Chances are, you noticed the rising popularity of podcasts, and you may even have a few on your mobile device. Research shows a growing trend, and I believe we may have an interesting opportunity on our hands.
Edison Research > linky link.
Nielson Research > linky link.
Here are a few key stats that caught my eye:
- 67 Million people in the US listen to podcasts at least once a month, up 36% from 2016. These numbers are likely to continue growth into 2018.
- The listenership skews slightly male, but it’s pretty evenly split along the gender line.
- Podcast listeners tend to be educated (at least a 1/3 have a grad school or an advanced degree).
- They also tend to be affluent: 16 – 20% have a household income of over $150k per year.
- In 2017, about 70% of podcast listeners listened on their mobile device (and that continues to grow), and they do so at home, followed by in the car, and then walking.
Here is the opportunity:
First of all, don’t start a show.
Second of all, right now we’re in a unique position that happens once in a while. Podcasting, as a medium, has not been overtaken by brands. It’s growing with well-funded shows and networks BUT the majority of creators are individuals or small groups.
Right now, there is a small window of time where you may be able to reach out to a creator and directly sponsor an up-and-coming, or smaller show – with a loyal audience of a very particular subsection of people. For example, people who are really into Dr. Who, or vinyl records, or cybersecurity, or real estate in Vancouver.
You could easily get a fair rate, based on downloads, or a flat fee per episode, or some other kind of an arrangement.
Doing so could help you reach very specific and engaged audiences, and it would allow the creators to offset some of the production and hosting costs. So it’s a win-win situation, especially if you focus on the up and comers.
This is a small play, and it won’t replace your Facebook or Google ads. However, it’s a great opportunity right now that won’t last forever. We’re already seeing networks, and platforms offering dynamic ad insertion.
And to hedge your bets, you could take some of your google ad spend, and spread it across five or six topical podcasts for three months, and look at the results.
The true value in investing into podcasts and working with creators is to not to create a short term, radio ad style ROI, but it is it build relationships in one of the most intimate mediums we have available today.