Is podcasting the new word of mouth?

“Podcasting is the next generation of radio.”

Steve Jobs

So I’m a big fan of podcasts. I use my travel time in only 3 different ways. I use it either as down time (silence) to think and reset my thoughts, playing kids tunes to appease the little people in the back who I taxi around or to learn and seek inspiration by listening to podcasts.

The great thing is in the last week I’ve found I’m and certainly not alone. From my posts on LinkedIn to conversations with friends and clients we’re all seeking valuable content in delivery methods that are convenient to us.

Podcasting is taking off!

According to the Podcasting Intelligence Report by Media Week and Nova Entertainment in Australia there are 3.5 million people listening to podcasts (aged between 16-64). So 1 in 4 people in that age bracket consume podcasts and the growth rate is only accelerating.

The ABC’s Podcast Survey states 16% of Australians 18-75 claimed to have listened to a podcast in the last week and If you limit the age range from 18-24s its 27%.

So what are we all listening to?

Highest ranking podcasts in Australia

according to Techly is:

1. ABC Radio: Conversations
2. The Joe Rogan Experience
3. TED Talks Daily
4. Stuff You Should Know
5. Casefile Ture Crime
6. The Teacher’s Pet
7. Hamish & Andy
8. Kate, Tim, & Marty
9. Hack (triple j)
10. The Daily (The New York Times)
11. Australian True Crime
12. My Favorite Murder
13. Global News Podcast
14. Oprah’s SuperSoul Conversations

Analytics and usage patterns are still being determined and there are more and more podcasts arising everyday.

The future for podcasts

What I like to think is that advertising may not be the future for commercialising podcasts. Research to date shows that other options such as subscriptions are better fitted to the medium. If we look at a market such as China subscriptions are key to accessing content. The Chinese government estimated the market for paid podcasts alone as $7.3 billion in 2017.

I, like most listeners, like to the idea of ad free content as it prioritises the user experience. I tend to find podcasts with advertising less engaging. but some of the most popular podcasts are commercialising their content in this way. So success is there to be had.

However, unless you’ve got the big bucks or an influence it could be hard to get cut through in the beginning. Advertisers are looking for big listener numbers before they invest.

The Netflix approach to podcasting is seeing merit. Luminary Media is currently exploring how much people will pay for podcasts. They have 40 big-name creators with the intention of launching a subscription-based podcast network.

Spotify is also trialling activity with podcasts so the interest due to the demand is there. I think it’s a good fit for Spotify. Podcasts are accessible in a freemium model but ad-free podcasts are only available to subscribers. That’s right the exact same way they have structured the access to all our favourite tunes.

Not yet seamless….

I think podcasts will only become more entrenched as it’s quickly proving to be a convenient way of consuming valuable content. There is still a way to go before podcasts are more integrated with voice applications such as Alexa and Siri but let’s face it, it’s coming.

So how do we find out about the great podcasts people are launching out there?

Well that’s where I thought I would throw it out you guys! Sure, you can scroll through and search the podcast lists but even with Netflix I find if someone recommends a show I’m more likely to give it a chance. And everyone likes a recommendation.

So, what are you listening to?

Comment below..

Wrtiten by Olivia O’Connor, Founder of Liv By Design a creative strategic marketing consultancy. Through facilitated workshops Olivia (or Liv) will harnesses the creativity of your workforce to achieve simple, effective and innovative results.

“We help marketing teams, SME’s and business leaders with simple sustainable solutions to tricky problems.” Olivia O’Connor

Have a chat with Liv sometime soon!