Podcasting is not only here to stay but is proving to be a profitable medium for creators and advertisers. Despite its rapid growth, the podcasting industry is still in its infancy, presenting many opportunities for people to make money. I recently interviewed two industry experts who provided insights into why Podcasting remains and will continue to stay profitable.
A Booming Landscape
Steven Kritzman, a notable figure in the field, points out, “According to the IAB, Podcasting is one of the fastest-growing digital channels, up 26% YoY. And yet the industry is still nascent; while 31% of all time spent in media is with audio, it only gets 9% of ad spend. There is still so much opportunity to close the gap here, for advertisers and creators alike,” said Steven Kritzman, SVP, Sales at SXM Media, the advertising powerhouse behind SiriusXM, Pandora, and the SiriusXM Podcast Network.
Podcasts Are Attracting Major Brands
Podcasting is now attracting the attention of major brand advertisers. As Kritzman notes, “The money is following the ears. In fact, our research with Edison shows that Gen Z monthly podcast listening has soared by +57% over the past 5 years. Women and Black podcast listenership is also growing rapidly year over year.”
Brands Love The Intimacy of Podcasting
What makes Podcasting particularly enticing for advertisers? As Kritzman puts it, “The appeal here is that Podcasting is such an intimate medium.When you buy Podcasting, you’re tapping into a larger community. Being in someone’s ears is a 1:1 experience for both creator and listener, and extends well beyond just listening. More and more, we’re seeing podcast hosts expand their shows to Instagram, TikTok, YouTube, in-person live shows, and more. It’s where brands want to be, too.”
A Wealth of Monetization Opportunities For Creators
Podcast Movement Co-Founder and VP of Content and Community, Jared Easley, offers an emphatic “Yes.” He explains that the avenues for monetization are continually expanding. Creators can profit through affiliate product promotions, crowdfunding support via platforms like Patreon, and even by developing products and services tailored to their target audience. Leveraging YouTube’s monetization options for shows broadcast across multiple channels is also rising. And, of course, traditional advertising remains a viable source of income for podcasts with a subs
A Bright Future
Lastly, Easley shares his optimism about Podcasting’s future. He anticipates that “Podcasting will continue to increase its visibility as a medium. New tech will generate opportunities for discoverability, engagement, monetization, and more.” The podcasting arena is not just thriving; it’s evolving and expanding, promising a future brimming with potential.
In conclusion, Podcasting is more than a passing trend; it’s a thriving digital frontier. Its allure lies in its intimacy, adaptability, and expansive monetization options. As big brands enter the fray and listenership diversifies, Podcasting’s profitability is set to continue growing. The podcasting gold rush is far from over, and those willing to invest in creativity and hard work stand to reap the rewards.
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