Trends in podcasting set to reshape and evolve the industry

Despite the fact that podcasts have been around since the early 2000s, their popularity in the mainstream has increased considerably, only in the last few years. With people now choosing to listen to podcasts while driving, exercising and even just as a way to relax, this medium of communication is increasingly in demand. Looking forward, I expect to see even more evolution in this space, as advertisers, podcasters and digital marketers alike are fast realising the possibilities and opportunities that are available to them.

Here are five trends that are happening right now!

1. Advertising on the increase

This remains a tricky balancing act for podcasting platforms and creators. While advertising revenue remains very important, ad interruptions are not what people want to hear when they are deeply engrossed in a podcast discussion. To address this, companies like Amazon Prime and Apple have introduced subscriptions which now allow for ad-free listening.?

However, Midia Research , an entertainment intelligence agency, says that this subscription model may struggle to reach mainstream adoption and that the complexity of the podcast market value chain may make transforming the ad business challenging.?

“Unlike video and music streaming content, creating a paid podcast tier that removes ads is not as simple for streaming platforms, as many creators use a third-party hosting site to input ads before the podcast arrives on the streaming platform. Unless the show is a platform original, it is currently difficult for platforms to have a say in how a creator incorporates ads. The industry must either make advertising work as a true value exchange or find new ways to drive revenue beyond advertising as economic realities cut advertising budgets.”

That being said, statistics show that podcasting ad revenue is growing faster (72%) than the total internet ad revenue (35%) and that podcast advertising revenue is expected to exceed $2 billion in 2023 and expected to hit the $4 billion mark by 2024.

Statistics also show that 80% of people listen to most of a podcast episode without skipping ads and that 62% of listeners consider new products and services from hearing about them through podcast advertising.

One of the reasons for the increase in podcast advertising is because it has become easier for advertisers to create voice ads through tools like Spotify Advertising which allows advertisers to create voice ads out of text scripts for free. Podcast ad marketplaces, like Gumball , Midroll , Podcorn , and AdvertiseCast are also making it easier to find podcast sponsorship opportunities.

2. Live streaming opens new doors

Podcasters have started live streaming their podcasts and this has opened up a whole new way of connecting with the listener and allowing for real-time interaction. More and more, hosts are seeing the opportunity to boost user engagement, to attract a wider audience and advertisers. Live podcasts can now include debates, Q&A sessions, competitions and even exclusive events for which tickets are sold.?

Examples of brands doing this well include Take a Seat , which goes live every Monday to discuss all things related to reality TV and We’re Good Here with Charissa Thompson - a seasoned sports broadcaster who shares lessons and stories from her time in the industry.?

3. Have you heard of niching down?

According to Marketsplash ‘Niching down’ is a concept most brands need to consider regardless of whether they're podcasting or not. This is about choosing a specific niche and targeting a smaller group of listeners. While this sounds counter-intuitive, when your content delivery and focus is specialised, you can become top dog in a genre that has not been explored yet. You will be surprised to discover some really good podcasters in even more interesting genres.?

Check out Shezam where professional magician Kayla Drescher looks at what it is like to be a woman in magic or 8th Layer Insight , a multidisciplinary exploration into how the complexities of human nature affect security and risk presented by author, security researcher, and behaviour science enthusiast Perry Carpenter.?

4.? ? Improved listening experience?

MIDiA Research has said that we can expect to see more innovations that improve the listener experience. For example, Spotify is rolling out podcast chapters and timestamps that allow listeners to easily navigate a podcast to identify key content points.?

5. ? ? Podcast videos?

According to a consumer survey by MIDiA Research, 22% of consumers watch video podcasts monthly and this format is growing quickly. Opportunities in this space include podcasters being able to utilise clips on video based social media platforms, such as TikTok, to find new audiences. The Joe Rogan Experience , Ted Talks Daily and The Michelle Obama Podcast are doing this really well.

Sources -?

https://explodingtopics.com/blog/podcasting-trends

https://www.midiaresearch.com/blog/three-podcast-market-trends-to-watch-in-2023

https://marketsplash.com/podcast-trends/ ?