The global number of podcast listeners currently stands at 464.7 million people, which means approximately 22 percent of internet users engage with podcasts. Close to 5 million podcasts are available globally with significant industry market share of $23.56 billion dollars. Needless to say, monetizing the podcast industry can be highly beneficial to publishers as they transition into digital publishing and seek additional revenue streams.
Podcasts are an excellent option for publishers looking to tap into the younger reading audience. From a business perspective, podcasts can help improve lead generation and increase customer acquisition and brand awareness—all great focus points for a successful business.
Podcasts are audio-based media that are published as a series of episodes or divided into a sequence of parts. Various platforms offer options for users to stream, download or subscribe to podcast publishers on websites and applications. Podcasts are great for multitasking, as they do not require much effort from the listener. Podcasts are easy to access, and offer users top quality content, with smooth streaming experiences that make it a preferred option for users seeking news, information and entertainment in various fields. The time is opportune to start podcasting for publishers looking to increase user engagement.
Podcasts are trending nowadays, with many streaming apps now being household names. Podcast listeners are more engaged and supportive and are very likely to complete any podcast they start listening to. Thanks to the pandemic lockdowns, the number of people who listen to podcasts has increased in the past few years, and so has the time they spend listening to them. Podcasts are slowly turning out to be a good alternative to music for younger audiences.
Publishers have high-quality content and the sources to make them. Podcasts will not prove to be a burdensome investment option, as financial barriers are low in this field. It does require strong content—which is not new to publishers—voice artists, and a recording space. For publishers who have already ventured into the online space, starting a podcast will not be much of a hassle. But you do have higher stakes involved, as the audience will expect the content to be in line with the quality of your brand. As an option for publishers, successful podcasts can also be modified into book adaptations. ‘Tor’ by Macmillan produced Steal the Stars as an audio-first production prior to novelization. They also have their own podcast network: Quick and Dirty Tips. Some other podcast networks that have also led to film and TV adaptations include Wondery, owned by Amazon, and the precursor to popular shows such as The Shrink Next Door and Harsh Reality. Publishers can use podcasts as medium to share insightful interviews and discussions with audiences. The Oxford University Press (OUP) has ventured into interview podcasting, considered to be one of the top genres of podcasts, with its current podcast series, In Conversation: An OUP Podcast, where hosts interview the authors of OUP books on their books.
Print books and audiobooks can benefit from podcasts. Audiobook lovers and podcast fans enjoy both types of media. Publishers can use podcasts as a viable tool for self-promotion and organic marketing. Increased audience engagement leads to higher revenue. In the long run, subscriptions to podcasts and sponsored episodes or series can generate complementary revenue. Live recordings of podcasts are also becoming famous, and people do show an interest in attending readings by their favorite artists in their favorite genres. Podcasts bring the audience closer to publishers. Utilize this opportunity to build the brand and increase consumer awareness. B2B publishing companies and digital publishing companies that engage in proofreading services and copyediting services can now rake in revenue with podcast transcriptions and digital audios. Amnet makes podcast transcriptions (https://accessibility.amnet.com/multimedia-accessibility/) easy for you. Accessibility is Amnet’s priority hence we also specialize in EPUB conversion services. With more than two decades of experience in the publishing industry, we can help you grow better with our services.
Sources:
1. https://www.forbes.com/sites/adamrowe1/2018/04/27/how-the-publishing-industry-is-learning-to-love-the-podcast/?sh=30ae6a7e7536.
2. https://whatsnewinpublishing.com/why-should-publishers-start-a-podcast/.
3. https://bernardmarr.com/the-most-amazing-real-world-examples-of-mixed-reality/.
4. https://whatsnewinpublishing.com/8-ways-publishers-are-making-money-from-podcasts.
5. https://www.journalism.co.uk/news/report-how-can-publishers-benefit-from-the-podcast-boom/s2/a740132/.
6. https://deliveredsocial.com/should-you-include-podcasts-in-your-digital-marketing-strategy/
7. https://explodingtopics.com/blog/podcast-listeners#podcast-listeners/.
8. https://www.demandsage.com/podcast-statistics/.
9. https://www.entrepreneur.com/growing-a-business/the-basics-of-podcasting-and-how-it-can-grow-your-business/423519.
10. https://www.descript.com/blog/article/what-is-a-podcast-network-everything-you-need-to-know.
11. https://newbooksnetwork.com/category/special-series/oxford-up-podcast.
12. https://www.quillpodcasting.com/blog-posts/podcast-format.
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