Why You Need to Start a Podcast (Like, Right Now)
Starting a podcast is a great goal, and the best time to start is right now. Why all the urgency? Well, let’s see:
The competition is growing.
At the risk of sounding like an American Idol rerun, the reality is the competition has never been more fierce. Podcasting is continuing its rapid growth trajectory, and 173,588 new podcasts launched in 2022.
The good news is, listenership is also growing. In fact, each week more Americans listen to podcasts than have Netflix accounts! However, listeners tend to be loyal to shows they already enjoy and don’t always have time to add new shows to their routines. The sooner you can find your unique position, capture an audience’s attention, and grow your loyal listener base, the better.
Podcasts generate revenue.
Podcasts are not like other marketing campaigns. They don’t just build brand awareness or generate leads. If properly produced, positioned, promoted, and monetized, a podcast can also generate real revenue for you and your business. By selling ads directly to sponsors, developing premium content, and creating solid lead magnets, your podcast can generate meaningful revenue for your business. Depending on your audience size and business model, you can generate thousands or even millions of dollars a year from a podcast – the sky is the limit!
Gone are the days of podcasts being “just some dude talking into a mic”. Podcasts are serious business, and according to a study conducted by OMD, advertising in digital audio such as podcasts gives a 60% higher ROI compared to other media channels. In fact, podcast ad revenue is expected to grow to nearly $3B by 2025.
Building an audience takes time.
While it’s true that podcasts can grow your business and your bottom line, they’re not a magic bullet. Building an audience and seeing those results takes consistent effort over time. How much effort and how much time? Well, that depends. Are you going to do all the production and marketing yourself, or are you going to outsource some of it? Are you planning on releasing monthly, bi-weekly, or weekly? There’s a lot of factors to consider and plan for.
Luckily, The Humble Podcaster Seasons 1 & 2 can help you answer all those questions and more. Season 1 is all about how to launch a podcast, and Season 2 takes you through The Listener Lifecycle and how to build an audience.
No matter how you decide to produce your show, the fact remains that if you want to generate more revenue in 2023, the time to start a podcast is now.
- Podcast Statistics and Data [December 2022] by Buzzsprout: https://www.buzzsprout.com/blog/podcast-statistics
- Advertising in Podcasts Gives an Average of Four Times the Money Back by Acast: https://www.acast.com/blog/advertiser-stories/advertising-in-podcasts-gives-an-average-of-four-times-the-money-back
- A Full Guide to Podcast Sponsorship and Ad Rates (2023) by Influencer Marketing Hub: https://influencermarketinghub.com/podcast-sponsorship-ad-rates/
- The Humble Podcaster: https://www.humblepod.com/podcast/