Why Podcasting Is Attracting More Businesses
This article was written by Devin Partida.
Podcasting is a unique form of storytelling. No matter the contents of the story, businesses and individuals use podcasts to convey a message.
In 2021, especially, businesses are turning to podcasts more than ever. This growth is new, exciting, and something all organisations can participate in.
1. Work Dynamics are Influencing Listening
Throughout the COVID-19 pandemic, 2020 brought about new work dynamics. Notably, working from home became a norm and is likely to stick around for a while. In fact, working from home will increase by 87%, compared to pre-pandemic levels, by 2025.
During this transition, people have been listening to podcasts. They're easy to consume while working, driving, running, or doing household tasks. Thanks to this accessibility, more people are listening to podcasts than ever.
As of 2021, 55% of the United States' population has listened to a podcast, which is up 4% from 2019. Working from home makes it easier for people to consume content, especially if they have distractions they want to drown out. Businesses should jump on this growth since remote work is likely to continue influencing podcast listening in the years to come.
2. New, Niche Podcasts are Being Released Daily
In 2020, individuals and brands began almost one million podcasts, which will only increase this year. These podcasts are about countless topics and industries. This versatility is one of the most important factors that businesses must consider. They'll be able to begin a podcast and draw in the target audience for their niche.
For instance, The New York Times branched out with its Popcast about pop music. Elsewhere, businesses in every niche, even down to law firms, are branching out into podcasting as well. It's important to note that there will always be an audience willing to listen, regardless of the content or duration.
This variety means any business can engage people in a new, highly popular way. A podcast will draw in long-term and new consumers alike.
3. Podcast Ad Spending is Increasing
As podcasts continue to grow, so does the market surrounding them. Ads are a critical part of this dynamic. They help businesses generate a profit through partnerships as people listen to their podcasts.
Ad spending is on track to surpass $1 billion this year and is set to continue upwards. This increased spending draws in business endorsements. They can network and build connections through listeners as they generate a profit.
Some common podcast ads include brands like MailChimp, Squarespace, and The Skimm. However, businesses can partner with smaller companies too, helping one another to succeed.
4. Platforms are Adapting to Accommodate Digital, Episodic Audio
Music streaming has become the norm, and these streaming platforms are now taking podcasts along for the ride. Apple, Spotify, YouTube, and Google are among the biggest names in the podcasting game. They have adapted to the growing industry and are, in turn, seeing success.
From July 2019 to July 2020, three out of four of these platforms have seen an increase in podcast listeners. Apple saw a decrease, which is likely due to the significant success of podcasts on Spotify - its main competitor.
The overall growth and adoption encourage and make it easier for businesses to start, commit to, and grow their podcasts. Listeners can easily find them, pause, resume, and save content for later. The easier it is to stream podcasts, the more users will listen.
5. Podcasts Generate Leads
Podcasts are fun and informative; they engage listeners and educate them. For a business, though, a podcast can also generate profitable leads.
About 63% of podcast listeners went on to purchase a product or service that the host advertised. Here, the content will tie directly into sales. Any organization in any industry can promote its services and work on boosting engagement across the board. From there, the podcast can continue to grow to exciting, lucrative places.
For instance, the popular podcast “Serial” has had an overwhelmingly successful multi-season run, with over 340 million downloads of the first two seasons alone. Such success leads to more business deals and ventures.
A Fresh Landscape of Opportunities
Podcasting presents a unique opportunity for business professionals, as it enables them to market themselves on new platforms like Spotify or YouTube. In addition, they can capitalize on the podcasts and grow their organizations.
Podcasts do take time, commitment, and energy. However, the above statistics show just how beneficial they can be. Now is the time to begin podcasting. The only way is up for this industry.