With investments in podcasters like Barstool Sports and Rooster Teeth, The Chernin Group is no stranger to podcasting. It is doubling down on its support of the industry by taking a minority stake in Audiochuck with a $40 million investment that reportedly values the company at $250 million. The money will allow the Ashley Flowers-led company to fuel its next phase of growth beyond the flagship Crime Junkie podcast.
“With this investment from TCG, we’re excited to amplify our storytelling, grow our team and bring even more innovative projects to life during an exciting new phase of growth,” Flowers says in a statement. “All this will allow us to have an even bigger impact on the cases and social issues we champion. The future of both Audiochuck and podcasting more broadly is brighter than ever, and I can’t wait to see what we’ll accomplish together.”
Indianapolis-based Audiochuck launched in 2017 and has grown into a team of more than 65 full-time employees. Its show roster has also grown to 20 podcasts — including Crime Junkie, The Deck, Counter Clock, Park Predators, and Dark Downeast — with 2.6 billion downloads to date. The Chernin Group’s investment is the first outside capital for the company.
In an interview with Bloomberg, Flowers says she plans to use the new funding to expand the company’s video production, building out studio space at its Indianapolis headquarters and expanding their staff to 130. Flowers says that includes more reporters and researchers to help develop more true crime stories. And Audiochuck may open an office in New York.
Peter Chernin is helping Flowers lead the search for a CEO, a role that Flowers currently holds. That will allow Flowers to focus more on the product, rather than day-to-day management. “The next phase of growth is just, ‘How do I make this really sustainable beyond me? How do I make sure that if something happens to me, or when I want to take a step back, 65 people aren’t out of a job?’ I want it to be bigger than me,” Flowers tells Bloomberg. Audiochuck is said to be in the black, with $45 million in annual profits.
In 2021, Audiochuck signed a three-year distribution and advertising deal with SiriusXM, which SiriusXM renewed in a one-year deal for 2025. Audiochuck says it is SiriusXM’s largest network across all genres. Beyond audio content, Audiochuck has evolved into a thriving multimedia business, which includes a community of subscribers to its “Fan Club” app, a best-selling book, live events, and several film and TV projects in development.
While Audiochuck has been 100% bootstrapped to date, the outside capital from TCG will help the company diversify and expand business operations through its next phase of growth. The new capital will help the company as it plans to build out a film and TV division, publish the upcoming thriller “The Missing Half from Flowers” in May, and expand its live experiences for the Crime Junkie community. Audiochuck also recently announced the Crime Junkie: Life Rule #10 tour with Flowers and co-host Brit Prawat planning live events in 18 cities across the U.S.
“Ashley and the remarkable Audiochuck team have built a world-class company and brand at the forefront of the future of media,” says Jesse Jacobs, Founding Partner at TCG. “The next great media businesses are being built with personalities at the core and by distributing content across podcasts, social, digital video and live events. Ashley and Audiochuck check all the boxes of what a successful media company will look like moving forward.”
The Chernin Group notes its investment comes amid an optimistic outlook for the podcasting industry. The IAB predicts podcast revenue will reach nearly $2.6 billion by 2026. And it says the number of true crime weekly listeners has reached 19 million, surpassing sports and news as the third largest category in podcasts.
Beyond podcasting, Ashley is the founder of Season of Justice, a nonprofit dedicated to funding cold case DNA testing. And during its meteoric rise, Audiochuck has donated more than $8.5 million to more than 150 nonprofits worldwide. Flowers has also established a foundation and has committed $11 million, so far, to further her philanthropic efforts.
The Chernin Group is a multi-stage investment firm with investments in creator-driven media brands and emerging media platforms, including Barstool Sports (its first and only investor), Hello Sunshine (its first investor), Crunchyroll, Twitter, Night Media, Classic Football Shirts, Exploding Kittens, Epic Gardening, Vuori, and Oura Ring.
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