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Panoply has about 25 brand advertisers such as T-Mobile and Purina, in addition to hundreds of direct response advertisers.

With advertiser interest and listeners growing, several companies want to exploit the trend.

Then there are startups like Art19 and Acast that build technology for podcasters.

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Panoply declined to discuss specific ad rates, citing competitive reasons.

Most podcast advertising comes from direct response ads, which are predicated on the idea of making an immediate sale.

"Revisionist History" is the latest attempt to find the next "Serial," the blockbuster true-crime drama that unofficially launched the current podcasting renaissance when it became ridiculously popular in 2014.

"Serial" made it seem like podcasting had finally arrived, even if statistics on consumption show a slow climb rather than a "Serial"-inspired jump.

Slate's podcasting business started in a closet full of old board games in the summer of 2005. Bowers, then a senior editor at Slate, squeezed himself into the closet, which was in his Los Angeles apartment, set up a microphone and narrated a story that the website was publishing about shoplifting. Like many professional podcasters, he started in public radio. Bowers worked as an NPR correspondent for about two decades. By the end of a long session, guests would be damp with sweat.

He posted it on the web, along with an ad for the Chrysler 300. Bowers seems like he would thrive in a job that consists of reading quietly to oneself. At Slate, his ambitions quickly outgrew his closet. Bowers began recruiting the website's writers to come to a studio in Washington, D. By early 2014, Slate was running 15 podcasts, and other publishers were regularly calling Mr. "We realized that they would try to jump into this," said Mr. "Our choice was to let them come in as competitors or try to work with them." That year Slate began planning to launch Panoply.

The biggest productions reach into the seven digits.

Panoply has also developed technology for inserting ads into podcasts, a major preoccupation among podcasting companies today.

About one in five American adults have listened to a podcast in the last month, and those that do listen tend to fall in pretty deep, consuming about five podcasts a week.

The average listener is a man between the ages of 18 and 34, wealthier and better educated than your average American.

Taking the most optimistic stats, podcasting is less than one-sixtieth the size of the market for radio advertising.

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