The landscape of podcasting is undergoing a significant evolution, as highlighted by recent reports from the Interactive Advertising Bureau and PwC, which project a 12% growth in the podcast industry this year, surpassing $2 billion in revenue. This revival comes after a downturn and is partly attributed to the emergence of new revenue streams, notably through video content.
In the United States, podcast listening habits are shifting, with a growing number of listeners opting to watch video podcasts. An Acast study indicates that 85% of U.S. podcast listeners have engaged with video content, prompting podcasters to redefine their roles from mere audio broadcasters to multi-dimensional content creators. This shift is influencing how podcasters monetize their work and interact with their audience.
Nicaila Matthews Okome, the independent podcaster behind "Side Hustle Pro," which highlights the entrepreneurial journeys of Black women, shared insights on the change. Speaking to Marketplace, Matthews Okome noted that the transition to video requires podcasters to offer a richer, more engaging experience. “They go to Target and shop, they pick up their coffee. You don’t just have to talk to them one dimensionally,” she said. This shift has allowed her to expand her connections with her listener base, attracting a diverse array of sponsors eager to collaborate.
As podcasters adapt to this new medium, the demands on production processes are changing, particularly for established shows like "In Confianza," which focuses on Latino experiences in the U.S. Charlie Garcia, a producer for the show, described the challenges associated with transitioning to video production, stating, “First off there’s new software to learn.” He elaborated on the necessity to adapt the audio-only workflow into a comprehensive video format, all while managing the existing structure of their content.
Garcia is aware of the financial implications of this transition, having invested approximately $4,000 in new equipment to meet the demands of video production. “The re-skilling right now is so massive,” he expressed, emphasizing the extensive learning curve that comes with this shift.
Will Pearson, President of iHeartPodcasts, mentioned that social media could be a strategic tool for audio podcasts to widen their reach if implemented thoughtfully. He highlighted the importance of diversifying content across various platforms to grow an audience effectively. “If they really do learn to build that audience across multiple mediums...,” Pearson noted.
However, the increased complexity brought about by the rise of video podcasts has raised concerns among industry experts. James Cridland, editor of the Podnews newsletter, cautioned that these new requirements could inadvertently create barriers for newcomers in the industry. “If you turn making a podcast from ‘all you need is a microphone’ into ‘all you need is a microphone and some ring lights and at least two cameras and some editing software,’” he stated, suggesting that it could lead to increased challenges for aspiring podcasters.
As podcasting continues to evolve, the integration of video content and enhanced production standards are likely to reshape the industry, influencing both established and emerging voices in this growing digital medium.
Source: Noah Wire Services