Podcasting, Here To Stay
Tiffany Rouge | Follow
9 minute read
Example of a Podcast Studio Setup
The term exponential is being overused to emphasise the rapid growth of digital industries at the moment, but I'm at a loss for another way to describe the growth on such a large scale that is the rise of Podcasting across the world.
Podcasts have slipped into the lives of the general public and the number of listeners tuning in is growing. Last year podcast listenership in Australia saw over 7.5 million households reporting listening to podcasts in 2020. That number is expected to reach 8.9 million by 2022.
We’re seeing a rise of podcasting companies enter the digital landscape with some of the world's biggest digital companies taking note. In February 2019, Spotify announced it had entered into a definitive agreement to acquire Gimlet media, a podcast production company; for $230 million.
Facebook has just rolled out their in-app podcast player and Apple, the company you can thank for bringing podcasting to the mainstream, are constantly altering their services to accommodate listeners and creators alike. This week they launched their subscription paywall for those looking to charge to listen.
Even the Australian media corporations such as the Australian Radio Network, Southern Cross Austereo & Nova are dedicating studios & resources to the creation of podcasts.
So why are the big digital names investing in podcasting you might be thinking? Read on to discover why a podcast might just be the next great move for your business.
It’s become a commodity.
This is because it’s been adopted by the general public as a new way to consume content. More and more people are incorporating listening to podcasts into their daily habitual lifestyle which is driving the numbers.
Podcasting is a secondary medium and it does not require full attention to consume, which makes it easier to consume whilst participating in activities like commuting, cooking, exercising. 81% of podcast listeners in Australia listen at home and 45% of them listen in their car.
Anyone can make a podcast about anything and publish it, and because of this, you can find podcasts on almost any subject you can think of. Got an interest in the sport Curling? There’s a podcast about it. Looking to do some renovations on your roof? There’s a podcast about roofing & waterproofing. Want to learn about bitcoin and cryptocurrency? There are multiple podcasts about it.
The setup costs and the ‘at home’ microphones on the market today mean that the barriers to entry with creating a podcast are so minimal that anyone can start a podcast. There’s very little regulation with a podcast, so you have the freedom to say what you like, so long as you specify that your podcast contains explicit material.
It's your own personal radio show
There’s no need for months of media & tech training like you would need if you wanted to speak on traditional media. Once you have it set up, you can simply create a podcast episode as you please. As a result of this, more and more celebrities, thought leaders and influencers are making podcasts.
Media personality Em Rusciano is the latest podcaster to sign an individual deal with the Spotify podcast network; you might have seen the news last year when UFC commentator Joe Rogan signed a $100 million deal with Spotify to publish his podcast exclusively on the platform.
How it's being put to use
The current digital landscape has taught us that where people’s attention goes, money flows. If you look at influencers with large followings on Instagram, Youtube and TikTok, they’re generating huge revenue from creating content that they post on these platforms.
When a podcast shines a light on a theme, industry or topic that’s been left out of public attention, it has the possibility to gain the attention of the masses. In the same way that an influencer generates income from this mass attention, podcasters with a large listenership can also generate income.
How podcasters can make money from it
There’s a lot of money to be made with podcasting. The ad revenue in the American Market hit $709.1 Million in 2019; with the Australian market, quickly adopting the same principles, only reached $47 million in 2020 but that number is tipped to hit $110 million in 2022.
Ads are only 1-way that podcasters are generating income. Other methods include paid monthly subscriptions through paywalls and Patreon, content marketing, contracts for branded podcasts, book deals, events, merchandise & affiliate marketing.
Benefits of podcasting
Aside from the revenue, the benefits of having a podcast greatly outweigh the cost.
A podcast groups together people by interest. Whether a listener laughs or learns something from the podcast, they are grouped together by their behaviour. If you have a podcast that appeals to that interest or behaviour your podcast has the ability to capture mass attention and can help you & your business with the following;
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Attract more clients
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Create a platform for your brand to build you up as a thought leader in your industry or niche
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Automate the creation of your content - you can create 1 single podcast episode and repurpose it for your social media
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Develop a community of engaged individuals who know, like & trust your brand
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Give you access to big industry players and notable business leaders
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Grow your network within your business
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Give you a reason to have an in-depth conversation with anyone you want
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Personify your brand with story, ethos & perspective
The numbers
There are currently over 2 million podcasts with over 48 million episodes as of April 2021. Over 80% of the Australian population know what a podcast is. The global market for podcasting is currently $9.28 billion and is set to hit $41.8 billion by 2026.
The majority of podcasts are spoken in English but a rise in multilingual podcasts has seen podcasts translated into Spanish, German, French, Mandarin, Portuguese, and Korean.
Listeners from all over the world are tuning into podcasts with Chile, Argentina, Peru, Mexico & China reporting large growth in listenership in 2019.
On average,
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45% of podcast listeners have an annual household income of more than $250,000.
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Podcast listeners listen to 8 episodes a week
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56% of 12 to 34 years olds listen to podcasts on a monthly basis
These stats are rising every day, and it’s not too late to dip your toe in the podcasting pool.
The best time to start a podcast was 5 years ago, but the 2nd best time is right now
Podcasts have been around since the early 2000s, those who jumped in the game early are seeing lots of success and audience growth now but there’s still time for you to reap the benefits.
If you compare how many podcasts there are today to the 37 million youtube channels and the 1 billion Instagram accounts there are, the pool is much smaller and the likelihood of your podcast generating listeners and in turn, an income from it is high.
The barriers to entry are still very low and more and more courses, programs and services are popping up to help budding podcasters get started.
Did you know Mache has a podcast studio and members who provide podcasting services so that you can launch your podcast without the hassle?
