Why start a podcast | 2021
Shifting consumer habits in the era of remote working have made podcasts the modern-day equivalent of workplaces’ water cooler moments, where hot topics and trends were often discussed. Since people don’t want to miss out on trends, the number of podcasts listeners have risen steeply and are expected to continue to rise in the future. For many, podcasts have become a productive form of content consumption on valuable topics such as business, startups, behavioural economics, psychology, positive mindset and so on. Most people tune in while driving, cooking, or working out. For creators, therefore, podcasts is an opportunity ripe for taking. It is a great new way of growing an audience that has targeted needs. Not convinced yet? Check out the 5 reasons why you should start a podcast in 2021 below.
1. Large market size with low barrier to entry
With advertising revenues in the US of around $1 billion in 2020, the audio market has barely scratched the surface. Podcasts have gained such traction they they are now part of brands’ annual marketing strategy and budgets. As long as the consumer interests run high, the podcast market is poised to grow to $3.3 billion by 2025. It is therefore the perfect time to become a podcast creator and strive to gain a portion of the potential revenues.
Point to consider: Time to action must be immediate because the barrier to entry for podcast creators can be fairly low.
2. Opportunity to learn new skills
Creation of podcasts, which are essentially a series of audio episodes, require the creators to learn and hone some crucial skillsets. The following are a few among them:
- Speaking ability - To convey the your thoughts with the right choice of words
- Planning - To publish consistent, valuable content on a recurring schedule
- Structure - To provide the perfect beginning, middle and endings to each episode
- Technical skills - To leverage different technical equipment and softwares that aid in publishing clear content formats
- Observation and research skills - To determine what to talk about in the upcoming episides
Open Mindset and Bias for Action are key differentiators in the content creation game. The rest is simply a learning process.
Ofcourse, some of these activities can be outsourced. For instance, you can hire someone from Fivver to narrate the episode while you plan out the scripts for it. However, the best way to build a connection with your audience, is to put yourself out there and learn along the way.
3. Loyal and affluent audience group
An intesesting insight from a research report released by Deloitte [link here] talks about the demographic of current podcast listeners. The listeners comprise primarily of young, employed and educated individuals in the US market. Assuming these insights are representative of the world, the prospect of building a global audience that has high disposable income can have many benefits. For example, if you have a podcast in the small profitable businesses niche, you can collaborate with many SaaS businesses and advertise their products to start earning some revenues. Similarly, there can be many other arenas that can open up, which I will talk about at length in a separate post.
4. Opportunity to meet great people
Podcasts are rarely monologues. Majority of them start out as narrations, but soon have guests invited for interview based episodes. This opens up the opportunity for you to not only develop your outreach skills, but also network and interact with successful leaders from across the globe in the niche that you’ve created.
5. Building an additional income stream
Apart from all the benefits related to personal growth and learning, podcasting can be a great side-gig to generate an additional stream of income that can help creators diversify and hedge the risk of unemployment. The year 2020 has shown us how there’s little to no financial security in jobs. Therefore, creating a space in a segment with huge future growth potential is certainly the next best action for you.