It’s 2022 and the podcasting revolution is far from dying down. These are a couple of reasons why mainstream media has to watch out for the rise of the podcast this year.
Podcasts are on the highest level they’ve ever been in history
Perhaps the moment that marked the beginning of the major commercial interest in podcasts was back in 2019. Spotify bought the two largest podcast platforms at the time: Anchor and Gimlet Media.
Since then, podcasting has become more and more popular every day. It’s increasingly attracting the attention of huge tech companies, media companies, and of course, listeners all over the world. While a few years back the word ‘podcast’ was almost unknown, today almost everyone knows what a podcast is and has listened to at least one episode or heard of a show.
If you want to start a podcast check out this blog: Every Content Creator Should Have a Podcast by Now
And if you still don’t believe that podcasts are at an all-time high, ask Amazon or Netflix why they’ve been investing millions of dollars in launching new podcasts for the past year.
According to Statista 2021 Podcast Listener Reports, the monthly podcast listener in the US is expected to grow from 75 million in 2020 to nearly 100 million listeners by 2024. Plus, the Dial 2021 survey by Edison Research, shows that the average podcast listener rate has doubled in the last 5 years. It went from 21% in 2016, to 41% of the US population in 2021.
Read the full Rumble article here.
Big Tech Companies are cutting to the chase
Since the podcasting wars started in 2019, Big Tech brands have been running an insane race to adapt and revolutionize their platforms for podcast listening.
It’s only recent that Spotify announced they will be launching an Apple-like rating system for podcasts. This move puts them face to face with their competitor, Apple. The famous phrase heard at the end of almost every single podcast episode “leave a review on Apple Podcasts” can now change to “Leave a review on Apple and Spotify”.
Read the full TechCrunch article here.
This feature will better the podcast’s discoverability on Spotify and encourage users to interact with the platform although written reviews are not available yet, only the five-star rating system.
But this is only the most recent feature adapted by big platforms for podcasts especially. Last year we saw dynamic ad insertion be born, numerous SEO optimizations to favor podcasts. And many media companies betting on original podcasting content.
Screen time is overbooked – More ear time
One in five people surveyed in the U.K. by Magna Global and Spotify said they were listening to more podcasts during the coronavirus pandemic. 45% said they are spending more time listening to streaming music. The results – which mirror similar U.S. surveys – also shed light on what is behind the gains. “People are turning to digital audio as a tool to combat screen fatigue,” the study says.
The data shows 29% cited screen fatigue as the primary reason they are listening to more digital audio. Another 46% said it was part of the decision-making. One in four attributed other reasons for their bumped-up streaming audio consumption.
Since the pandemic hit, life has not been the same. This change has definitely affected our habits and the ways we consume media. Before March 2020, over 50% of the podcast audience said they listened to podcasts in the car in their commute to school or work. But now, with restrictions and home-office becoming the new normal, users have shifted their listening schedules to their quiet leisure time.
Working and studying from home has increased screen time tremendously for almost everyone. After an 8 hour shift, we grow tired of being stuck to the computer. Most people use their time off work for other necessary activities like cooking, cleaning, and exercising. This is our opportunity! While screen time is overbooked with work, study, and entertainment streaming platforms, there is another less crowded time and place to connect with an audience, ear time.
People are steering away from news-related content and listening to more fun and entertaining shows in order to de-stress. According to Resonate’s Connected Flash Study, the audience that increased its listening time the most during the pandemic is young women 18-24.
Read the full resonate article here.
Podcasts fans take action
There is something organic about podcasts that’s still unbeatable: the listener-host connection. Podcasts feel intimate and close and one of the huge advantages of podcast advertising is that podcast listeners take action.
The word of mouth-type advertising used in podcast episodes is highly effective. Audiences are very likely to buy a service or a product if their favorite podcast host recommends it. They are also likely to click on links, sign up for newsletters, and buy tickets to live events. The sense of community and trust are huge assets when it comes to looking for your audience’s support through Patreon or any other platform.
Podcasts like Red Scare make as much as USD$53K a month on Patreon, and podcasts like Kara Swisher and Scott Galloway’s Pivot are charging USD$5,500 per person at their upcoming conference in Miami.
Check out our post: What’s The Real Deal With Patreon?
Audio advertising is incredibly versatile
The way podcast advertising works has radically changed in the last few years. Every day there are more features in streaming and hosting platforms to make it easier for you to add advertising to your audio content and find the best target audience.
Dynamic ad insertion allows you to insert “commercials” into your episodes without actually having to record them inside the episode. Inserted ads, contrary to “baked in” ads can be part of a campaign and change depending on the location of the audience or even further segmentation (gender, age, interests, etc).
Now you don’t have to be stuck with one ad forever. You can manage and insert different ads and campaigns to any of your episodes either through your hosting or even through your streaming platform. This new technology opens the door to new business possibilities for content creators and even brands. Creating advertisement campaigns for podcasts has truly never been easier.
Branded podcasts are very popular
One of the many uses of podcasting is to extend brand awareness and make people feel more familiar with your product or service. But more specifically your company values. Many major companies such as McDonald’s, Best Buy, and Mastercard have found success with branded podcasts that dive deeper into their stories and their fields making them feel familiar. It also helps positions them as experts in their subjects.
Offering information and entertainment in an authentic way is what makes a branded podcast successful. Remember, podcasts are all about community and authenticity. This is an opportunity for brands to address their audiences directly and in a more human way than traditional advertising. And it’s also a medium that allows you more time to actually talk, explain and engage complex subjects, something you definitely can’t do on a 15 second TV ad.
Plus, brand collaborations with podcasts are more and more common every day. Even if not every company has its own podcast yet, it is undeniable that audio advertising and the podcasting world. It’s a great opportunity to get to new audiences in a refreshing way.
People are producing podcasts like crazy!
Podcasts are popping everywhere. Even in countries like Mexico, where the medium is not as mainstream just yet, trends are catching up incredibly fast. People all over the world are getting in front of the microphone. There are more creators out there than the media platforms can keep up with.
This revolution is far from dying down. You are still on time to jump into the audio media movement and start creating. The odds this year are in your favor!
Check out Edison Research’s most recent reports on the podcasting industry here.
If you feel like starting your podcast on the right foot, contact our team of audio engineers, writers, and growth hackers today!