With the ever-growing and ever-crowded digital landscape, it’s vital for brands to find new ways to stand out. One way to do so is becoming an industry thought leader and providing valuable content to your audience through a podcast.
Podcasts, for those of you who may be unaware, is basically digital audio that is able to be downloaded to a phone, computer, or other gadgets. There are four different types of podcasts used for different types of audiences including nonfiction narrative, interview and conversational, hybrid, and fiction. All of these can be based off of different genres such as sports, history, crime, business, etc.
Recently, as a result from COVID-19 pandemic, more and more people have been starting to listen to (and also watch) these podcasts. It has created a giant boom in the marketing and business community. In fact, in 2022, revenue from podcasts is expected to reach $1.33 billion and by 2024, the industry is on pace to be worth approximately $4 billion, according to an article written by The Verge.
So, in an effort to meet consumers where they’re at, businesses are now using podcasts as a form of marketing. For example, podcast hosts will have guests on their show and market that to gain viewers. In 2021, dynamically placed ads were in double of the podcasts than what they were in 2019, the article states.
With the demand for podcasts rapidly increasing, one thing to take note of is which one (or ones) is going to be the leader of the podcast world. As of now, the competition is mainly between Apple, Spotify, and YouTube. All three of these companies have instilled themselves as the leaders in the podcast industry. According to music:)ally, the three platforms accounted for 64% of podcast listeners in 2020, all for different reasons. Below, we highlight the main features of the three platforms.
The main advantage of YouTube is that it offers watchable podcasts. The platform allows its listeners (and in this case, watchers) to physically watch the podcast happen. This has created a buzz toward this style of viewing. Big enough buzz, that according to PodTrac, YouTube is now the most popular platform for podcasts. Of PodTrac’s top 250 podcasts, 22% of them are being posted to YouTube with video – which tend to do very well with bigger and more engaged audiences.
Apple recently launched their new iOS system. Within this system, consumers are allowed to purchase yearly subscriptions rather than monthly. Before this system, Apple’s downfall was its problem with downloading storage. All podcasts (along with apps, songs, pictures, etc.) had to be downloaded which was one of the main reasons as to why people did not like using Apple for podcasts as it would take up storage. With the new iOS system, the phone automatically gets rid of apps and/or other junk taking up storage if it is deemed unnecessary. This now allows much more space and freedom to download podcasts. On May17th, 2022, Apple announced a significant change to its podcasting protocol. Now it supports video podcasts for free. With this, Apple hopes to take over the No. 1 spot in the podcast world. (Forbes)
What does Spotify have? How do they stand out? The thing that Spotify’s podcast is primarily known for is its $200 million deal with Joe Rogan that made his podcasts available only on Spotify. Joe Rogan is up there as a well-known and influential host in the podcast world. This deal resulted in Spotify becoming one of the top giants within podcasting. The platform has also released the ability to watch podcasts, only those unique to Spotify are available.
According to 9to5Mac, Spotify’s total monthly users in Q1 2022 rose by 422 million (which is a company record) or 19% from the last quarter. Also, according to The Motley Fool, Spotify is expecting around 20% of its audience to be on podcasts. Another thing that makes Spotify so widely popular is how universal it is. Spotify allows for downloading on any device – Apple, Google, Samsung, etc.
Why Your Company Should Invest in Podcasting
As you can see, the world of podcasting is becoming very popular and most importantly, wealthy. As a result, businesses should tap into the industry sooner rather later to stay competitive. It is rapidly growing and can bring a lot of attention and interest.
There are a variety of benefits to investing in a podcast including the following:
- Podcast popularity
- Easy to make them
- Economical marketing tool
- Customer trust and connection
- Thought leadership and authority
- Repurpose content
- Website traffic
- Advertising income
Podcasts, whether it’s professional or nonprofessional, are not going anywhere anytime soon. The statistics, as stated above, speak for themselves. Getting a head start in an already booming industry should be imperative for your business.
If you are interested in starting a podcast for your business, let Americaneagle.com help you. Our in-house studio has all the feature necessary to bring your podcast to life. Contact us today to get started
In the meantime, check out Americaneagle.com Studios. Our podcasts include Modern Marketing Messages, Screen Time with Roe & Roeper, Lessons for Tomorrow, and The Sitecore Water Cooler. All four are available via Spotify, Apple, Google Podcasts, and more. Be sure to check out our YouTube recording as well.