As podcasting continues to grow, the industry is experiencing tremendous growth in terms of listenership, revenue, and variety. Today there are over 5 million podcasts to choose from, and standing out in this competition is not an easy task anymore! That’s why the question that pops up in the mind of every podcaster is: What exactly can we expect from the podcast industry in 2023?
Niching Down - According to Statista, nearly three out of every four consumers in the US listen to podcasts because they like to learn new things. It’s no wonder then that niching down is a podcast trend. After all, the more podcasts you have, the more chances you have of reaching a wider audience.
Finding the right podcast niche can help you offer something unique and valuable to your listeners. Once you build your audience, your fans will become your allies. Loyal fans can help you grow and become an expert in your niche. With the fierce competition in podcasting, it has become essential to niche down. That may even mean launching a second podcast.
One way to narrow your focus is to think about who your podcast is for. For example, a podcast about freelance writing can be specifically for beginners or experts. A podcast about productivity can be aimed at freelance developers, designers, etc.
Focusing on a specific geographic location is another way to niche down. Running a gardening podcast may seem too generic. However, covering species that grow in your location would make your podcast cater to a specific sub-niche.
More Quality & Creativity - Delivering great content is critical to beating the 2 million other podcasts out there. Being creative and focusing on quality is a recipe for success. But to stand out among an abundance of competitors, you need an engaging podcast that catches the listener's attention from the first minute and keeps it until the end.
Invest in your show’s quality more than ever, bring fresh ideas and creativity to each episode, and show your expertise and excellence as a host! Only the best of the best can survive in the increasing competition of the podcasting world. But what’s the definition of “best” now?
Increase In Advertising - Here is some good news about podcast ads. Unlike Youtube viewers who find ads quite frustrating, almost 90% of podcast listeners have a positive attitude toward podcast ads. Moreover, most of them don't skip them.
And it gets even better! There is more than a 60% chance that listeners will consider purchasing a product when they come across its adwhen they come across its ad on their favorite podcast. Estimates suggest that by 2024, podcast advertising spending will cross the 2.5 billion dollar mark in the U.S.
So, continue looking for new advertising partners and share your product recommendations with your audience. That’s going to be a win-win-win for all involved - you, the advertiser, and the listeners!
A Rise In The Use of Data - Podcasts initially became popular among innovative millennials who preferred this alternative method of consuming information. However, depending on your podcast category, your target listeners might change, so it’s crucial to continuously explore your target audience’s needs and improve the user experience.
Before starting a podcast, do thorough market research to have a holistic image of your target audience and understand the demographics and psychographics of your target audience. Ask yourself the following questions:
Who is my show meant for? What's the age, gender, race, location, and income range of people who will listen to this podcast and benefit from it?
What is the lifestyle of my target listeners?? What are their pain points?
Finding the right answers to these questions will help create a better podcast script and adjust your show’s elements to your target listeners.
Popularity of Live Streaming & Events - Live shows bring an opportunity to connect with your listeners like nothing else. Live streaming allows Q&A sessions, contests, or phone-in debates. So, whatever your podcast niche is, your audience will appreciate a chance to connect with you during a live show. There’s no better way to enhance communication with listeners than with a live podcast.
With over 95 million downloads in six years, The Guilty Feminist podcaster Deborah Frances-White has become a global phenomenon. She goes on tour and offers her fans a chance to join in a live recording of the podcast.
Running a successful show requires keeping up with the latest podcast trends. If you stay on top of these podcast trends, you can build a dedicated audience that will help monetize your podcast.
