Dan Granger Discusses 2023 in Audio with Industry Expert Steven Goldstein; Podcast Shuffles; Spotify Whoas; A Perfect Podcast Read For Babbel

With 2023 almost over, it’s time for the Media Roundtable to look back at the big shifts we’ve seen in the industry. Hosting this week is Oxford Road Founder & CEO, Daniel Granger , with special guest, Steven Goldstein , an internationally recognized executive leader in the audio space.

Steven is the Founder & CEO of Amplifi Media , an audio innovation firm shaping sound waves since the early days of podcast. Steven’s also behind the top branded podcast in the US, and he’s an NYU Steinhardt School of Culture, Education, and Human Development professor teaching "The Business of Podcasting”, the first of its kind course at a major university.

As we look back on a wild year, we’re going beyond the RSS feed, investigating the end of “dumb money,” and what, if anything, advertisers should do on AM/FM radio. Let’s dig in.

“The biggest impediment for radio… is that they want this to be profitable on Tuesday. And it's not going to be profitable on Tuesday. It's going to take a couple of years.”

– Steven Goldstein of Amplifi Media

• Bad News/Good News ?? – The audio world mirrored a lot of industries this year and was certainly not immune to layoffs ( Spotify just cut another 17% of their workforce). While it’s easy to get swept up in the bad news, there’s still incredible opportunity here, companies are just trying to adjust to take advantage of it–growing too big, then pulling back. What will survive in the post-dumb money era? Look to high-value, high-awareness content, a la the “Grid of Pain ".
• No Toothpaste Podcasts, Please ?? – This year, it seems every company pondered if they should do a podcast. Sometimes it’s aspirational–maybe they want to connect with their customers, but the relationship isn’t really there yet… and perhaps never will be. (We can just buy your toothpaste–it doesn’t need to be a lifestyle choice.) That said, if you have a niche that’s being underserved, there might be value there! Just don’t bet the farm on it or assume everyone will line up immediately and fall in love with your show.?
• Multi-Platform Mastery ?? – The future is “any audience, anywhere.” Podcasts don’t need to be on just one platform, because podcast apps aren’t binary–72% of listeners use more than one app. Listeners might check in on YouTube but listen elsewhere. Or they might consume a clip on TikTok . In 2023, some of the most successful podcasts were the ones meeting their audience in their preferred media space.

Dive in with us and take one last look at audio in 2023 (and get ready for a look ahead to 2024 in January). For full breakdowns of these stories and a whole lot more, tune into the full episode by clicking one of the links below.

The Classifieds

Totally Becoming a Whole New Person

With 2024 right around the corner, many podcast hosts are looking to make big changes: Some are hopping networks, others are gaining or losing a co-host, and some have decided to outright change their show names. The two shows in our classifieds this week have done just that. The Know For Sure Podcast was formerly co-hosted by Megan Ashley and B. Simone , but now Ashley is going solo in the new year. The focus will stick to the original show’s roots, continuing to speak on topics related to religious faith, self-improvement, and enlightenment. Ashley will interview a variety of guests to centralize her journey to heal and grow as a person and help her loyal listeners strengthen their resolve to become the best versions of themselves. The old show currently does well for advertisers in the tech space, or who have a female skew consumer base, so we anticipate this new iteration to do equally well.

Time to Get Moody

It’s no surprise Liz Moody is retooling the formerly named Healthier Together Podcast. She’s the single entity behind her brand. Independently produced and sold through Digital Brand Architects , The Liz Moody Podcast is a high performer in the Alternative Health genre. Moody is a longtime journalist and author, who likes to find ways to heal her listeners. She interviews well-known researchers, doctors, scientists, and loud voices in the health space. Whether you’re struggling with intense bouts of insomnia, lack of focus in your work, or just looking for the best organic face mask, Moody has you covered. Not only does the show cover physical health, it often addresses interpersonal relationships and the impact of self-discovery, a major theme in 2023 . DR brands have found great success in aligning with the show, especially DTC advertisers in the e-commerce space.

In Case You Missed It

Podcast Palooza: YouTube Dominates

In a partner piece published by ADWEEK , Steve Keller from SiriusXM Media proposes these keys to sonic success: recognizing the underutilized potential of audio, prioritizing first consideration over last click, emphasizing creative effectiveness and optimization, and championing sonic diversity to resonate across diverse demographics. These resolutions are music to our ears and ones we encourage more marketers to embrace these tenets as we blaze into 2024.

It’s Not Music to 1,500 Employees

Spotify is laying off 1,500 employees, in a cost-cutting move attributed to economic challenges and rising expenses. This marks Spotify's third round of layoffs in 2023, following previous cuts in January and June. Despite posting a quarterly profit last quarter, Spotify faced losses in the first nine months of the year. For marketers, it’s important to note that the layoffs do not indicate a decline in the growth of digital audio. Rather, they result from investor pressure on Spotify to achieve profitability, and perhaps a bit of over-optimistic hiring in the frenzy of 2022.

Podcast CPMs on the Uptick

Libsyn Ads reports a 2.5% month-to-month increase in the average CPM rate for podcast ads on its platform between October and November, reaching $22.94 for a 60-second spot. However, the November average CPM was down by 7% compared to the previous year. Interestingly, podcasts with 1,000 to 10,000 downloads had the highest average CPM at $25.03, while shows with over 100,000 downloads had the lowest at $20.69 in November. Lock in those rates while the market is still favorable for buyers.

#SaveTheLiveReads

The Sweet Sound of Babbel!

Hosts Adam Kempenaar and Josh Larsen of the Filmspotting - Movie Reviews podcast just dropped a spot for Babbel that’s sure to stick in your Cabeza. “This is the sound of a correct answer with Babbel ”. Babbel’s use of this sound effect across their podcast campaign creates an immediate identifier for their product every time a listener hears it, and these gentlemen can’t stop praising them for it! The two go on to talk about how Babbel is NECESSARY for young learners due to the limitations of schools in America being unable to provide a diverse range of languages. Their almost 6-minute demonstration on how Babbel works, along with substantiation on how it improves learning for both adults and children being positively reinforced by that unmistakable sound of correct answers, makes this ad stand out. This is a phenomenal example of how to persuade listeners to try Babbel without being pushy or salesy. This week's aircheck is one for Oxford Road Audiolytics? Hall of Fame, reinforcing just how important it is to utilize content creators with real-life experiences.

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OXFORd In The News

Navigating Audio Ad Attribution

We all love Daniel Granger on our podcast, Media Roundtable , but when our Oxford Road Founder & CEO shows up on other people’s podcasts as a guest, we’re all ears too. Last week, Dan joined host David Segura , CEO of Glassbox Media on his podcast, Business of Sound , to discuss the evolving audio advertising landscape. The show’s description says it all; “Gain essential insights into leveraging the power of podcasting in today's polarized media sphere, the transformation of traditional and digital audio marketing, and how moral responsibility and brand safety are reshaping the industry. This episode is a must-listen for podcast hosts, media executives, and advertising experts,” we’d like to add that CAO’s are welcome to listen too.

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