Podcasts are the most popular tool for personal growth and learning new things. They are known as on-demand internet radio talks. Wherever you are, you can listen to real-life discussions and motivating ideas. In the USA, over 112 million people listen to podcasts. Podcasts have been around for more than a decade, but recently they have grown popular. So, how and why is this podcast business growing so rapidly?
Mostly, podcasts are free to listen and the paid ones cost only less than a dollar. You can get them on iTunes or from the author’s website. Unlike radio discussion, they are not bound to follow a schedule which means you can listen to them at anytime and anywhere. You get an experience of uninterrupted listening which can easily jump forward or backward. Moreover, the podcast episodes can be downloaded one by one which you can listen offline.
The podcast industry in the USA reached $314 million in revenue in 2017. The number has increased by almost 86% since 2016 which was $169 million. It is predicted that the revenue will have a 110% growth by 2020. It is now a mainstream trend to engage with ideas and stories. The companies that are in the podcast category have raised a lot too. Acast, a company that provides Ad placement for podcasts, raised $19.5 million in September 2017. Anchor, an App for users to produce podcasts, raised $10 million in September 2017. Castbox, a podcast App with speech search, has raised $12.8 million in June 2017.
Podcasts are available in a digestible media form and the good thing is you can multitask while listening to podcasts. A study shows that 40% of people listen to podcasts while walking, running or riding, 52% while driving and 46% while traveling. They can make a person more intelligent. According to research, podcasts improve your focus, make your imagination better and enhance your listening skills. ComScore states that one out of five Americans aged 18 to 49 listens to at least one podcast per month.
These podcasts are great for sponsors too. It allows fresh Ad content on older podcasts; it is known as dynamic Ad insertion. Thus, the Ad inventory remains updated with new Ads. 73% of all Ads are direct response, whereas 25% of them are pure brand awareness. It is estimated that by 2020, more than $500 million will be spent on podcast advertising.
New startups of all sizes and shapes should invest in the growth of podcasting to enhance their business. It would provide startups to conveniently reach their customers. Michael Neumeier, principal of Arketi group, said: “you can send fresh and compelling messages out to target audience.” The founder of IdeaRocket LLC, William Gadea, says “I think that’s a big part of the value of podcasts – you can drill down to content that fits your sector.” Here are a few of the most excellent podcasts for entrepreneurs. SaaStr podcast is for you if you are growing a SaaS business. The Femtrepreneur Show is for you if you are aiming to develop an online course. Edge of the Web is a podcast for entrepreneurs involved in digital marketing.