The Podcast Industry Is Ramping Up
A recent report from PwC suggests that Podcasting revenue could increase by over 85% in Australia over the next 5 years, which suggests that competition for Podcast creation is about to get busy…real busy….very quickly.
Those who have been in the Podcast industry for a whilst, would suggest it has been in rapid expansion mode for some years now, however when you compare it to other digital industries throughout the world, the advertising and marketing revenue is very low.
There is no denying, that advertising revenue from Podcasts has been relatively small over the least few years, especially in Australia where this quite old form of marketing and communication, which has been around since 2004, has only started to get some traction. However a recent Recode article from the US is optimistic about the growth ahead and is quick to note that the Podcast market in America is still ‘teeny tiny’, which suggests that revenue can only go in one direction, that is up.
As entrepreneurs, influencers, industry experts and big businesses look for direct ways to differ themselves from the competition, there is no doubt that Podcast creation and therefore listeners, will continue to grow and hence advertising revenue will increase with it. The re-emergence of Podcasting is also more evident across the world, and Australia is playing a little bit of catch up with Northern Countries, such as the USA, where thousands of new Podcast series and episodes are being distributed across various networks, such as iTunes, Android, Spotify, Soundcloud and many more independent and not as well known platforms.
One unique marketing advantage that Podcasting has over other forms of media, is that it can build a high degree of trust and authenticity due to it’s design and the way that listeners have to ‘opt in’ to partake in a Podcast. This allows companies and advertisers and truly unique way to market to their potential customers, and completely stand out from competitors who compete in much busier and traditional forms of digital marketing.
Podcasts will also increase an individual’s or a brand awareness and brand recall, which allows a Podcast creator or guest to further differentiate themselves from the pack, and remain memorable.
Therefore, is it as good time to get into Podcasting?
The answer is YES.
There has never been a better time to create, host, make, feature in, advertise on, market in and produce, a Podcast!