The Rise and Rise of Podcasts

51% of the US population has listened to a podcast, and 32% of the US population listens to a podcast at least every month. The statistics about listeners show that it is a potential marketing medium for most businesses given it is where the audiences are. A big player in the podcast and music industry Spotify has over 100 million paid subscribers as of April 2019.

Spotify had made a deal worth more than $100 million with comedian Joe Rogan for exclusive rights to his podcast, and a deal with the Obamas — all in the last month while the world was reeling with the pandemic.

While the COVID-19 lockdown led to a direct increase in the use of digital mediums and channels like social media and virtual events, its impact on the podcast industry was not so straightforward. The lockdown broke people’s routines and habits when they used to listen to podcasts, like during commute, morning walks, and gyming. That is why the industry first saw a decrease in listenership, but which then slowly started to inch back to normal and upward.

Regardless, when it comes to content creators though, there has only been an increase in the number of people signing up to platforms like Acast and Hubhopper to create new podcasts.

Acast open platform that helps users set up a podcast increased by 49% in March versus February. Source: Acast

Who are these people, and what sort of podcasts are they creating?

Undoubtedly, some of the podcasts are related directly to coronavirus. For example, those by the news media industry (CNN’s ‘Coronavirus: Fact vs. Fiction’ and BBC’s ‘Coronavirus Global Update’), healthcare sector (Mayo Clinic’s podcast and a German virologist’s podcast), and social sector (Amnesty India’s podcast and World Economic Forum’s ‘World vs Virus’).

But other sectors like corporate businesses, art and culture brands, and governments have also been creating and launching new podcasts now  — as well as since before. They did this to meet their needs that arose due to changing industry landscapes, society, and audience.

How Different Sectors Use Podcasts

1.For Corporates: To Attract, Network, and Communicate with Different Stakeholders

• To network in the times of no physical events

Curzon Salon, a quarterly physical event we held in London was cancelled this year due to the lockdown. So in order to continue to network with stakeholders like the past, present, future clients, other people in the PR industry, and other connections like media professionals, we are starting a podcast next month.

“A podcast is a mix of physical event and content marketing,” says our senior consultant Bahareh Khezr. We would invite people interested in the topic discussed in each podcast and provide helpful educational content on it.

Agreed, the networking fluidity and flexibility available at a physical event cannot be replaced by a podcast, but we have to adapt with the times and the technology, Khezr says.

• For business growth and lead generation

Research shows that a whopping 45% of podcast listeners earn over a quarter a million dollars ($250,000) annually. That means usually C-suite and executives, hence making podcasts a great tool for B2B companies.

Another survey of 500 small and medium businesses (SMB) in the US showed that podcast listenership increases with company size. This means the larger the size of your potential customer company in the SMB category, the higher the chances that the decision-makers there are listening to podcasts. A high 70% of owners of medium-sized businesses listen to podcasts, as opposed to just 32% of one-person businesses.

While there is no industry-wide data available, several anecdotes show that hosting a podcast helps with lead generation for business, decreases a time to acquire a customer, and makes them stick around for longer.

Ken Greene, who runs a financial and insurance advisory firm, says in an interview to Gerri Detweiler in Forbes, that hosting a podcast is like doing one-on-one consultations with each of his listeners. It allows him to share his approach and build credibility and let listeners a peek inside his process of working — which would never be possible at such a huge scale through one-on-one consultations.

Expert interviews available also show that it helps them build authority in their niche and be seen as experts. Michael Woodward of podcast jumbleThink says in an interview to Jaclyn Schiff of PodReacher last year that he has seen a jump in the number of events and speaking gigs he has booked since starting his podcast.

• Internal podcasts for employee communication

Businesses use podcasts not just to attract customers, but also to engage and communicate with their employees. (To know more about why engaging with employees is important, check our earlier blog post on internal communication here.)

Most internal podcasts are private and accessible only to employees since they might discuss internal information. But according to several interviews available online with companies that offer products or services to create private podcasts, many companies have launched internal podcasts for their employees since the lockdown. One such company, Storyboard Podcasts, that has been open for beta registration since more than a year (January 2019) says over 400 organisations have created channels on its platform since March 2020 — making it the fastest pace they have ever seen in their history. 

It makes sense since podcasts can fill the gap of the in-office events and communications that have come to a halt.

For example, An American bank TD Bank, launched a podcast The Power of Wow! to feature employee stories.

But while internal podcasts have seen a rise now, some have existed for a few years. One of the most popular internal podcasts — mainly because it is publically available — is called “Tell Me Why” by American Airlines. It was launched in 2018 after results from an employee feedback survey of 59,000 employees showed that 55% of employees didn’t have a clear understanding of the company’s goals and objectives. Hence, the podcast “Tell Me Why” was launched, and it interviewed senior executives to explain the “why” behind some of their big decisions.

An internal podcast can be a valid medium to communicate, especially in big companies with several thousand employees. If you are hiring actively, it could also be used to answer frequently asked questions on company culture, career path, etc for future employees.

2. For Art and Culture Brands: To Stay in Business, Grow, and Be Relevant

• Creative ways to cope with the dying book publishing industry

Traditional publishers and authors are relying on podcasts to attract new audiences and new ways of storytelling to survive in the book publishing industry, which was barely surviving even before the pandemic.

Marvel Entertainment, the famous publisher behind Marvel Comics, that furloughed half of its editorial staff and stopped work on 20% of its forthcoming books because of the pandemic managed to launch their first scripted podcast at the same time.

‘Wolverine: The Long Night’ is an audio storytelling version of the comic book character. The response to the show has been encouraging, said Dan Fink, Executive Director of Development to Indie Wire.

Similarly, the Indian arm of the international trade book publishing house Penguin Random House partnered with an FM to launch a podcast titled ‘Hooked with Books’ last month. It includes interviews with popular authors in the country like Ruskin Bond, Durjoy Datta, and Cyrus Broacha to give listeners a behind-the-scenes look into their bookshelves and their writing journeys. Preeti Chaturvedi, VP, Marketing and Strategic Alliances says that it was “an opportunity to engage with a fresh audience“.

• New income streams

For brand name authors and big corporations in the entertainment industry, podcasting acts as a way to add another revenue stream into the mix.

Brene Brown, a shame researcher and author, launched a podcast ‘Unlocking Us’ in March and it quickly ranked amongst the top of the chart in podcasts. Each of its episodes is sponsored by companies like Audible, Siete Foods, and more.

IMDb, an Amazon subsidiary, known for the go-to resource for film and TV information, recently started its first-ever podcast ‘Movies That Changed My Life’. It involves interviews with Hollywood actors and filmmakers like Jeffrey Wright, Kevin Smith, and Judy Greer.

• Comedians turn to podcasts to stay relevant

In the US, several couples-in-quarantine comedy podcasts came up, like by Kumail Nanjiani and his wife Emily V. Gordon, and Paul F. Tompkins and his wife Janie Haddad Tompkins.

While podcasts offered a medium to continue performing for an audience despite social distancing, they turned to real-life for material to offer relatability and remain relevant — finding humour in the darkness.

3 .For Governments: Political Campaigns and Behind The Scenes

• Improvised political campaigns due to coronavirus

A US frontrunner for the elections, Joe Biden launched a podcast ‘Here’s the Deal with Joe Biden’ in March end as coronavirus stopped in-person campaigning.

Indian opposition leader Rahul Gandhi is planning to start podcasting in an attempt to counter the country’s Prime Minister’s monthly radio program Mann Ki Baat that reaches far and wide.

• Local governments share behind-the-scenes and discuss relevant issues

Several local city and municipal governments have been running podcasts in the US for a while. For example, ‘Behind the Springs’ podcast by the city of Colorado Springs has been running since last year and has had 28 episodes and counting.

Conclusion

Podcasting as a medium has many pros over other channels of communication, the foremost being that that is where the audiences are. If you have a business and are looking for ways to grow your business or reach an audience that you have lost because of the changing landscape, chances are you might find it via starting your own podcast. As you can see, it can be adapted to meet whatever need you may have – whether it is lead generation, networking, reaching new audiences, or election campaigns.

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Curzon PR is a London-based PR firm working with clients globally. If you have any questions, please feel free to contact our Business Development Team bd@curzonpr.com