Latest trends in the podcasting industry
The simple concept of the ability to stream content like talk radio — on demand, on any device, over the internet, is finally gaining mass market appeal, more than 15 years after its inception.
2019 has already shaped up to be a big year for podcasting around the world. We’ve witnessed major announcements like the $200M acquisition of Gimlet Media by Spotify, the release of new subscription platforms like Luminary and Brew, the entry of the Obamas in the business.
Podcasts are gaining momentum in India too. People are increasingly seeking content that is diversified, insightful, entertaining. They are listening to podcasts as they multitask or are on the go. Podcasts, therefore, have huge growth potential in the country, supplemented by factors such as increasing digital penetration, the cost-effectiveness of smart mobile devices, content diversity and an overwhelming amount of commute time.
In such a state of affairs, one trend that we’ve come across is that of …
Discovery-driven Consumption
Until recently, it has been difficult to find new podcasts that you may be interested in.. If you already listen to podcasts, you know that you find new shows from the podcast you’re listening to, or more likely from a friend or a co-worker who raves about podcasts night and day.
But advertisers are now flocking to this growing medium. As a result, the technology platforms that are hosting and distributing podcasts are paying attention to discovery like never before. This is heating up competition for Apple.
James Cridland, Editor of Podnews, a daily podcasting newsletter commented-
“Consumption through Apple Podcasts will decline in comparison with total market share. We’ll see more podcast apps, not least Spotify — already a credible #2 in the market — and hopefully Google, Pandora, and others.”
The next big question is …
Will you pay for podcasts in 2019?
It’s hard but not impossible to imagine podcast audiences paying for multiple subscriptions a month. Almost every major news/commentary podcast has tried a subscription, including News Laundry Hafta podcast right now… We thus expect a major uptick in premium content, premium-only podcasts, premium-only production houses, etc.
Cara Meverden, CEO and Co-founder, Scout.fm stated-
“A big trend of 2019 is going to be platforms attempting the Netflix model of exclusive original audio content behind a paywall. It’s already begun with Spotify, Audible, and others, with newcomers like Luminary launching this year”
We see an evolving trend of news podcasts, especially bite-sized news breaks, updated across the day and localized by region. Here we see a drive towards regional languages. Moreover, news-based podcasts have a greater scope when it comes to subscription models.
This brings us to another emerging trend in the Indian podcasting industry…
The demand for content in regional languages.
According to a study by KPMG in India, the Indian language internet user base grew at an exponential CAGR of 41 percent between 2011 and 2016. Furthermore, it has been estimated that nine out of 10 Indian internet users will access the internet using a regional language in the next five years. These trends hold true for Podcasts too. Regional-language podcasts are increasingly gaining traction as a medium for everyone.
Gautam Raj Anand, the CEO of Hubhopper sums it up right-
‘‘We need to focus on localization- localization across monetization, localization across experience. Because localization does not stop at the vernacular. It is being cognizant of the fact that your user here is a different entity altogether. This user might pay in a model that doesn’t go well with the West or the East.’’
Ultimately, we see that experimentation pushes the edges of this medium. We expect breakout shows that are completely unlike anything that’s out there right now.
Let’s also watch for new audio formats to come from existing TV and movie properties — game shows, soap operas, and reality shows could be coming to podcasting in larger numbers in the year ahead.
