Are you interested in true crime? Yoga? Investments? The occult? History? There’s a podcast for that! Similar to a radio program, podcasts are audio stories told by a single host, several hosts, any length of time, and any topic (Gray, 2020). Listeners can find a single episode, or they can subscribe through an audio platform (like iTunes or Spotify) (Gray, 2020). Anyone can start one on any topic they chose (Gray, 2020). The genre is taking off in popularity.
In 2019, there was a surge in podcasts, with an increase of 27% podcast creation (Haughey, n.d.). The medium is becoming increasingly popular, especially with highly educated audiences.
However, these audiences are receptive to podcast advertising: 63% of podcast listeners made a purchase after hearing podcast ads (Haughey, n.d.). In 2018, podcast advertising made $402 million in revenue (Southeastern University, 2019). One of the main reasons why podcast advertising is so successful is because listeners are connected with the content of the podcast and then make a connection with the advertising (Southeastern University, 2019).
Podcast advertising is usually embedded within the episode and is done as a “live read,” which retains the feel and voice of the podcast (Southeastern University, 2019). Podcast hosts are viewed as influencers, so the live read format works as a social influencer might (He, 2019). Most regular podcast subscribers listen to four to five podcasts per week, which makes an advertiser’s ROI extremely lucrative (He, 2019). Listenership is on the cusp of an explosion, making podcasting still in its early stages (Pratt, 2019). Early advertisers included startups like Ziprecruiter, but the door is opening to major advertisers (He, 2019; Pratt, 2019). Audience targeting will continue to improve, and the potential for revenue is projected to continue to grow (He, 2019; Pratt, 2019).
Although still in its infancy, the future for podcasting seems unstoppable. Company-branded podcasts, new markets, and the evolution of the genre are all ways that podcasts can grow and develop.
Disclosure: I am a huge podcast listener! My favorites are My Favorite Murder, The Last Podcast on the Left, The Dollop, Serial, and Cold.
References:
Gray, C. (2020, January 29). What is a podcast? An explanation in plain English. The Podcast Host. Retrieved from https://www.thepodcasthost.com/listening/what-is-a-podcast/.
Haughey, C.J. (n.d.) 9 podcast trends you can’t ignore in 2020. Single Grain. Retreived from https://www.singlegrain.com/podcast/podcast-trends-2020/.
He, A. (2019, July 12). Podcast advertising revenues will surpass $1 billion by 2021: New figures from the IAB and PwC show that podcasting presents a big opportunity to advertisers. eMarketer. Retrieved from https://www.emarketer.com/content/podcast-advertising-revenue-will-surpass-1-billion-by-2021.
Pratt, S. (2019, December 10). 20 podcast predictions for 2020 from top industry leaders. Pacific Content. Retrieved from https://blog.pacific-content.com/20-podcast-predictions-for-2020-from-top-industry-leaders-f4ef49e48909
Southeastern University. (2019, April 30). Is podcast advertising effective? MarketingDive. Retrieved from https://www.marketingdive.com/spons/is-podcast-advertising-effective/553581/.