We looked at current podcast CPM rates (cost per thousand impressions, which in podcasting is loosely translated into downloads/listeners), which range from $10-$30 and are only available to shows with large enough listenership to attract advertisers. We also considered how many ad spots go unfilled on average, and the percentage of ad revenue that podcasters pay for sales by agencies or allocate to their own overhead. We researched the rates for “on-platform” ads that other music and spoken word apps and platforms are selling at. And we talked to lots of podcasters about what they felt was fair, competitive, and in most cases, advantageous compared to alternatives. Then we made our best guess about where to start: currently a $20 Paid Listen rate per thousand listens, or an equivalent of a $20 CPM.