Podcasting has been around for some years now but has, until recently, failed to break through to the mainstream. Well that is about to change. Ongoing developments in technology and the creation of more engaging content is creating real opportunities for TV, print and online publishers as well as non-media businesses to get into the audio content marketplace – a marketplace that was the traditional preserve of radio. What is increasingly attractive is that podcasting can deliver significant audience and revenue at a relatively low cost. The challenge, for companies with no audio heritage, is to produce compelling audio. This spells opportunity and yet more competition for radio.
Here are 7 reasons why podcasting is experiencing a boom:
Media of all shapes and sizes, but particularly radio, can benefit financially from podcasting. Radio doesn’t face the same challenges that print media did when it attempted to monetize its products online. The problem for them was that their advertising model was not directly transferable to the Internet space. OK, it didn’t help that competition from the likes of Google and Facebook was formidable.
Luckily for radio, Google and Facebook are not competing for audio advertising (yet). And unlike print, advertising formats for podcasts are broadly similar to that of traditional radio broadcasts. But that’s only the starting place. In this post-advertising age, the move to content marketing could be a revenue model that suits podcasting. The challenge for radio is to step outside the mindset of an industry rooted in linear broadcast and interruption marketing - to develop creative and compelling audio content that engages audience and advertisers.
So, what might the future look like? Well, in the next few years I will have my connected-car. On its audio dashboard will be a podcasting app and with a simple touch or voice command I’m connected to my podcast stream over the Internet. It will be that quick and easy. It will learn what I like and offer me similar content that I might enjoy.
At the moment, radio broadcasters are in a prime position to capitalize on this. Someone recently described it to me as ‘radio is dead, long live radio 2.0’. Let’s hope traditional radio broadcasters get it. If they do, both listeners and their station owners will benefit.
David Duffy is a Partner at The Radio People