Whether you’ve tried to crack the case with the hosts of your favorite unsolved mystery podcast, became a virtual student of a Gary Vee podcast or simply listened in on your favorite entertaining podcast to unwind from the hustle and bustle of life, you’ve had an opportunity to listen to and maybe even watch at least one episode. That’s because the podcast industry is growing at a rapid pace and with good reason.
3 REASONS PODCASTS ARE GROWING
ACCESSIBILITY | DIVERSITY | PROFITABILITY
The first reason podcasts are growing so quickly is because of accessibility. To put it quite simply, if you have a smartphone, you have access to podcasts. You can access them on your iPhone though the pre-installed Podcast application, Google Play if Android is your thing, Spotify or even YouTube. Much like every piece of content these days, podcasts are literally just one click away. Having this amount of accessibility to podcasts means that as a listener, you’re able to be enriched, enlightened and/or entertained at your convenience. For the business owner, this accessibility gives you the ability to reach both current and potential consumers simultaneously and build awareness, establish authority, provide value, and give your audience a way to connect with your personality without trying to make a sale! Afterall, connecting will close the sale for you.
As a whole, it’s probably safe to say that we have all successfully transitioned into the age of technology; at the very least, millennials have. Now, more than ever, we are paying closer attention to what we consume, how we consume it and when we have time to do so. That brings us to the next reason podcasts are growing and will continue to grow so rapidly.
One word: diversity. It seems a little backwards to say the word diversity and then jump right into mentioning a specific niche, but hang tight, the math will math. As podcasts continue to grow, experts (and even the wanna-be experts) are niching down on their interests, topics, areas of expertise, elements of entertainment etc. which means that new podcasts are constantly being developed, bringing us a very diverse set of genres. Having such a diverse variety of niche genres that can range anywhere from crime, astrology, gossip, entertainment, or education creates more content which in turn, creates more listeners and thus, podcasts continue to grow. See, it was a mouth full, but the math is mathing.
And since we’re on the topic of math, let’s get into podcast profitability. Now, as a podcast listener, you may be thinking: how do I profit from listening to a podcast? Our answer is that it’s up to you to decide your profit. You get to choose from a library of tens of thousands of different podcast networks, channels, episodes, genres, topics, hosts etc. and with that, you have the ability to learn new things or explore and find community within your niche interests.
As a podcast host, you place yourself in the position to earn monetary profits by obtaining brand partnerships, sponsorships and ads. Additionally, having a podcast expands your reach by encouraging and allowing audience engagement, incorporating guests and conducting interviews with celebrities, influencers, creators and experts that ultimately establish your authority and give you leverage in monetizing your brand as a whole.
EXPLORE YOUR NICHE
The bottom line is that whether you are an avid podcast listener or someone looking to build, grow and maintain a successful podcast, the time to explore your niche, is now.
According to Insider Intelligence, the number of podcast listeners in the US will increase by about 125 million listeners, by the end of 2022. They are projecting that by 2028 the podcast industry will be worth more than $94B. The ‘B’ stands for billions.
So, listeners, tune into your favorite podcast, soak up everything you can, enjoy every minute and do so at your convenience.
Podcasters, explore your niche, find a top tier podcast studio and start recording.
There is profit in the podcast, whether you’re listening, or speaking.
