Insights
The Podcasting Landscape & How to Integrate It Into Your Digital Strategy.
Since the launch of the mega-hit crime narrative Serial in 2014, podcasting has made its way to the forefront of consumable media. Regardless of one’s interest, whether it’s politics, sports, discussions on race or gender, personal interviews, or even bad movies, there is a podcast for just about everyone. With roughly 80 million Americans (28% of the US population age 12 and older) now weekly podcast listeners, it’s worth looking at trends in the podcasting landscape and what they mean for digital strategists.
The Podcasting Renaissance
Thanks to public interest (and major investments from audio-based streaming platforms), the opportunity for profitability from podcasts appears to be pretty considerable. Since its first venture into podcasting in 2018, Spotify now hosts 3.2 million podcasts (a growth rate of 1500%) with a little more than a third (31.7%) of all podcast listeners utilizing Spotify to access their favorite shows. Revenue from Spotify’s ad sales in particular jumped a whopping 75% to $376 million since the height of the pandemic, with Spotify planning to hire hundreds of staff to continue boosting advertising revenue as a result. Apple Podcasts, meanwhile, captured 21.1 million downloads in August 2021, capturing 26.9% market share.
The prevalence of the eight-figure, multi-year deals being made with chart-topping podcasts such as Armchair Expert and celebrities such as Barack Obama and Prince Harry & Meghan Markle mirror the trends we’re seeing within video streaming platforms. Celebrity figures and independently-produced podcasts are seeking financial backing to maximize their reach and vision, while also maintaining maximum editorial and/or creative freedom. Because of this, we’ll likely see more key streaming/media-based players begin to invest in the medium.
Podcasting and Digital Strategy
What does all this mean for your digital strategies? It’s no secret that creating a podcast from scratch requires extensive hours and a significant budget, not to mention a high-profile partner or organization to retain visibility. That said, there are many ways for organizations to reach 80 million weekly podcast listeners through paid advertising, and can even be done directly through major streaming platforms like Spotify and Amazon Music. Amazon requires a minimum of $35,000 to start, while Spotify offers the ability to work with an ads representative for a minimum of $25k or a DIY model with a minimum of just $250. Whatever your budget, there are a variety of options available to meet your needs.
The growth of podcasts — with their numbers and variety — presents a diverse and near-endless opportunities for digital strategists to evolve and provide new and innovative top-notch, integrated campaigns. The inclusion of podcasts into your digital strategy will give your campaigns a robust, engaged extension of your target audience that will dramatically enhance your ROI and create a renewed sense of excitement around what digital campaigns can achieve.
To learn more about Clyde Group’s work within the podcast space, reach out to us at https://clyde.us/contact/.