The Latest Updates in Podcasting: Late July 2023 Key Insights
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IN A GIST
Time to strap in again for this week’s Minute Memo, where we ride the wave of the podcasting world's latest developments. From your audience's double life to the grand alliances in the podcasting world, this week is packed with insights.
We're diving into:
- Podcast Listeners Pick ‘Crime’ for the Road, ‘Fiction’ at the Desk
- TED and PRX Power Up Their Audio Alliance
- iHeartMedia and LinkedIn Forge an Alliance to Amplify Your Podcast
- Your Podcast Career Launchpad
- RedCircle's Green Light for Advertisers
- Jamie East's Audacious Leap into DMG Media's Podcast Realm
- Spanish Podcasts Becomes The Next Big Opportunity
- Google News Puts Podcasts on the Map
- Spotify’s Privacy Blunder
- Podcasting Revenue, Losses, and Expansion
Podcast Listeners Pick ‘Crime’ for the Road, ‘Fiction’ at the Desk
Nielsen just dropped juicy podcasting data that's worth your attention. Turns out, your listeners are playing favorites. On their commute, they're all about business, true crime, and education podcasts. But the moment they hit their desks? It's leisure and fiction time.
So, what's the play here? Think about it. Your listeners are living a double life - the serious, thought-provoking commuter and the laid-back, story-loving office dweller. It's like Clark Kent and Superman, but with headphones.
So, next time you're brainstorming content, consider this: Can you whip up an episode that caters to both sides of your listener? Maybe it's a true crime story with a twist of dark humor, or a business podcast that weaves in a compelling narrative.
Remember, Nielsen isn't just making this stuff up. They've got the data to back it up. And that data could be the secret sauce to your podcast's success.
TED and PRX Power Up Their Audio Alliance
TED and PRX are turning up the dial on their audio collaboration. They're brewing up new podcasts and rolling out resources for the next generation of audio enthusiasts.
The collaboration essentially entails a curated group for TED's podcasts called the TED Audio Collective. This partnership is a shining example of what can be achieved when great minds come together.
As Kerri Hoffman, CEO of PRX, puts it, "Listeners everywhere look to TED for the inspiration, ideas, and knowledge that defines their programming. We’re proud of our longtime partnership with TED and to now deepen it by representing the entire network’s podcasts."
Here lies a blueprint to build your own podcast network. After all, in podcasting, the sky's the limit.
iHeartMedia and LinkedIn Forge an Alliance to Amplify Your Podcast
In a move that's all about amplifying voices, iHeartMedia and LinkedIn have decided to pool their resources. The goal? To help you build, launch, and scale your podcast content.
Courtney Coupe, LinkedIn's Head of Original Programming, says they're aiming to "bring a new level of connection and conversation to the podcast space".
This initiative is zeroing in on the professional sphere. If your podcast is about career growth, industry insights, or business strategies, this could be your golden ticket to reaching a wider audience.
Check out the full scoop and see how this alliance can help you turn up the volume on your podcast.
Your Podcast Career Launchpad
Podcast Movement 2023 is not just another event on your calendar. It's the place where the magic happens. This year, they're pulling out all the stops with 100 industry experts to the main stage, including the likes June Diane Raphael of “How Did This Get Made?” and Ashley Ray of “TV, I say with Ashley Ray.”
But here's the kicker: they're rolling out six new tracks, each focusing on a different aspect of podcasting. From the ins and outs of creation to the business side of the industry, from marketing strategies to technical know-how, these tracks are designed to give you a comprehensive understanding of the podcasting world.
Then, there’s the golden ticket: a track dedicated to "professional development". This is where you'll learn the tricks of the trade from the best in the business.
If you've been itching to take your podcast from garage band to rockstar status, this might just be your shot.
RedCircle's Green Light for Advertisers
RedCircle is rolling out the red carpet for advertisers with their fresh-off-the-press Teams feature. Mike Kadin, the big cheese at RedCircle, says they're all about "making podcast advertising more accessible".
But this isn't just another tool in the box. It's a VIP pass, exclusively for advertisers. If you're behind the mic a lot, it's time to flip the script. Start thinking about how you can tune your show to the rhythm of the ad world.
After all, the ad-friendly shows are the ones hitting the high notes.
Jamie East's Audacious Leap into DMG Media's Podcast Realm
In a bold move, seasoned broadcaster Jamie East has taken the reins as the head of podcasts at DMG Media. His mission? To "create a podcast network that rivals the best in the world". That's a tall order, but if anyone can pull it off, it's Jamie.
Jamie is best known for his work on Sky Movies and Virgin Radio, where he hosted the popular show “Eastworld.” With a rich background that spans TV, radio, and digital media, Jamie’s got the experience and the chops to make waves in the podcasting world.
Why this matters? Well, if Jamie's audacious plan pans out, it could send ripples through the podcasting world, opening up new opportunities and setting fresh industry standards. Keep your ear to the ground, and your eyes on Jamie.
Spanish Podcasts Becomes The Next Big Opportunity
The Spanish podcast landscape is erupting, as revealed by the iVoox Observatory's inaugural report. From a humble 300 in 2010, Spanish podcasts have skyrocketed to nearly half a million today.
The report states, "The sector is enjoying the entry of new audiences and formats, and is consolidating as a profitable profession for the creator thanks to the spectacular economic support of advertisers and listeners."
Here's the real deal: 18.37% of podcasters are already pocketing profits from their content. Plus, the global audio ad market is on track to swell by 2% this year, smashing past the $36 billion mark.
In short, Spanish podcasting isn't just for kicks anymore—it's a legit business. With micropodcasting and live podcasting on the rise, there's no better time to dive in.
Google News Puts Podcasts on the Map
Google's latest move is a potential boon for podcast visibility. They've started indexing podcasts in Google News.
As James Cridland, the radio futurologist, puts it, this is a "good thing for podcast discovery".
But hold your horses, there's a caveat. This feature is exclusive to English language podcasts. So, if your podcast is in any other language, you might feel like you're playing catch-up.
Spotify’s Privacy Blunder
Ever thought your secret playlist was, well, a secret? Think again. Spotify just pulled a fast one and made users' private playlists public. No peep from Spotify yet, but users are far from thrilled.
As a podcaster, this Spotify blunder is a stark reminder. Your listeners trust you with their time, their attention, and their data. When you're planning your next episode or considering a new platform, remember to put their privacy first.
After all, you're not just creating content, you're building trust. And in the podcasting business, no one wants to make the same fiasco Spotify did.
Podcasting Revenue, Losses, and Expansion
Going big can mean big gains and big losses. Just ask Podimo. This Danish podcast company saw its revenue skyrocket to $33.7 million in 2022, a threefold increase.
But here's the twist: their losses also tripled to $49 million. Here’s CEO Morten Strunge's advice to podcasters, "You need a robust content catalog to break into new markets."
Going premium means more than just one killer podcast. It's about building a library.
Similarly, Audioboom’s Q2 revenue report brought some good news with a 6.5% increase, hitting $16.4 million. But there's a catch. A single "individual partner contract" is set to cost them a staggering $8.9 million by 2025.
The takeaway here? Contracts can be as risky as they are rewarding. Make sure you're not signing your profits away.
Wrapping Up
As we wrap up this week’s rollercoaster, the crucial takeaway is to stay nimble, responsive, and ready for anything that the podcasting world throws at you.
Whether it's respecting your audience's multi-faceted listening habits, learning from Spotify's privacy debacle, or staying aware of contractual hazards while scaling, remember - every challenge is an opportunity.
Above all, let your passion drive your creativity. Because your voice shapes this ever-evolving industry.