Spotify's approach of paying big dollars for exclusive podcast content hasn't yielded the desired results, indicating the need to reassess their strategy and adapt to the unique nature of the podcasting space.
Podcasting stands out as a unique format due to its natural conversations, lack of constraints, and deep engagement with listeners, offering significant growth potential.
The success of a podcast lies in organic growth and chemistry rather than high-profile guests, emphasizing the importance of conversation-driven formats and staying true to the essence of the medium.
YouTube plays a crucial role in podcast discoverability, but improvements such as a dedicated podcast tab and background play for free users could enhance the podcasting experience and make it more influential.
Deep dives
The Podcasting Landscape and Spotify's Challenges
Spotify has heavily invested in podcasting, acquiring big names like Joe Rogan and the Ringer. However, their approach of paying big dollars for exclusive content hasn't worked as expected. The microwave approach of quickly generating hits in the podcast space didn't yield the desired results. The organic and long-term nature of podcasting doesn't align well with instant success. Additionally, Spotify's existing business model, focused on music streaming, doesn't generate significant margins. Podcasting offers better margin structures and more opportunities for programmatic advertising. However, Spotify needs to reassess its strategy and adapt to the unique nature of the podcasting space.
The Unique Format of Podcasting and its Appeal
Podcasting stands out as a unique format compared to traditional media. The best podcasts, like Joe Rogan's, thrive on curiosity and natural conversations that can last for hours. The lack of constraints seen in TV and radio interviews allows for a more engaging and authentic experience. Furthermore, podcasts allow for deep engagement with listeners, unlike social media platforms. The growth potential of the podcasting space is significant, and platforms like YouTube play a crucial role in discoverability.
Spotify's Challenge with Exclusive Deals and the Importance of Organic Growth
Spotify's focus on exclusive deals, like the ones with Joe Rogan and the Obamas, didn't generate the expected results. The success of a podcast hinges on organic growth and chemistry, rather than high-profile guests or forced formats. The initial excitement of big-name collaborations doesn't always translate into sustained listenership. Instead, organic, conversation-driven formats and staying true to the essence of the podcasting medium are more likely to resonate with audiences.
The Future of Podcasting and YouTube's Role
The future of podcasting lies in maintaining its unique qualities, such as natural conversations and authenticity. YouTube plays a vital role in podcast discovery, thanks to short clips and its wide user base. However, YouTube could improve the podcast experience, for example, with a dedicated podcast tab and background play for free users. By addressing these areas, YouTube could become even more influential in the podcasting space.
Reflecting on the journey and lessons learned
Over the past 100 episodes, the hosts have learned valuable lessons. Jack's ability to apply principles practically and balance family life has been impressive. Trung's consistency and output have been inspiring. Guests and community members have also played a significant role in making the podcast enjoyable. Going forward, the hosts aim to explore new formats that prioritize focused discussions, engage the audience more interactively, and pursue guests outside the typical sphere. They will also continue to seek out big-name guests and create a catalog of episodes centering around specific topics.
Exploring new formats and audience engagement
The hosts are considering utilizing Twitter Spaces to create more interactive sessions where listeners can join live discussions. They may pre-vet questions to ensure meaningful conversations. This format could provide a unique opportunity to engage with the audience, receive real-time feedback, and explore timely topics. Additionally, the hosts are open to setting up a community Discord and exploring other content formats such as video clips and merchandise to enhance engagement.
Focusing on specific themes and expanding guest roster
To provide more clarity and cater to audience preferences, the hosts aim to focus on specific topics during episodes. This could involve discussing a single question, analyzing recent events, or exploring a niche subject. They also plan to aim higher when it comes to securing guests, reaching out to big names from various fields beyond the typical technology bubble. By featuring well-known comedians and influencers, the podcast can offer diverse perspectives and entertain audiences while discussing business and current affairs.
Every week, Jack Butcher, Bilal Zaidi & Trung Phan discuss what they're finding on the edges of the internet + the latest in business, technology and memes.
