I believe this format we be around for a long time and will only grow with the emergence of better technologies such as better car decks like Apple Car Play, better connectivity, and and what our smart phones have already done for the space and will only improve upon. Also there are so many great networks and shows popping up that is improving the overall content of the medium which will only attract more/new listeners.
One thing that we believe that needs to happen in order to get to $1 Billion in ad sales is to have technology in place that can scale and accommodate this. We are taking our stab at this and trying to build a marketplace that makes it easy for ANY podcaster to connect with ANY advertiser. Call it Adsense for podcasting or what you like, but something like this needs to exist that will help many more shows be able to monetize their content — not just the grand 50,000 downloads per episode guys. [disclosure I’m the founder of AdvertiseCast]