If you haven’t considered starting a podcast for your marketing efforts, now might be a perfect time. A recent study from Parks Associates reveals that 80 – 85 million US consumers aged 18 and older listen to a podcast at least one hour each week. Titled “Podcasting: An Exploding Market,” the research delves into the impact of the rapidly growing podcast market. The research includes the adoption of household audio equipment, consumer behavior, and the overlap with music service consumption.
Smartphones and YouTube: Leading the Way in Podcast Listening
According to the study, smartphones are the most commonly used devices for podcast listening. YouTube is the leading app/website for accessing podcasts. Interestingly, nearly half of all podcast listeners are between 35-44 years old. Podcast listening declines for those aged 45 and older, indicating that content creators may be overlooking this audience segment.
Podcast Discovery: The Power of Personal Recommendations
Sarah Lee, a research analyst at Parks Associates, points out that audiences self-select to listen to specific content. The most popular means of discovering new podcasts is through recommendations from friends and family. Content creators must try to attract a more diverse audience since people often find new titles by asking others with similar interests.
Subscription Services: Podcast Listeners Are Willing to Pay
There’s good news for those looking to monetize their podcasts: the research shows that over 60% of podcast listeners pay a monthly subscription fee. Additionally, consumers are willing to pay for music services, with 15% reporting usage of Spotify Premium.
What This Means for Your Marketing Strategy
With a growing audience and the willingness of consumers to pay for subscriptions, starting a podcast as part of your marketing strategy can help you expand your reach, engage with potential customers, and generate revenue. As podcast listening continues to grow, it’s crucial to tap into this trend to stay ahead of the competition.
Here are a few podcasts worth checking out:
https://dothewoo.io/woocommerce-subscriptions-at-scale/
https://podcasts.apple.com/us/podcast/a11y-hour-with-amber-hinds/id1552776603?i=1000585733271