What's the exit / return for the investor? You're better off just sponsoring it or finding sponsors for them and splitting the proceeds or just giving it all to them. But investors? I don't think there's a rational strategy here.
It's basically a high interest unsecured loan on future revenues. It's very much the Mr. Wonderful model from Shark Tank. 7-15% return on revenues for 3-5 years on $25k-$50k investment. Maybe it makes sense for some, maybe it doesn't. But as an asset category? I wouldn't be plowing money into podcasts expecting much of a return. The successful podcasts don't need your money.
