LIKE ‘EM OR NOT PODCASTS ARE HERE TO STAY

One of my friends about five years back was breaking ground in the world of Podcasting. 

He said people like to listen to other people or watch online talk about a myriad of subjects.

The Broadcast Journalist in me, trained from caveman times that TV was the only medium, doubted what he said.

Fast forward five years.

Here I am writing for you and my friend just bought a house in Malibu.

The podcast industry is growing fast; the industry generated an estimated $479.1 million in revenue in 2018 and is expected to produce more than $1 billion by 2021, according to a new report from the Interactive Advertising Bureau (IAB) and PwC.

The latest revenue figure represents an increase of 53 percent in just a year.

The shift to podcast ads backs up what industry titans, like Spotify, have been saying for months.

The company plans to spend up to $500 million this year on podcast-related acquisitions. It’s acquired not only content studios — Parcast and Gimlet Media — but also a creation app — Anchor.

Another Spotify-owned entity, Soundtrap, also released a new tool specifically designed to help with podcast creation. The Spotify team has already said it plans to build out its podcast ad business, which could end of conquering a decent portion of the revenue.

Bottom line: If your reporters/anchors or station personnel are not already doing podcasts, check into it quickly. Podcasts are here to stay.

More News from Thursday, June 6, 2019