Podcast promotions are looking to wrap up on a high note this year.
As we roll into the close of 2017, podcast promotions are making strong moves to finish the year in fine shape. I’m going to start by giving you a quick rundown of the Edison Research Infinite Dial Report –
Podcasting continues to be a growth medium, as 40% of Americans 12+ say they have ever listened to a podcast, while 24% say they have listened to one in the past month, up from 21% one year ago. In addition, six in ten Americans are now familiar with the term “podcasting,” a number that has risen 22% in two years.
And I’m going to follow that up with a statistic about podcast advertising growth (a key metric of podcast promotions and their effectiveness) from the Interactive Advertising Bureau study that was recently published.
Podcast advertising revenue has increased steadily, growing 228%, on a quarterly basis, between Q1 2015 and Q4 2016.
That figure translates into more than 200 million dollars being spent on podcast advertising this year. While it certainly pales in comparison, to say, the amount of money spent on medical marijuana this year, it’s not an insignificant number; the fact that the compounded quarterly grow rate in ad spend on podcast promotions is roughly 20% is just huge.
Mo money, mo podcasts
Podcasting has really started coming into its own with the investment and high finance world. So much so that in August of 2017 alone, nearly 40 million dollars was invested over a number of different podcast operations. Gimlet and HowThingsWork were the two biggest recipients of funding, but it just boggles the mind that we’re talking about 15 million dollar investments in each of these companies, and these guys are making podcasts and handling podcast promotions! Geez!
Are you gonna eat that Apple, mister?
We’re also gearing up to see just how the new Apple analytics are going to be helpful for creating or managing podcast promotions, although the jury is still out; we will update and report back as soon as there’s something to actually talk about it.
Apple certainly has the power, if they choose to exercise it, to help the smaller podcast producers, who don’t have Gimlet or TAL or other Goliath sized studios and promotional machines behind them, to expand their advertiser base; mostly because better analytics should mean more ad dollars potentially on the table. Or not, if said smaller guys have been fudging their numbers all along to massage their ad rates. Hmmm….
You mean I can watch that on TV, too?
One interesting trend in podcast promotions and growth is the adaptation of podcasts for TV. Personally I think this is a terrible idea. The reason that we have audio only programming is, in large part, because any number of people speak much more articulately than they would ever come across in a video. There’s nothing wrong with that.
Making a TV show out of a podcast is like making a TV show out of that silly website, S**t My Dad Says. Even Denny Crane, err, Captain Kirk, ok fine, Shatner, couldn’t save that bit of tripe from falling into the abyss and being sucked out of sight and out of mind, for the most part. I just don’t see it.
People want to be entertained when they are watching a video; when they are listening to a podcast, they are mostly killing time. Not the same thing at all. I don’t want to hear GoT without a picture, that would take so much away from the show. Nor do I want to see Wait Wait Don’t Tell Me in my living room in full technicolor, I think that would ruin the podcast (ok, sometimes radio show) for me as well as being terrible to watch in person.
Stay tuned for more on that Apple thing as the story unfolds, that’s likely to be our next update.