So far, Podcast Movement 2019 has been full of industry insight and awesome podcasts. There’s still another day left, but we’ve already learned so much. Here are some of the most important takeaways:
Podcasting with a Global Context
“How do we turn a U.S. phenomenon into a global one?” That was the question asked by Wondery CEO Hernan Lopez during his presentation“Bringing Podcasts to the World.” Lopez certainly wasn’t the only one to examine the global role of podcasts this week. From navigating different languages to dealing with international advertising, the podcast industry seems to be moving in a global direction.
Diverse Revenue Streams
The relationship between content and industry is constantly changing, but podcasters are working hard to figure it out. At Podcast Movement, we saw a big focus on creating quality content that is sustainably funded. With the rise of dynamic ad insertion, traditional podcast advertising is being interrupted. Podcasters are also turning away from pure advertising support and opening up to other potential revenue models, including direct monetization. One popular monetization solution is mixing advertisements with paid content. We also noted an increased emphasis on the effectiveness of membership models.
The market has responded to demands for alternative monetization strategies, and companies like Glow.fm have sprung up to enable them. Glow.fm makes it easier for podcasters to provide premium content, offering flexible podcast monetization solutions and helping increase listener revenue.
Diversifying Audience Listenership
2019 has already been huge for listener growth. But it’s only going to get bigger. Of the 1.4 billion Apple devices, around 150 million are listening to podcasts. That’s only 10%. An even larger untapped market for listener growth is with Android users. According to the New Media Show, less than one percent are listening to podcasts. That’s going to change. What does this mean for podcasters? Don’t focus entirely on Apple products. Otherwise, you’re going to be losing out on a huge portion of your audience.
Audience Growth in a Content-Saturated Market
With so much content out there, it’s becoming increasingly difficult for new podcasters to distinguish their shows and build a strong audience. Fortunately, #PM19 gave us a window into podcast strategy and audience development. What did we learn? Quality content is key. It leads to longer lengths of listening in the short run and drives interest and audience in the long run. Of course, quality content is always important regardless of the medium. However, with podcasts, it’s a necessity. People are turning to podcasts because they provide the much-needed trust and authenticity that the rest of the media ecosystem lacks. Publishing quality content helps maintain the integrity of the industry.
An exciting development in the podcast industry is context-based listening. Just as Spotify is able to suggest playlists for you based on who you are and what you are doing, there is traction for podcasts to do the same. From geolocation targeted content to contextual listening and playing, the way we find and listen to podcasts is moving in an innovative new direction.
Fictional Podcasts are Spiking
It’s no longer just Girl in Space and Welcome to Night Vale — fictional podcasts are starting to gain wider recognition. Especially interesting is the diverse listenership that fictional podcasts attract. This subgenre calls out to younger listeners and wider audiences, providing a window for new listeners to be exposed to the world of podcasts. Listening data also shows that fictional podcasts audiences listen longer than their conventional counterparts, sometimes reaching two or three hours in one sitting.