How to build a profitable podcast.
The Future of Podcasting: 6 Trends Set to Transform Your Listening Experience!
In the world of podcasting, there are always new and upcoming trends to keep an eye on. As a podcaster or one planning to launch a podcast, you must stay up-to-date on these latest podcast industry trends. Leveraging podcast trends ensures your content and marketing strategies are attuned to the times. The result is that you ensure, even expand, your podcast fan base and generate new opportunities.
So, whether you're just starting your podcast or already have one with monthly podcast listeners, here are five podcast trends you should look out for in 2024 that you should be aware of.
According to statistics, 70% of consumers believe that a brand’s ability to satisfy their needs and expectations influences loyalty.
Podcasts are brands in themselves. For that reason, podcast creators have begun looking at data to determine what their listeners want and expect. This way, in turn, they can adjust the podcast user experience.
BiggerPockets is an example of a podcast that uses data to come up with critical podcast user experience decisions. According to statistics, the multifamily demand rent growth rate remained strong in 2022, rising 15.6% annually. So, BiggerPockets launched a podcast on multifamily real estate investment around that same time.
This trend is likely to continue throughout 2024, with these consumer expectations unlikely to change.
So, to market your newest show, you’ll still have to look at relevant data, like the platforms users frequent to listen to podcasts, for instance. Consider when people are listening too, for instance on federal holidays, weekends, or the evening on weekdays. These facts will impact your marketing strategy.
According to Statista, the top platforms and apps for listening to podcasts are Spotify (25%) and Apple Podcasts (20%). To increase your chances of being listened to, then, you’ll use tools such as bCast to upload your podcast there. With the tool’s streamlined process, you can have your podcast uploaded to Spotify or Apple Podcasts in just two to three business days.
You can use other types of data to improve your podcast content and promotional strategies and, ultimately, shape the podcast user experience. For instance, why not check when podcast consumption occurs? Podcast listening peaks from 8:15 am to 8:30 am. So, you’ll want to ensure your podcast episode is uploaded before this time. Also, look at the demographics of your listeners so you can cater to their topic interests. We’ll talk more about this in the next section.
There has been a growing trend among podcast producers to focus on a specific niche, and that trend is likely to continue throughout 2024. That’s not surprising. When you niche down, you cater to a smaller audience with specialized interests. For example, we see more focused podcast shows like ecommerce marketing and SaaS podcasts. Niching down like this typically means less podcasts to compete against.
In 2024, that podcast niche to focus on is likely to still be edutainment. Why?
Podcast audiences are increasingly coming from the young and educated sector. A staggering 61% of podcast fans have completed at least four years of college, and 36% are at least 35 years old. These demographics may be the reason for the whopping 88% of listeners who say they tune in to a podcast to learn. A staggering 87%, meanwhile, say they listen to a podcast for entertainment.
This podcast trend to focus on this specific niche is evident in the number of edutainment podcasts that continue to do well and are expected to do so beyond. In recent years, 99 Invisible, which covers what it says are the invisible forces that shape human behavior, has grown from a modest four-minute spot on broadcast radio with a few listeners to a popular 10-minute to one-hour podcast episode with fans around the world. Code Switch, which touches on topics about race with empathy and humor, remains one of Apple’s most popular podcasts. At one point, it was even named Show of the Year.
Want to take advantage of this podcast trend? Start by thinking of a general topic you’re an expert on. Then list down possible subtopics that can be your episodes. For instance, if you’re a pet lover, your podcast could zero in on domesticated animals. Your subtopics could be how to groom chow chows, how to tame aggressive cats, and how to properly feed hamsters, among others.
You’ll need to craft a script for your episode to ensure you don’t veer away from your topic. If you don’t have the time to write, use generative AI tools. While there are generative AI risks, there are countermeasures you can implement that ultimately ensure your final output is high-quality.
Live streaming is no longer a passing fad. Just look at the podcast statistics. In 2022, the global live streaming market was worth $1.24 billion. That grew to $1.49 billion at a compound annual growth rate of 20.6%. In 2027, the live streaming market is expected to grow even further, to a staggering $3.21 billion.
It’s no surprise, then, that podcasters have begun incorporating this trend into their content.
Podcast streaming consists of shows broadcast in real-time. Live podcasts may be in the form of an interview, monologue, question-and-answer session, newscast, instructional program, among others. The point is, since they run in real time, the audience can engage with the host and guests as well, if there are any.
For example, The Guilty Feminist podcaster Deborah Frances-White runs live podcasts when she is on tour. Her audience can interact with her while on the go. The result? Her podcasts have become a worldwide phenomenon, with over 95 million podcast downloads in the last six years.
With live streaming set to permeate even further into people’s lives, podcasters will continue taking advantage. Live podcasts continue to go strong. For instance, The Creative Pep Talk, which helps listeners through their creative journey, is in the top 0.1% rank of over three million podcasts globally, according to Listen Score.
Besides, a live podcast may provide several benefits over a standard podcast, depending on your objectives. Because they allow for better audience engagement, they can be a better method for building a dedicated following. By actively responding to comments and answering questions, podcasters can foster a sense of community and encourage listeners to become active participants in the show. Additionally, live streaming on social media platforms like Instagram, Facebook, and Twitter can further amplify your podcast's reach and generate social engagement through likes, comments, and retweets, ultimately leading to more Instagram followers.
Just make sure you use excellent equipment. Remember, you’re live streaming. So, a quality microphone and camera that ensure good audio and images are a must.
There is also a growing trend of using short clips to promote podcast episodes on social media. This strategy, popularized by influencers like Gary Vee, can significantly increase your podcast's visibility and attract new listeners. Short clips are one of the best strategies for achieving virality as they are easily consumable and shareable, making them perfect for platforms like Youtube Shorts, TikTok, and Instagram Reels.
Social media algorithms favor content that generates quick engagement. Short clips, typically 15-60 seconds long, are more likely to be watched in full, liked, and shared, thereby boosting their reach. Platforms such as TikTok and Instagram Reels prioritize videos that capture attention within the first few seconds, so creating clips that are immediately engaging with a strong hook is crucial.
Short clips are an excellent way to repurpose content, extending the value of each episode. AI podcast clip tools can significantly simplify this process, allowing you to quickly generate multiple clips for social media with just a few clicks. To maximize engagement, always include a call to action in your clips, such as “Listen to the full episode on [platform].”
Incorporating short clips into your promotion strategy can help you reach a wider audience and make your content more engaging. By highlighting the best parts of your podcast, you can drive more traffic and grow your listener base, while maintaining a consistent social media presence. This keeps your audience engaged between episodes and attracts new listeners through viral clips.
Programmatic advertising is forecast to account for more than 90% of total ad spending in 2023. By 2026, global programmatic ad spend is expected to reach a staggering $725 billion.
The figures show that programmatic ads will continue to be an option for podcasters. With programmatic ads, podcasters can tap into a whole new revenue stream. Best of all, they can do it without sacrificing the quality of their content.
But what is programmatic advertising in the first place?
In traditional podcast advertising, the host reads or plays a pre-recorded ad at a certain point in the podcast. However, programmatic podcast advertising allows for the playing of pre-recorded ads in real-time dynamically.
So, essentially, depending on a bidding procedure, these podcast ads are automated to play on your podcast based on listeners’ behaviors. Ads are managed on your behalf. You just need to provide the desired category and those you want to exclude.
If you’re starting out, you can’t monetize your podcasts this way right away, of course. You need to build and grow your audience first. Do that by building that trust factor with consistent quality content.
In 2024, podcast stats show listeners are expected to reach 504.9 million. That only means podcasts will still be in demand. With this continued fierce competition among podcast hosts on the horizon, businesses are bound to take advantage.
So, expect that intense competition among businesses offering podcasting solutions as well.
bCast, however, already stands out as it offers a wide array of capabilities podcasters require to grow their listener base. With the tool, you can insert audio calls to action to attend your next webinar or download your eBook into every podcast episode with just a few clicks. The tool’s auto opt-in feature is useful as well. It enables your listeners to subscribe to your podcast or even your email newsletter by sending a blank email to a custom email address.
With bCast, you can also seamlessly convert your valuable audio content into written content you can feed to Google. That’s a great way to reach a wider audience. After all, you don’t just cater to people who prefer to listen to content. You also cater to those who prefer reading text.
Want to promote your podcast on your website? bCast can also help you do that. The tool automatically generates a beautifully-designed and SEO-optimized site. The site will include a list of your episodes and will link out to big directories, ensuring people subscribe. All this you can get with just one click on your bCast dashboard.
Competition is fierce among solutions such as Spotify, Apple, and Google Play Music as it is as well. Some of them already offer additional features like show notes and chapter markers. Expect more features as these podcast platforms vie for the attention of more podcasters breaking into the industry.
Podcasting is a great channel. It enables you to share your voice with the world, and can even establish you as an expert in your chosen industry.
But to be a successful podcaster, you need to stay on top of the latest developments in the podcasting industry. You learned five podcast trends you should look out for in 2024. These are data-driven UX content, niche-oriented podcasts, particularly edutainment content, and live streams. Expect more programmatic ads and podcast tools as well.
If you consider these trends in your podcasting plan, your content will surely stand out. Good luck!
