For sponsored podcasts you're right. But much of what I listen to doesn't have advertising, or it's indirect in the form of interviewing guests who promote thei

For sponsored podcasts you're right. But much of what I listen to doesn't have advertising, or it's indirect in the form of interviewing guests who promote their products. For example, one of the podcasts I really like is run by a guy who a) knows a lot about real estate and b) sells a SaaS product for people who want to do what he does. He frequently references show notes, PDFs, webinar signups and the like in his show, and I engage with most of that stuff... if I remember to do it when I get home. In his case the value per customer is quite high, so he would probably make the investment in rich media. He doesn't have sponsors and so isn't beholden to click through rates. And I'd wager that's true for the vast majority of podcasts. A handful make money from advertising because they have really large audiences. The rest do it as a hobby or to promote their businesses.