ALSO READ: PART 2: How To Start A Podcast For Your Radio Station PART 3: Enterprise Podcasting Made Simple with Omny Studio
Podcasts have gained momentum with all age groups these last few years, with exponential growth predicted by the likes of Google. From 2018 to 2019, the number of podcasts has grown from 500,000 to 700,000. In 2018, the industry generated an estimated $479.1 million in revenue and is expected to generate more than $1 billion by 2021. With such a growth in podcasting, don’t let your radio station lag behind. Podcasts are, plain and simple, a valuable and smart business decision for any person or entity.
So What is a Podcast?
Unless your name is Patrick, your best friend is a sponge and you have been living under a rock for the last 13 years, you have probably come across the term podcasting or podcast before. Podcasts are pre-recorded shows that you can download and listen to when you want. Podcasts can also be defined as ‘audio shows spread across a series of episodes that can be downloaded from the internet’. Podcasts can be published on websites and music apps for the general public to listen to on the go.
So you might be wondering, how different are podcasts from radio and why the big fuss? The difference is that podcasts are ‘on-demand’ content which you can listen to when you want, whereas, with live radio, you are mainly listening to ‘live’ broadcasting. Listeners can, therefore, subscribe to podcasts that cover topics they find relevant. So, if you are a broadcaster or a Radio DJ who occasionally conducts a series of shows or episodes about specific topics, and have recorded the shows, you already have a library of podcasts which you can easily make available to your listeners. If not, the benefits of starting a podcast are too great to pass up, so don’t let your radio station lag behind.
Convincing Reasons to Start a Podcast
1. Podcast Audiences are Growing
Podcast audiences are outpacing other forms of media consumption. The growth of adoption and listening is staggering and tickles even the most conservative business executives. Even large tech companies have begun to predict the growth of this growing medium of media consumption.
Is there Data to Back this Up?
Of course, there is! From 2018 to 2019, the number of podcasts has grown from 500,000 to 700,000. According to Google, they have already indexed over two million podcasts. Podcasts are already produced in over 100 languages and global audiences are growing rapidly. In the United States, 70% of people are familiar with the term “podcasts” while 32% of Americans listen to at least 1 podcast per month.
2. Engagement for Podcasts Blows All Other Mediums Out of the Water
A major problem with other forms of media consumption is that they are passive with listeners, and don’t offer much opportunity for engagement. Podcasting has shown to completely flip the paradigm by capturing already engaged audiences who participate on social media.
Thirty-two percent of Americans listening to at least 1 podcast per month may not sound like much, but this audience is more engaged than almost every other media audience, with 94% of them being active on social media platforms versus 81% of the general U.S. population. Studies have found that engagement with podcasts is hours, compared with an average engagement on YouTube of 4 minutes, and a mere 4-6 seconds of media engagement on Facebook. This, combined with the fact that 80% of podcast listeners finish their podcast episodes. This is one of the best engagement rates, if not the best, among any consumption medium.
3. Listeners are Affluent & Educated
It’s simply a fact that podcast listeners are more informed, and versed in the topics they pursue because listening is voluntary and the podcasts users seek out are specific to their desires.
Not more data . . .
Studies have found that podcast listeners are 45% more likely to have a college degree, and 68% more likely to have a postgraduate degree, compared to the general populace. This impacts the typical household income of listeners greatly. In fact, podcast listeners are 45% more likely to have a household income of $250,000 or more, a threshold of earnings that makes these people qualify as HNIs (high net-worth individuals). This demographic is marked by their high-capacity to spend freely and invest in projects, individuals, and companies that pique their interest. As an added benefit, this group or demographic is much less likely to watch TV and more likely to participate in membership services like Amazon, Netflix, or Patreon, which is a well-known crowdfunding platform for media creators, like podcast creators.
4. Podcasts Offer a Simpler Production Opportunity
For one, podcasts offer a much simpler production opportunity and lower barrier to entry. Many podcasts focus on unedited conversations, allowing for less production time, cost, and faster time-to-market. Secondly, despite all the previous data to back up this assertion, now is the best time to get into creating podcasts, as many companies such as Squarespace, Dollarshave Club, among other world-renowned companies have moved to advertise with podcast creators. This opportunity is especially appealing for pre-existing radio stations. Radio stations can utilize their pre-existing radio shows with minimal effort. An aggregation of recordings without intermittent advertisements is all it takes. Several tools also exist to catalyze this process even further, focusing on optimizing podcast production for a company’s desired audience.
5. Podcasts Help Grow Your Authority and Brand
Listeners can listen to podcasts, even while you sleep, so no need for live broadcasts increasing the number of conversations you can have. Moreso, podcasts can be shared, contributing to the organic growth of your brand authority. When you also have conversations with brand influencers, this further solidifies your brand through podcasts, helping you reach new markets.
6. Podcasts are On-Demand Content
Podcasts are particularly high in demand because of their easy-going nature. We, as an audience, have become increasingly busy in our hectic lives and very seldom do we get the time to sit at our laptops or even use our phones to watch a video with people talking about a certain topic that we might be interested in. A podcast eases that worry for us. Podcasts do not require all of the listener’s attention, which is why they are so high in demand. You can listen to a podcast while you’re driving or while you’re doing your everyday household chores.
Omny Studio is The Podcast Platform to Get Any Business Started
Omny Studio is the complete audio management solution for radio stations and podcasters alike with the most advanced on-demand audio management and publishing platform. They help with podcast hosting, radio broadcast capture, publishing and sharing, among many other features. Contact Omny Studio today to learn more.