Can You Hear Us Now?: Is Podcasting A Business Yet?
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Over a decade after its launch, the podcast medium continues to attract more users than advertisers. But with over a dozen shows reaching more than 3.5 million monthly listeners, HowStuffWorks built a profitable portfolio of audio content by learning through doing over a number of years. Chief Content Officer Jason Hoch explains how the company is using the channel as an extension of both its business and its brand. He will demonstrate what an advanced podcast strategy looks like.
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Can You Hear Us Now?: Is Podcasting A Business Yet?
- 1. Can You Hear Us Now? Is Podcasting A Business Yet?
- 2. The Modern Day Podcast Smart Phones Matter Getting Big, While Feeling Small Terrestrial Trouble Here Comes Technology Golden Age of Storytelling
- 3. Growth of Podcasting Smartphone consumption of podcasting has risen as the ‘most used device to listen to podcasts’ from 48% to 71% since 2013 Source: Edison Research and Triton Digital Study, 2016
- 4. Growth of Podcasting 58 million consumers (est) have listened to a podcast in the past month (21% of US audience) 98 million consumers (est) have listened to a podcast (36% of US audience) Source: Edison Research and Triton Digital Study, 2016
- 5. Who are the listeners? US Population Age 12-17 Age 18-34 Age 35-54 Age 55+ Age 18-34 28% Age 55+ 35% Age 35-54 31% Age 12-17 9% Podcast Listeners Age 12-17 Age 18-34 Age 35-54 Age 55+ Age 12-17 11% Age 35-54 34% Age 18-34 38% Age 55+ 17% Source: Edison Research and Triton Digital Study, 2016
- 6. Podcast Market • $207M revenue projected in 2017 (up from low estimate of $35M in ‘16) • 25% YoY audience growth • Gimlet $6M VC-backed, valuation at $30M • Terrestrial radio still massive, but showing signs of problems, especially with Millennials, as a function of music decay via streaming services. • Early days on ‘drive time’ podcasting
- 8. Podcast Growth“I listen to you before I go to bed”
- 9. Podcast Growth“I listen while I’m out on a jog”
- 10. Podcast Growth “I can’t get through my commute without
- 11. “It helps me get through my boring job”
- 13. ...IN AIR
- 14. ...THROUGH VIDEO
- 15. ...IN REAL LIFE
- 16. HowStuffWorks • 12 Shows • Most produced weekly • 40 hours of original programming/month
- 17. Why we are so excited • Huge back catolog of content • 6000 episodes • 3000 hours of content • The new ‘Binge Listener’ • Technology is a game changer • Endless topics to discuss • Social Media and a true FANBASE.
- 18. What we’ve learned • We got it wrong, at first • Evergreen content works for binge listeners • Cross-promotions work • Fans and Social matter • Extensions such as video, live tours, books and social media are a critical part of audience discovery and growth • There are no 3 second podcasts
- 19. 3X GROWTH IN THE LAST 2 YEARS
- 20. DOWNLOADS: JUNE 2016 2.17 MILLION 1.68 MILLION 5.85 MILLION 15.1 MILLION 1.25 MILLION 1.24 MILLION Source: PODTRAC, June 2016
- 22. Not the first moment though…
- 23. What Was Missing? •Smart Phones •Reporting and Standards •Technology •Social Media •Size
- 24. Technology Opportunity • Dynamic ad-serving hits podcasts • Sell impressions, not downloads • Targeting: Geo, DMA, Demographic • Full optimization of back catalog and new inventory • Don’t lose the ‘live read’ experience • ‘Programmatic’ Podcast Ad Networks • AdWave, PodWave • Podcast One, Midroll
- 25. Technology Opportunity • Drive-time Audio • Bluetooth using nearly any device • Built-in dashboards. • “I hate listening to the radio”
- 26. Customer Categories • Brands • Brands in traditional radio or digital, wanting to try the new thing • GE, Mailchimp, Merril Lynch, History Channel, SyFy Network, USA Network • Direct Response • ROI-focused advertisers continue to renew with economics that work • Squarespace, Stamps.com, GreatCourses • Programmatic • Downstream terrestrial and streaming radio advertisers • Hybrid of performance based and traditional radio
- 27. Programmatic Podcast Ads • Unified buying for agencies and brands • Initially flowing downstream from terrestrial and streaming radio • 3rd party ad trafficking • Data and Analytics • Not a ‘House’ campaign, but premium offering • Dynamic ad insertion • Targeting: Geo, DMA • Detailed reporting including engagement metrics • Campaigns can run across all platforms and devices
- 28. Data and Reporting Constraints• Podtrac as first ‘Industry Rankings’ tracker, but issues • Comscore and Nielsen sniffing around this space, but no clear consensus. SDKs are difficult. Server log counting is heavy lifting. • Common language like display, video, social needed to help agencies and brands. • Apple, the big player (65% of all podcasts on iTunes), has limited data • Early days on drive time
- 29. Social Media • Unique, untapped opportunity to expand audience • Social Media to find ‘like audiences’ • Target by interest, iOS vs. Android • Lifetime value of a podcast listener • Podcast listeners consume an average of 5 podcasts • HowStuffWorks consumers nearly 9 podcasts/mo. • Lack of unity and metrics on players and LTV • Testing Needed
- 33. Upfronts: Now for podcasts
- 34. Challenges and Opportunities Create great programming Data and analytics Speak the language of digital, but don’t copy Micro interests
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