5 reasons to start a podcast
It’s tedious and often unrewarding for brands to reach their target audience in today’s overcrowded content marketplace. Is there a way to break out of the clutter, build your own community, and emerge as a thought leader? Try a podcast.
1. It’s all about the RoI
Several studies show that nearly half of all podcast listeners have an average annual income of between $70,000 to $250,000 USD. Nielsen’s research found that podcast ads drive an aided brand recall rate of 71%. Not only that. Podcast listeners are willing to consider a new brand and are more likely to plan a major purchase such as new technology, home entertainment, or a vehicle within 12 months. Brands that advertise their services and products in business podcasts have seen a 14% rise in purchase intent. That explains why podcast ad spending is expected to touch USD 2.8 billion this year with ‘no growth ceiling in sight’.
2. A booming marketplace
The number of podcast listeners worldwide is expected to nearly double from 275 million listeners in 2019 to 465 million in 2023. It is estimated that there will be 40 million additional podcast listeners next year.
3. Consumer at the forefront
Did you know that nearly half of all podcast listeners tune in when they are driving? Many people also listen to podcasts while doing household chores or working out. This ability to multitask while listening is what’s working to the advantage of podcasts. This convenience is perhaps why a weekly listener spends an average 6 hours and 39 minutes on podcasts each week!
4. Sticky Business
Podcast listeners are loyal to their favourite shows. They are also 20% more likely to connect with brands on social media. Not only that. According to Edison Research ‘Super Listeners’ (18+ Americans who listen to five or more hours of podcasts weekly) are listening more. They spend an average 11.2 hours on podcasts in a week compared to 10.5 hours last year and 9.8 hours the year before. The quantity and quality of engagement tells the story.
5. The power of discovery
Studies reveal different people had different ways of discovering new podcasts.
A majority of podcast listeners refer to charts and ask friends and family for recommendations. It is also estimated that 1 in every 3 podcast users search the Internet to find new shows. Therefore, podcasts empower creators to establish thought leadership more easily using tools like SEO and word of mouth. At the same time, they offer brands the opportunity of a level playing field with few entry barriers.
Eric John, Vice President, IAB Media Center made the most compelling argument for podcasts last year. “Consumers love listening and will integrate it into their lives wherever it fits. Advertisers love the flexibility to adjust their messaging on the fly. And most importantly, brands are continuing to shift to podcasting simply because it works: when they run an ad, the cash register rings.”
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