Asynchronous, on-demand talk radio was a bold proposition back in 2004, when podcasts first started making waves. Less than 20 years later, podcasting is a big business. But monetization has its downsides: What began as a freewheeling, do-it-yourself space is evolving into a data-obsessed sector dominated by tech giants.

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Episode art by Eric Helgas, styling by Alex Citrin-Safadi

Transcript: https://qz.com/2172700