Max Cutler’s Post

Podcasting, once primarily a haven for niche culture and true crime, has come a long way. Today, there are nearly 450k active shows and big names are raking in millions from the likes of Spotify and Amazon. This is because the top 25 podcasts reach roughly half of all listeners in the US. With nearly 100 million Americans age 12 and older listening to a podcast each week – that’s a lot of reach. But with the advertising revenue in the space representing about $2B/year which is under 1% of total domestic ad spend, we’re seeing podcasts move into new areas to pick up the slack like live events, merchandise, and videos of their shows which can then be posted to YouTube and monetized. To contextualize how big video has gotten, Spotify introduced the capability in 2020 and today, a quarter million podcasters upload video to its service.   Matt’s Hot Take™ - Podcasting has been an interesting medium for brands given the high level of consumer engagement, especially on the biggest pods, but the advertising capabilities have historically been playing catch up. While there are much better tools today for brands to tap into, the perhaps more interesting opportunities lie with the broader universe these shows are creating for their fans. From different content formats, to live events, podcasts have grown into complex entities that allow for brands to do more than simply pay for host reads. Podcasts have gotten too big to ignore - but remember to get creative! #mattshottake #media #podcasts Check out this week's newsletter where we also cover Big Tech's antitrust troubles: https://bit.ly/3LZvJio Subscribe inside the newsletter link for more!

3 THINGS YOU CAN BE SURE ABOUT PODCASTS IN 2024 - Mass audiences are more into megastars and entertainment-oriented products. So if you want to do news/analysis/serious matters, you should go niche. - You will not be able to sustain the quality of the product without diversifying your income: you should try getting sponsors, but ALSO subscriptions, merchandising, live events, and even crowdfunding. Or all of them together! - Video-podcasts are a thing because YouTube has been, over the years, better than Spotify in monetizing features. Try to make your podcast available in a video format if that would add value to your particular audience. Thanks to Anne Steele for providing such good insights into the evolving podcasting landscape. Check out the article for more details: https://lnkd.in/dBQiQW35

As a podcast producer and editor and owner of Bluwall Media Agency it’s important staying up to date with the latest developments in the media industry. This article review peaked my interest about the statistics and insight for local podcast and the revenue generated from podcasting. Since 2020, I have watched the podcasting industry grow tremendously! However, not many of those podcasts that started during the pandemic lasted due to lack of production team, consistency, and/or not understanding how to reach their target audiences. At Bluwall, we work with podcast hosts and potential podcast hosts to dive deep into preproduction of their podcast. Planning out what your show is about, who your desire target audience is, why you’re starting the audience, and how you would like the show formatted. Podcasting is more than having a microphone and pressing record. At least for the ones who desire to make an impact in the industry.

Blogging and podcasting started about the same time, around 2003, which, not surprisingly, was about the time that YouTube debuted. News publishers and broadcasters were fairly dismissive at the time. Twenty years later, that situation has changed dramatically. Both are struggling with diminishing relevancy and stale content, even as individual bloggers and podcasters establish their own brands independent of these content aggregators. That, of course, is changing the revenue dynamics of the news media industry in particular. There is still very much a long tail (power law) effect, with the top podcasters and bloggers dominating, but the tail is still relatively robust, and there's a fair amount of churn still in the system. This is in marked contrast to traditional publishers, who rely primarily upon their brand rather than the reputation of an individual journalist for their revenue. This isn't pure democratization - you still need talent, revenue, luck, a studio, and perseverance (lots and lots of perseverance) to make it - but it does hint that the dominant players in this industry are beginning to face some serious competition, in many case even from former reporters.

The podcasting landscape is undergoing a significant transformation, with a small group of blockbuster shows dominating the industry's revenue and audience. Top podcasters like Alex Cooper, Trevor Noah, and Joe Rogan are securing lucrative deals with major platforms like Spotify, Sirius, and Amazon, and expanding their brands through video, merchandise, and live tours. This shift towards a megastar-driven industry raises questions about the future of niche voices and independent creators. As the podcasting market continues to evolve, it's essential for professionals to understand the changing dynamics and opportunities. #PodcastingIndustry #MegastarEconomy #AudioContent #EntertainmentBusiness #DigitalMediaTrends https://lnkd.in/e4WHfs4S

From a fascinating article in the WSJ on podcast phenomena: "Now, podcasting is turning into an industry of megastars who command the most money and the biggest audiences. There are still nearly 450,000 active shows that have published recent episodes, according to Podcast Industry Insights. But the top 25 podcasts reach nearly half of U.S. weekly listeners, according to Edison Research. The top talents have tours, merchandise and multiyear deals in the nine figures. Big advertisers want in." "Nearly 100 million Americans age 12 and older listen to podcasts every week, according to Edison. Podcast advertising revenue is projected to grow 12% to more than $2 billion this year and hit nearly $2.6 billion by 2026, according IAB and PwC." Podcasts have certainly changed what I listen to on bike rides along the lake and walks to downtown. And, come to think about it, combined with audio books, I hardly ever listen to radio or just music anymore. https://lnkd.in/g7RrdR3d

While the The Wall Street Journal article highlights how a few blockbuster #podcasts are dominating revenue, it's a bit misleading to suggest this is unique to podcasts. This phenomenon mirrors trends seen in music and other media, where a small number of hits generate the most income. #podcasting #b2bmarketing #b2bpodcasting

🎙 Podcasts are now prime-time TV 📺 when it comes to audience reach. There is certainly a long tail of podcasts with 450K active shows out there with relatively new episodes, but the top 25 podcasts reach nearly half of U.S. weekly listeners, according to Edison Research. Not surprisingly, the biggest #advertisers 💵 are now focused here with the classic air cover strategy for broad awareness. In some cases, it's dumb money spent - given it's not super targeted ad spend on an attractive or prospective audience. However, with the decline of reaching the masses through TV screens - these top national podcasts are presenting an avenue for pivoting national #brand #awareness strategies to. More in today's The Wall Street Journal from Anne Steele ➡ https://lnkd.in/exnxzdMY #media #marketing

Should executives, thought leaders, and/or CEOs and Founders start podcasts as part of their thought leadership and online positioning strategies? This article in The Wall Street Journal this morning is really interesting. It talks about how the market for podcasts has recently changed. The top 10 biggest podcasts dominate the US market and command most listeners (35% of podcast listeners end up listening to ONE of the top TEN every week, while podcasts 501-1000 only reach 5% of listeners)! With stats like these, is it worth investing in a podcast anymore? Yes and no. Having a podcast just to have a podcast is not the right strategy. Having a podcast with the goal to monetize it right away - also not a great strategy as we see most sponsorships are going to the top of the top podcasts. Investing time into a podcast that has a unique angle, a unique audience that hasn't been fully tapped into yet, and that you're passionate about - yes it's still totally worth exploring. Remember that podcasts take up a lot of time and energy, BUT even if your podcast doesn't ever end up on a top 10, top 1000, or top industry podcast list, that doesn't mean it hasn't been successful. I've seen a lot of recent success with NICHE podcasts. Smaller audience pools can still be tapped into. Regarding corporate and industry-specific podcasts, there's still a LOT of room for growth! A few of my favorites that are niche and industry-specific that hold true to this that are worth looking into: Steve Milo and Heather Macias- Milo's Straight Fire VR - focused specifically on the vacation rental industry and done in a way that is engaging and interesting vs. the typical interview style podcasts. In Good Company: a great one done by Norges Bank Investment Management so a good example of when a corporate podcast can succeed, they are very good at having the best of the best guests on. Tools and Weapons: another great podcast hosted by Brad Smith of Microsoft that focuses on the intersection of business, society and technology - very well executed and another great niche being covered well by a prominent thought leader in the industry. https://lnkd.in/deK-6w2U

Most of the Money Going to the Most Popular Shows https://lnkd.in/gDhMhEFw The blockbuster or bust business model is becoming the norm across all media (print and film in particular), but the podcasting world, post-exclusivity wars is no different. #podcastlife #advertising #contentcreation