The Corporation for Public Broadcasting (CPB) and the Public Broadcasting Service (PBS) are exploring the potential of innovative media formats for supporting young children's learning as part of their Ready To Learn Initiative, which focuses on the development and distribution of high-quality media resources to support school readiness and early school success for all children and especially for children living in low-income households. In its exploration of new media formats, CPB and PBS, in partnership with PRX, supported new content creators and selected public media stations to develop children's podcasts through accelerator programs. To understand the potential benefits of podcasts, this study explored the contexts in which children listen to podcasts, families' and children's motivations for listening, and parent perceptions of the potential for podcasts to support intergenerational learning--parent-child interactions about the content--including the features that drive and sustain children's and families' engagement and opportunities for learning. As research on podcast use among children ages 4-8 and their families remains limited, the authors conducted a mixed-methods study with 110 families from low-income households using biweekly parent surveys and interviews, end-of-study interviews with parents and children, and focus groups. Key findings show: (1) families from low-income households were highly engaged with podcasts; (2) certain benefits, like ease of co-engagement or the ability to engage families across routines and contexts, may be more specific to an audio-only format; (3) families were drawn to a range of podcast features such as topics and stories, characters, length, and format of episodes; (4) podcasts encourage family engagement and can support intergenerational learning; and (5) specific podcast design features such as interactive content, prompts, narratives, and characters resonated with families. Researcher-developed recommendations for podcast design that could drive engagement for children and families are provided.