Podcasts have been around for so long that calling them the future almost sounds as absurd as calling radio the future. But, if you think about it, both, radio and podcast have stuck it out in the face of huge entertainment changes like on-demand shows, streaming, live-streaming, and the free content model of YouTube. Why? Because people love to listen. A great podcast offers well-scripted content that audiences can relate to and, more importantly, pursue even while multitasking. If you are driving a car, running on a treadmill at the Gym, cooking, or doing laundry, you can always listen to a podcast while you are at it.
This is the reason why podcasts are not going anywhere. It is also why Spotify is trying to acquire Gimlet, a Brooklyn based Podcast Company that acts as a network to a bunch of great shows. According to sources involved in this deal, Spotify is prepared to pay close to 200 million dollars. This development, when combined with the fact that Gimlet recently raised 70 million USD in funding in 2017, just shows how valuable this mode of content is at the moment.
In light of this, let’s find out why the average consumer loves Podcasts.
What’s so great about Podcasts?
When you’re binge-watching a show on Netflix, there’s no room for productivity in your life – at least not until the season you’re pursuing is over. This doesn’t happen with Podcasts. As mentioned earlier, this is perhaps one of the few forms of content, apart from music, that allows space for multitasking and productivity. So, content and entertainment junkies looking for their fix, without wanting to waste time, can gain a lot from podcast shows.
Another reason why Podcasts tend to be quite popular is that they aren’t interrupted by a constant stream of ads. In fact, advertisers in the US spent only 315 million USD on advertising in Podcasts in 2017 which, when compared with the 69.8 Billion USD spent on internet ads and 68.5 Billion USD spent on television ads, is hardly any revenue at all. As a result, consumers get to enjoy virtually ad-free content, which is a rarity in today’s world.
Finally, well-scripted and produced content, no matter what mode of communication, often finds its mark. While some companies move onto to bigger, brighter stages (for instance, AIB, which originally started as a Podcast), others are happy to talk into their microphones and treat this as a well-paying hobby.
What does this mean for visual content?
Of course, visual content is not going anywhere. Ads and product placements have been around for ages and they have not dissuaded consumers before, and they are not likely to do so now. Although consumers do sometimes go out of their way to avoid ads, the availability of spectacular shows and movies produced by streaming services makes it very unlikely that the growth of an audio-based medium will affect a visual media.
But, to be fair, why should one negate the other? The more, the merrier, we say!