Overview

Tom Webster, a partner at Sounds Profitable, presented insights from their comprehensive study on podcast consumption in the U.S. The study, involving over 5,000 participants, aimed to provide a detailed understanding of digital audio consumption across diverse demographics.

Webster highlighted that while podcast awareness remains high, with 95% familiarity, actual growth in listenership has plateaued, with 37% of Americans listening weekly. He emphasized the importance of maintaining audio's unique appeal, despite the rising influence of video, and encouraged the podcasting community to promote the medium's benefits actively.

Webster also noted that personal recommendations remain the primary method for podcast discovery, underscoring the need for both large and small podcasts to advocate for the medium. He concluded by urging the industry to focus on audio's strengths as a companion medium, while also exploring opportunities in video.

Core Concepts

Podcast Consumption and Retention

The study highlighted a significant gap between those who have tried podcasts and those who listen regularly.

Key Points:

• 74% of Americans have tried a podcast, but only 37% listen weekly.

• The industry needs to address why listeners do not return after their initial experience.

• Understanding listener preferences and barriers can help improve retention rates.

Examples:

• A comparison was made to pizza consumption, suggesting that podcasts should aim to be as universally appealing as pizza.

• The study's large sample size allowed for detailed insights into various demographic groups, including underrepresented ones like Asian American and LGBTQ listeners.

Quotes:

For every two people that have tried a podcast, one didn't come back. One didn't come back and make it a regular part of their media diet.

The Impact of Video on Podcasting

Video has become a significant factor in podcast consumption, influencing how content is discovered and consumed.

Key Points:

• Video platforms like YouTube are now major sources of podcast discovery.

• The integration of video should not compromise the quality of the audio experience.

• Video offers new opportunities for engagement but should be approached with caution.

Examples:

• The speaker emphasized that video has always been part of podcasting, citing early video podcasts from nearly 20 years ago.

• The advice given was to ensure video content is at least as good as audio content to avoid negative impressions.

Quotes:

If what you put out there as a video product is not at least as good as your audio product, don't do it. Do something you're proud of.

The Power of Recommendations

Personal recommendations continue to be the most effective way to spread awareness about podcasts.

Key Points:

• 56% of people discover podcasts through recommendations from their social circle.

• Encouraging listeners to share podcasts can significantly boost discovery.

• Podcasters should consider promoting the benefits of podcasting in general, not just their own shows.

Examples:

• The speaker suggested a campaign similar to the Got Milk? campaign to promote podcasting as a medium.

• New podcasts like Club Shay Shay and Dumb Blonde have gained popularity, showing the potential for fresh content to attract listeners.

Quotes:

I would love if your podcast, no matter how big or small, sold the benefits of podcasting and just talked about podcasting in general.

Conclusion

The session provided a comprehensive overview of the current state of podcasting, highlighting both challenges and opportunities. The industry faces a retention issue, with many listeners not returning after their initial experience. Video has emerged as a crucial component of podcasting, offering new avenues for discovery and engagement.

However, the quality of video content must not detract from the audio experience. Personal recommendations remain the most effective method for podcast discovery, underscoring the importance of community and word-of-mouth promotion. The speaker called for a collective effort to elevate the podcasting medium, emphasizing the unique qualities of audio as a companion medium. By addressing these areas, the podcast industry can continue to grow and thrive.

Food for thought

• How can the podcast industry better understand and address the reasons why listeners do not return after their initial experience?

• In what ways can podcasters leverage video to enhance their content without compromising the quality of the audio experience?

• What strategies can be implemented to encourage more personal recommendations and discussions about podcasts within social circles?

Reference tools, platforms, and resources

1. YouTube: A major platform for podcast discovery and video content

2. Signal Hill: Research partner for conducting the podcast study

3. NPR, ESPN Podcasts, Wondery: Sponsors of the podcast study