Podcasting is one of the fastest growing forms of consumable content. In fact, a recent study shows that 155 million Americans have listened to a podcast in 2020, compared to 88 million in 2019. With podcasting on the rise, brands of all industries are turning their attention to this newly-popularized platform. But, how do you know if podcasting is right for your business?
Podcast listeners are extremely engaged. When comparing podcasts to industry-related videos, 93% of people who start a podcast will listen to all or most of the episode, while only 14% of viewers will stick around for an entire video.
The truth is, people are constantly on the go—many viewers don’t have the time to sit and consume long-form content, which is why listening rather than viewing is becoming so mainstream. Podcasts allow an audience to take content to-go and receive information while multitasking. For brands, this can mean expanding your reach and increasing engagement you may lose out on in traditional content.
Supplement Your Current Strategies
Many brands have already established blog or video content strategies that reach specific audiences. Podcasting can serve as a natural addition to existing strategies and an opportunity to tap into an already trusting audience.
When it comes to content, brands have a unique opportunity to cover virtually any topics that make sense for them. Whether your goal is to produce news content, industry information or pure entertainment, podcasting supports a variety of genres that audiences want to listen to.
Brands may also want to tailor their podcasts to touch on similar topics they discuss in video or blog content to act as a supplementary source for additional insight. This presents an opportunity to promote your podcast in existing content mediums—creating an organic way to grow your podcast following and establish greater thought leadership in your industry.
With the right sound equipment, podcasts are not incredibly difficult to produce, and there are countless sponsorship opportunities for brands to benefit from. Sponsoring a podcast can drive actions from listeners to engage with your brand that traditional advertising falls short of.
Conversely on the production end, featuring sponsorships in your content creates an extra stream of revenue for your podcast and brand. Sponsorships can ultimately be a win-win for both ends of the deal.
The Future of Podcasting
Right now, major streaming services like Spotify are investing heavily in the podcasting infrastructure. Earlier this year, Spotify announced that they are buying The Ringer, a podcast and media company, for upwards of $196 million. Spotify’s CEO commented on the decision, claiming “the trend that we’re investing in is that radio is moving online.”
As big companies continue to grow the podcasting industry, what does this mean for marketing? Branded podcasts, like other forms of branded content, are a great tactic to reach targeted audiences in a creative way. Brands should consider investing in podcasting as a way to project their voices and unique perspectives into their community and build connections with potential customers.
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