The podcast market is booming now more than ever. Just a few years ago, podcasting was a very niche medium, however, it has turned into one of the best ways to share your message with mass audiences. Times have clearly changed for the podcasting business as podcasts have become part of the mainstream media. According to Podcasting Insights, as of April 2021, there are over 2 million podcasts available with more than 48 million episodes out there in the world!
As people have become more aware of the podcasts that are available, they’ve found their way to shows about specific interests from marketing, to pop culture, to sports. Whether we’ve acknowledged it or not, podcasts are the new thing.
For entrepreneurs, this means it's easier to find podcasts that provide insightful information that may not have been accessible elsewhere, but it also means that now is a great time to consider starting a podcast of your own. Many people may think the market is too saturated to join, but the truth is that if you have something to share and an audience to serve, there’s a place for you in the podcasting world.
If having a podcast is something you’ve been considering for a while now, or just want to get in the market, it’s the perfect time to do so! Here’s why.
More people are tuning in.
If you feel like everyone is jumping on the podcast thing, you’re exactly right. According to a 2020 Edison Research report, the time spent listening to spoken word audio has increased 30 percent in the last six years, and eight percent in the last year. So why is this a clear indicator that it’s a great time to start podcasting? Well, it shows the demand for this type of media.
When you get down to the nitty-gritty details of it all, people have been drawn to spoken word listening due to the advancement of technology. It also has a lot to do with the fact that many people find convenience in having the ability to multitask while listening to audio. We always say this, but living in the digital age calls for a shift in the way you run things as an entrepreneur.
It’s easier to produce than video.
When you are producing a podcast, you don’t need a camera on. This means less cost and time having to set up production with expensive video equipment and editing software. You can easily get started with audio equipment for under $100. There are even kits that come with mics, headphones, an instrument pro recording mixer + USB interface, and more, for less than $200. It’s also far easier to learn and master audio editing than it is to edit video.
On the other hand, if you want to add a video component because visual marketing is still booming, you have the option to create mini promo clips to share on your digital platforms. The creativity is endless.
Podcasting adds another stream of revenue.
As an entrepreneur, you should always be looking for opportunities to increase revenue. Once your downloads and listeners increase, you can start to run ads on your podcast. The important thing to note here is that you want to make sure advertisers and other paid opportunities align with your listeners. According to Statista, businesses spent $480 million on podcasts in 2018.
Income can be typically generated by selling ad-time, having sponsored episodes, or even adding package options for guests if they want more than an audio recording (i.e. video component). Getting started now can help you get a piece of all the action.
For B2B business owners, podcasts are a great way for business leads. Interview people you want to do business with, but make sure to create a relationship with them first so it doesn’t seem ingenuine.
Technology and tools currently available make it easier than ever.
If you tried getting into podcasting a few years ago, it may have seemed impossible to learn how to host, produce, edit and promote a show. But with the technology and tools currently on the market, it’s easier than ever to create your own show from scratch. Tools like SquadCast make it possible to record podcast interviews from virtually anywhere and still have quality sound.
Beyond that, social media gives you the power to spread the word about your show from the click of a button. You don’t have to put much spending behind your promotional efforts either if you go about organically creating a community the right way. There are many forums, chat rooms, and groups that are free to share your podcast in.
It’s fun and there’s so much room for opportunity.
Take it from our team who knows that starting a podcast is a lot of fun. Even the tasks that are a little difficult are so much fun to figure out since they teach you how to overcome challenges - like anything else as an entrepreneur. You’ll also feel very accomplished in the process. We’ve had such great feedback from our eWN Podcast Network hosts who have created powerful, inspiring, and life-changing content.
If you’re ready to start your own podcast or optimize your current podcast to follow the 2021 podcasting trends, join our CEO, Sandra Yancey for The Power of Podcasting Webinar. You’ll discover how to tap into the age of the “Audio Influencer '' from the expert community builder and audio pro who built her email list to over 500,000 contacts solely off the radio. Click here to sign up for this FREE training and learn how the Power of Podcasting will transform your business.