Podcasts aren’t a new form of entertainment as they’ve been around since 2004. However, it’s only in the last couple of years that their popularity has grown. There are currently over 850,000 active podcasts, and that number will undoubtedly keep rising as time goes by.
Podcasts are a popular medium because they come in a format that’s easy to consume and understand. People listen to podcasts for various reasons, to improve both personal and business aspects of their lives.
As media and technology change every year, so do podcast trends. Take a look at what’s popular now as well as what you can expect from podcasts in the future.
Current podcast trends
Everyone who’s thinking of starting a podcast should be well informed about the state of this medium. Let’s take a look at all the current podcast trends.
Spotify taking over
Even though Apple was the first platform to introduce a podcast directory, it seems like Spotify has taken the lead. A total of 46% of 12-34 year-olds listen to Spotify this year while that number for Apple stands at only 20%.
Data-driven user experience
This is an important factor for all marketers, as it helps them determine current podcast trends. A lot of podcast genres have room for improvement, and thanks to data-driven user experience, they have insights on what exactly needs improving.
Podcasting events and live streaming
When it comes to podcast trends, nothing comes close to podcasting events and live streaming. Live podcast shows bring in hosts, audiences, and marketers together to create a spectacular podcasting event. Neil Patel also predicted that by the year 2021, live streaming is going to be a $70.5 billion industry.
High-quality podcast content
Up until recently, many businesses focused more on quantity rather than quality when they created podcasts in an attempt to be noticed. Newer podcasts are leaving this old trend behind and focusing on providing their audiences with better-quality content.
Another reason why more and more high-quality content is emerging is that 85% of listeners have attended college and are looking for content that can maintain their attention.
Voice search optimization
In this age, a business needs to have multiple marketing channels if they want to succeed. Voice search is growing in popularity, and podcasters need to consider voice search optimization if they want to stay on top.
Younger generations are taking advantage of technological advancements, so those podcasts that aren’t optimized for voice search will be left behind.
More ads
While younger generations have less patience for advertisements in general and are downloading ad-blocking software, it seems as if they don’t share the same animosity toward podcast ads.
Advertisements are becoming one of the many podcast trends because audiences trust their podcast hosts. Generally speaking, podcasts only promote the ads that are most often voiced by the host and work well with the podcast theme.
A higher marketing budget
While a lot of companies still stick to channels such as blogs and social media, some are realizing the marketing potential of podcasts. As time goes by, more and more companies are starting to direct more of their marketing budget toward podcasts.
New niches
Since pretty much anyone with a microphone can make their own podcast, we can expect a surge of new niches and podcast trends in the near future. The way we live is changing all the time, and many people have their opinions on many industries and trends, so we can expect a high number of new niches to emerge relatively soon.
Programmatic advertising
This term is used to describe algorithms and artificial intelligence used by podcasts, which optimize ads in real-time. This type of automation is an efficient way of advertising, leading to lower customer acquisition costs and higher rates of conversion.
What is the future of podcasts in the context of media trends?
In February 2019, Spotify purchased a podcast studio called Gimlet Media as well as a podcast publishing platform called Anchor for over $340 million. With those purchases, they showed how certain they were about the success of podcasts, and it seems like their intuition wasn’t wrong.
Before these purchases, podcasts were still a medium that was steadily rising but at a very slow pace. Just a few months after the acquisitions, however, a plethora of new shows debuted. In addition, exclusive partnerships announcements skyrocketed podcasts into mainstream popularity.
As Spotify replaced Apple as the giant of the podcast industry, media trends started to change as well. This opened up the doors for many inspiring podcasters to start their own shows. New TV and film intellectual properties became interested in podcasts, as they offer more creative freedom than any other platform.
There’s no denying that podcasting is a gold mine for brilliant new ideas, and we can expect that a large number of popular movies and TV shows in the near future will have originated as podcasts.
Additionally, we can expect a surge of new multi-platform activations such as:
- Events
- Broadcasts
- Videos
- Product Integrations
- Multi-Level Sponsorships
What are the benefits of adding podcasts to your inbound marketing strategy?
When we look at podcast trends reports, it isn’t hard to figure out why so many marketers are investing their budget in podcasts and including them in their inbound marketing strategies.
- 55.6% of respondents said they purchased an item after hearing it advertised on a podcast.
- 82.4% of people listen to podcasts for more than 7 hours each week.
- 59% of respondents spend more time listening to podcasts than on social media.
Here are just some of the benefits you will have if you add podcasts to your inbound marketing strategy.
Low competition (but not for a long time)
Podcasts provide marketers with high-engagement content that has low competition. There are probably only a handful of podcasts that are discussing topics relevant to your business, but all of those podcasts have hundreds or even thousands of listeners.
However, if you want to take advantage of this situation, you need to act fast. Given the rising popularity of podcasts, building a brand will only become more difficult.
Convenience for listeners
Podcasts aren’t only very engaging, but they’re also easy to engage with. Podcast listeners can engage with the content even while multitasking, which is perfect for the busy world of today.
Mobile-friendly
Another great advantage of podcasts is that they are mobile-friendly. A lot of people spend more time on their phones than any other device, so mobile-friendly content is perfect for advertisers.
Podcasts are growing in popularity
Even though we’ve stressed this point already, it’s important to mention in the marketing sense as well. It’s expected that this popularity will only continue to grow, and marketers need to cash in on that popularity as soon as possible before the heavier competition sets in.
Loyal audiences
People who listen to podcasts are extremely loyal to their favorite programs because they can establish a relationship with the podcast host. If you manage to build a strong podcast audience, you will have a large number of people who trust you.
Interactive content
One of the biggest reasons for the popularity of podcasts is their interactive nature. Hosts can interact with their audience through questions, polls, and calls, much like a traditional radio show. This interaction is another reason why audiences trust podcasts.
Scalable costs
While you can capture relatively good audio with cheap equipment, that will only work if your audience isn’t too large. As you develop your audience, you will need to buy more expensive equipment. Luckily, all of these costs are scalable, and you won’t need to spend too much money at once.
Establishing credibility
One of the primary reasons why companies start podcasts is to establish credibility and authority in their field. You can make a name for yourself with valuable and well-researched content and thus easily grow a loyal audience.
A demographic with disposable income
A 2016 report showed that the average podcast listener earns around $10,000 more than the average U.S. consumer. This means that many podcast listeners have an income they are willing to spend on their favorite brands and businesses.
Publishing consistency
If you put in enough effort and make your podcasts air on a constant basis, people will tune in and listen more often than they would check a weekly blog post or other content pieces.
10 tips and resources for starting a podcast
It can be hard to start your own podcast, especially if you don’t have any experience. That’s why we’ve prepared some tips and resources for anyone who is thinking of starting their own podcast.
Pat Flynn’s Podcasting Guide
Pat Flynn offers an amazing guide that takes you through all the basics of starting your own podcast. He gives clear and concise advice that is helpful but also easy to follow. Pat has an engaging and encouraging tone that will help anyone who is starting a podcast.
Yaro Starak’s Power Podcasting Course
Yaro Starak is a true podcasting veteran. He has been in the podcasting game since 2005 and is the perfect teacher for anyone who wants to have a deeper understanding of podcasts. Yaro uses this course to explain the basics of podcasts but also explains how you can monetize your show.
Use Fiverr for podcast square design
When you start your podcast, you will have a graphic that represents your show called a “podcast square.” This square will appear next to your link (on iTunes, for example) and will be something like your podcast’s logo. If you want to make a good first impression, your square needs to be well-designed.
One of the best ways you can get a great design without spending too much money is to use Fiverr for a low-cost logo design.
Podcast microphone and equipment
If you aren’t an expert in podcast-related equipment, it can be a real challenge to find a microphone package that allows you to create high-quality podcasts without breaking the budget. Luckily, you can search Amazon for microphones and headphones that are within your budget and have great reviews.
Skype and eCamm call recorder
If you’re planning on doing remote interviews, you need to focus on their quality as well. If you want to record high-quality remote audio interviews on a budget, you can try using tools such as eCamm Call Recorder and Skype.
Audacity Podcast Editor
Audacity is a free podcast editor that is easy to use, and it also works with Windows, Mac, and Linux. With this editor, you will be able to record live audio and then edit it until you’re satisfied with the results.
Libsyn Podcast Hosting
If you’re looking for reliable hosting for your podcast, check out Libsyn Podcast Hosting. They have existed since 2004 and have over 35,000 shows under their belt. They also attract 62 million audience members each month, so you can be sure you will find a good audience base through them.
Rev Podcast Transcription Service
Show notes are an important part of every podcast. They consist of the transcript of your audio, links to all mentioned resources, and the bullet points of key conversation topics. Instead of creating your own notes, you can use a transcription service such as Rev.
Repurpose Podcast Marketing Software
Repurpose is a software tool that, logically, allows you to repurpose the content of your podcast and publish it on different platforms. With this software, you can convert your audio into videos and post it on YouTube, Facebook, and any other platform you can think of.
Hire a podcast services company
Starting a podcast for your business or organization can be profitable, but it’s risky to do it without assistance.
Therefore, the smartest decision you can make is to work with a podcast services company that can help you with the production and editing of your podcasts. This will make your show sound like you’ve been in the game for years.
If this is something you’d like to do, take a look at PodcastPros, a podcast service company, to get a free consultation and help with creating high-quality podcasts.
Final thoughts
Podcasts are an amazing way to get any message across, and they are beloved by people all over the world. While there are a lot of benefits you will enjoy if you decide to add podcasts to your inbound marketing strategy, you need to be careful and not rush into it.
Make sure to consider all current podcast trends and use the tips and resources we’ve mentioned to create the optimal podcast.
And finally, don’t forget that it’s difficult to do it all on your own. Instead, it’s best to contact a podcast service so your success is guaranteed.
