The proliferation of podcasts and the money that follows
Podcasts are exploding! Well, not literally, but they are growing in popularity and advertisers know it. In the article “Brands are set to double their ad spend on podcasts — here's why” CNBC’s Lucy Handley writes “Ad revenues for podcasts overall are set to double by 2020” with predications that ad spending “will go up from an estimated $314 million in 2017 to $659 million in 2020.”
That’s A LOT of money, like on a Powerball level!
Marketing expert Jeff Bullas cited an Edison Research report stating “98 million US citizens are listening to podcasts annually, with more than 50 million individuals listening to them on a monthly basis.” That’s a big audience that’s getting bigger. The key is creating content that will keep people coming back for more. Without good content you don’t have a loyal audience.
Podcasts are an effective form of messaging. Since podcasts are primarily single-topic focused platforms, they can be attractive to marketers and specific audiences. Podcasts like “Pod Save America” and “Hidden Brain” are popular with people because they have specific themes.
Podcasts are an effective form of messaging. These broadcasts have a feeling of intimacy about them, like the podcasters are conversing with us rather than reading the news to us. People are talking to us and that’s important. The Backyard Media blog notes that podcasts are a “different kind of listening activity” and that “listeners feel they have a relationship with the podcast host.” I feel that’s true. I listen to the podcast “The Communication Guys.” They have great and pointed conversations I feel are helpful to me being in the communications field.
If you are considering jumping into podcasting, do your research first. It involves more than buying expensive recording equipment. In an article for Forbes, Paul Potratz offers eleven good tips for those considering getting started, and one of the better tips is identifying your niche. He writes: “While it can be hard to avoid talking about anything and everything you want, maintaining a focus for your show is integral to its potential success.”
One great thing about podcasts is that we can listen to them when we want to listen to them. It’s getting news and information on our own terms. People like that. They like information on-demand.