In recent years, podcasts have become a rising form of entertainment; they make it easier than ever to keep up with all the latest news and tips. They have a reminiscent uproar, similar to that of the radio in its early years. The radio was like the ‘Netflix binge’ of the early 20th century back in the day. Over 950,000 podcasts and 30 million episodes are currently available, with podcasts’ popularity only continuing to rise.
Modern radio and podcasts each hold a substantial following, and their audiences are a significant difference between the two platforms. Radio stations aim to appeal to a mass audience by creating content focused on a wide range of topics accessible to listeners, increasing their chances of staying tuned in. Podcasts, on the other hand, operate within a particular niche. While there are a wide array of podcasts for each subject matter, most individual podcasts cater to a targeted audience with a specific subject. There is also more content availability and opportunities to create your own podcasts. Other key differences include live vs. pre-recorded, solo or team-based work, the format of scheduling routines, and content accessibility. There’s something for everyone to enjoy using either platform.
Podcasts have also been another way to market different products and services. For example, sponsored ads have been a game-changer for the marketing community; as podcast listening grows, ad dollars follow suit. For example, IAB Pricewaterhouse Coopers estimated podcast ad spend was $800 million in 2020 and will more than double at $1.7 billion by 2024, an annual growth of nearly 20%. With a whopping increase of 37% of podcast advertisements, this medium is here to stay. Levels of engagement are measured by how often people listen to podcasts. The super listeners, the dedicated podcast audience members, are forging the way of a new target market. It’s found that the ad efficiency has led:
Super listeners being receptive to ads; 49% agree with the statement, “Advertising on a podcast is the best way for a brand to reach you.” up from 37% in 2019.
54% of super listeners responded that hearing a podcast ad (compared to other places) makes them more likely to purchase a product, up 46% from last year. Super Listeners also pay more attention to a host reading an ad copy than any other ad type.
48% of super listeners said they pay more attention to podcast advertising than other media, increasing 44% in 2019.
The increased interest in podcasts not only has been an excellent outlet for users but has also turned into another practical marketing approach to reach different target audiences. It’s an exciting opportunity for all users to be part of this growing community, whether as a creator or listeners. Podcasts provide a great outlet for expression and assembly, bringing together users that have common interests to share stories, have meaningful conversations, share knowledge, network, or just have fun! Comment below your favorite podcast!
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