Podcasting is Dead… Or is it?
“Listeners are upgrading their listening behavior. As more people are discovering how convenient it is to learn new things by listening anytime, anywhere, podcasting as an industry continues to evolve.”
When it comes to podcasting, it's like we've hit a sweet spot. From where we stand, the industry has reached a point of stability and maturity. Sure, it may not be riding the crazy wave it did back in 2019 when it shot up like a meteor, or during the pandemic when everyone seemed to be jumping on the podcasting bandwagon.
But here's the thing: podcasting is still going strong. It's no longer just a trend; it's become a go-to platform for folks who actually know why they're starting a show.
These days, people are flocking to podcasting with a purpose. They're using it to build their brand, grow their business, or create awareness for a cause they're passionate about. Podcasting has become a reliable way to make an impact and connect with your audience.
So, while it may not be making headlines like it used to, podcasting is far from fading away. It's found its groove, offering a space for meaningful content and conversations in this ever-expanding digital world.
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Episode 2: Podcasting is Dead… Or is it?
Not Dead, Peaked!
Anne Garcia: Last month we had two news stories that rocked the podcasting world, so first is Spotify asked the deal with Megan Markle for her Archetypes podcast when Sirius XM announced that it's closing down Stitcher for “consolidation” reasons and I'm doing the air codes because people in the know are saying that Stitcher got closed down because no one was using the app.
So naturally, these recent events post the question: is podcasting dead?
Carlo Garcia: Now, if you are in the podcasting industry, this news is something that you shouldn't avoid.
Since Stitcher is one of the first platforms that was created for podcasters and Megan Markel, it's a big name. So my question is, can my podcast thrive in spite of these events?
Anne Garcia: Well, actually there are two ways to answer this question.
One is that they're either isolated cases or two, they're diagnostic of a much larger problem for the podcasting industry.
First, we can dive deeper. Looking at the core of the two stories - the first is that Spotify and Megan Markle mutually agreed to discontinue the award-winning podcast with Spotify, stating that Megan didn't reach the productivity level actually required by the show since Megan only recorded 12 episodes.
Then with Stitcher, Sirius XM announced it will shut down the podcast app at the end of August in favor of its own Sirius XM app. It's part of a larger effort to emphasize its own brand, and since they also still own Pandora, I think it's their sister company, it didn't really make sense to have Stitcher or maintain the app.
So if you look at it, these two stories have their own merit and logical explanations that are unrelated to one another.
One is a productivity issue and another is a business rationalization issue, but it's also true and we can't deny that these are symptomatic of what's happening in the podcasting industry.
While I wouldn't necessarily say that podcasting is “dead”, that's too absolute and negative and it's too final in its sense but I can say why people would come to that conclusion. However, I'd rather reframe it this way, podcasting has peaked. And so it's only natural for you to see a decline.
Podcasting peaked in the middle of 2022 until maybe before Thanksgiving, then after that, we've seen things settle down a bit.
The Audience is Always the Winner
Carlo Garcia: Well, I totally agree with how you put perspective on two cases that you've mentioned because this can put an objective eye on what's happening in the industry.
You can't just generalize things, but instead, you want to look deeper to know the real cause and understand if podcasting is slowing down or gaining momentum again,
But I would argue that podcast has not yet reached its peak due to two major reasons in my opinion. First, podcasts continue to expand to different genres. And the good thing about it is that creators are developing creative ways to make sure that they satisfy their audience. What's good about this is that the customers or the audience are always the winners because they get to choose the podcast that is suited to their needs.
And second, I think listeners are upgrading as well in their listening behavior, which is a very important aspect of marketing strategy. As more individuals are discovering how convenient it is to learn new things by listening anytime, anywhere, podcasts as an industry continue to evolve.
I did some reading and came across these stats from Global War News. It states that the global podcasting market is expected to exceed more than 230 billion.
Anne Garcia: It's safe to say, podcasting isn't as white-hot as it was in 2019 to around 2022 last year, but it's still voracious as a platform, I'd say.
And the reason for the slow decline can be attributed to a couple of things.
One is that during the pandemic podcasting, like any platform, actually experienced an unusual, huge bump in both, podcasters and listeners alike because everybody was stuck at home. Brands and businesses had to find a way to reach their audience online. And unlike YouTube, Podcasting actually has a lower barrier to entry.
Since you can just have a mic and a laptop, you can roll out of bed and then record an episode.
You can talk about anything that excites you. You have people on your network as guests or experts, right? And they can come on your show record via Zoom and voila, you have an episode.
So it really brought so much excitement to the field. And of course, advertisers ate that up. They saw the platform as a goldmine.
So big brands went in and sponsored shows.
Celebrities had to have their own show, even influencers in other spaces who already had a potentially huge following. They started their podcast around this time so the user base just exploded.
Building Confidence in the Podcasting Space
Carlo Garcia: Speaking of the low barrier to entry, business owners should be quick to capitalize on the opportunity for a cost-efficient way to advertise.
As a small business owner, I think it possesses a lot of potential to advertise your brand or your product in case you want to at least to a certain level reach your target audience.
Okay. Story time. We have a client who, when she was starting her podcast, was approached by a wine brand. If they can have ads on our show, that was super exciting for her and it really injected a positive energy to her show and how she moved forward with her podcast.
Anne Garcia: And that's why from our perspective, podcasting as an industry has stabilized and matured. So I wouldn't say that it's on a decline.
But it's stabilized and matured since its heyday, the meteoric rise in 2019, and seeing the influx of new podcasters during the pandemic when it seemed that everybody was super into it and used it for a variety of purposes.
But now podcasting's popularity has normalized and is becoming a platform of choice for people who actually know their purpose or the why behind coming up with their show because podcasting is still very much a viable platform to further your brand and business or create awareness for your mission or your advocacy.
We had a client for rebranding just recently, and one of the fastest ways to create content for him was through having his own podcast or vice versa, guesting on other people's shows.
The podcast was meant to be the cornerstone for the rest of his personal brand. It's the foot in the door for everything else, and it'll open up more opportunities like writing a book, having your own YouTube channel, and it's one of the easiest ways to repurpose your content by creating micro-content like reels, audible codes, blog, etc.
Carlo Garcia: one of our most notable observations is an agency works with different clients in various fields like business owners, solopreneurs, professionals like doctors and medical practitioners, lawyers, educators, and coaches when it comes to podcasting or creating content in general, your audience is looking for or even yearning for a more creative and substantial form of content to consume.
Anne Garcia: So is podcasting dead? Hardly. In fact, as someone who's been in this space for more than five years, I can say that it's shaping up to be a more credible space since the industry is narrowing down to podcasters who really have a clear purpose or the why for having their show.
Well, we've seen quite a lot of shows succumb to what we call pod fade or are taking indefinite breaks.
Those who withstood the test of time are here to stay and they have more confidence and pride in their show, that's really something that I took note of. We've seen how podcasters have helped brands become who they are, and we know how effective podcasts can be in shaping ideologies, advancing advocacies, and educating and inspiring people in general.
So if you're someone who's looking to start your show, I'm confident that now is the right time to do so, more than the tech the promotion, and all the bells and whistles getting clear on your why is the most important aspect if you wanna start doing your podcast because everything else will just flow from there.
Carlo Garcia: And again, invest in your show. You need to make an effort to come up with more creative and appealing ways to express yourself and get your message out to your audience to avoid getting lost.
It's important for those who want to venture to podcast, they must be intentional in planning to set things right from the beginning.
So, Brainstorming, enjoy the process of conceptualization. You can invite your friends or your family member, or even your workmates or those people close to you and pitch them your ideas, or better yet, talk to a production team or service provider to take it to another level and you can see your growth potential. Ride that excited energy and reserve some for a long commitment to content creation ahead.
Anne Garcia: If you want to know how to invest in your show and you know, create your own podcast, reach out to us. We're more than happy to brainstorm.
