- Radio is suffering from a shift from linear to on-demand and digital audio content. Younger demographics like Millenials and Gen Z discover and listen to audio content on platforms, not on the radio.
- The relationship content publishers (e.g. radio broadcasters) have with podcast platforms (e.g. Spotify and Apple Podcasts) is complex.
- On the one hand, broadcasters benefit from the reach offered by the massive user base of the platforms, but on the other hand, platforms control the monetization.
- To regain control over the user experience, content cross-promotion, and monetization, large radio stations are building their own streaming or podcast platforms.
- This is smart but doesn’t come without creating extra friction. It is difficult to convince users to install yet another app.
- Publishers need to understand how much content they should offer on podcast apps and how much they should gate in their own app to maximize both reach and monetization.
- This calls for new podcast analytics solutions that enable publishers to track consumption across listening apps (owned and 3rd party)
- The podcast landscape is evolving, moving from a duopoly (Apple Podcasts and Spotify) to an oligopoly, with YouTube, Netflix, TikTok and other players entering the market.
- Offering truly unique and innovative content is going to be crucial in 2023. The market is saturated with shows that lack differentiation.
- In the early days of the App Store, indie app makers could win just by being early. Today, it’s impossible to be a top app without a solid marketing strategy and a significant budget. Similar to this, the chart-topping podcasts of tomorrow will be the ones that have the best marketing and monetization strategy.
- Compared to the web and app world, the podcast advertising ecosystem is still in its infancy. As tech and targeting capabilities improve, so will monetization for publishers.
– Voxalyze (sign up for a free trial)