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The podcasting industry has seen a rapid rise since the introduction of audio blogging in 2000. Only 20% Americans knew about podcasting 15 years back. Now, 75% of Americans are aware of the media and listen to at least one podcast per week.
These shows cover almost every topic possible, whether professional or not. They are also often made in a way that is easy to consume quickly so it's no surprise that they have gained popularity. This trend is expected to continue. According to Grand View Research market statistics, the podcast industry was valued at nearly $10 billion in 2019. It is projected that it will grow at an average rate of 27.5% per year through 2027. This should be a sign for podcasters to keep up-to-date with the latest trends to maximize their growth.
Related: How the podcast industry found a voice during the COVID-19 Pandemic
These are some key principles to keep in mind:
1. 1. Understand your audience demographics
No matter what podcast type you create, your brand cannot grow without an audience. Understanding listener demographics is crucial, especially considering that 40% of podcast listeners are between 12 and 25 years old, 60% have at least one college degree, and that 80% of all listeners are students or employees. A total of 62 million Americans listen regularly to podcasts (at least once a week), and they consume an average of eight hours worth of content each week across seven different shows.
Depending on the podcast genre, listeners' tastes and preferences can vary. Regular streamers of comedy podcasts tend to buy beer, carbonated beverages, and pet food more often. Coffee is preferred by those who are interested in political or business-oriented shows. Podcasters must have a solid understanding of the market appetites of their audience and then use it to create their own analytics. This will allow them to produce better-quality shows.
Related: Podcast Advertising: Is Programmatic The Next Big Thing in Advertising?
2. Quality is the key to growth and competitiveness
Podcasts are a form digital branding in their own right. It is not helpful to create content just for the sake producing more. Low-quality content will make it less popular with listeners, which can negatively impact advertising revenue. Higher quality content will help you grow your listener base and increase revenue through sponsorships or advertisement partnerships.
Although the overall industry may seem saturated, the above-mentioned annual growth rate projections show that there is always room for expansion. Podcasting is still a relatively untapped market, even if it's compared to other digital media platforms. YouTube hosts over 37 million channels, but only 5% of those are podcasts. That's just over two million. Simply put, there is a lot of opportunity.
3. Voice search optimization is a must for content
Podcasters should be familiar with voice search optimization and how it can help improve quality and reach. Today's hyper-digital world requires omnichannel via social media, email newsletters and sponsorships. One fast-growing method of increasing growth is to integrate voice search into podcasts online content.
Googles analytics show that approximately half of 2020's searches were made via voice and that 27% of general consumers have used voice search at least once on their smart devices. Google recently announced that it would integrate podcasts into its voice search engines. This means that your show outreach and/or SEO strategy should include more conversational language than technical keywords.
Similar: How paid subscriptions to Spotify can compete with Apple are a way to make money with your podcasts
4. Advertisements can be accepted by listeners, which could lead to more sponsorship opportunities
Podcast advertisements are typically shorter than traditional digital ads. This allows content creators to use their creativity to make them more interesting, which makes them less intrusive.
Consider briefly the YouTubers and other online influencers that you follow. Are you more likely to trust their opinions about topics or B2C products and services? It is likely that they are more knowledgeable about the topics they discuss. Podcasters, as well as most digital influencers and brands today, have a unique ability attract audiences via content. People who download and consume your content regularly do so because they enjoy it and because they trust you as an expert, and the products and brands they choose to promote. Podcasters who have a loyal audience and produce high-quality, engaging content are more likely than others to be offered advertising sponsorships and marketing partnerships. This can help grow a listener base.
