Ronald Young, Jr. is an audio producer and host of 'Wait For It,' while Mia Lobel has been a head of content at Pushkin Industries and writes 'Freelance Cafe.' Lauren Passell, founder of Tink Media, focuses on podcast marketing. They dive into the podcasting industry's current state, discussing challenges like audience building and financial sustainability. Insights on monetization strategies and the impact of accolades on growth are also shared. The conversation advocates for cooperation among podcasters, emphasizing the need for nuanced critiques and support.
The podcasting industry has experienced tremendous growth since 2014, but recent economic shifts have led to layoffs and uncertainty in sustainability.
Monetization challenges persist, with many creators struggling to secure sponsorships under the CPM model, prompting a need for alternative revenue strategies.
Building a substantial audience is increasingly difficult for newcomers in podcasting, necessitating collaboration among independent creators to foster community and engagement.
Deep dives
The Evolution of Podcasting
Podcasting has experienced significant growth since around 2014, driven by an influx of listeners discovering the medium, creators producing content, and advertisers seeking to connect with audiences. This explosive growth culminated during the pandemic, leading to the establishment of numerous podcast companies and an explosion in job creation. However, in recent years, the ad market has slowed and companies have begun pulling back on their investments, leading to layoffs and financial contractions throughout the industry. This shift has raised concerns about the future sustainability of podcasting as a viable medium.
Challenges in Monetization
Monetization in podcasting largely hinges on advertising, yet many creators find it challenging to secure sponsorships that would enable them to make a living. The discussion highlights a common struggle where even award-winning shows like Ronald's sold very few ads, which significantly impacted potential earnings. Furthermore, the industry reliance on a cost-per-thousand (CPM) model has been deemed inadequate for most, as many emerging podcasters do not have the audience size required to draw significant ad revenue. Creators are encouraged to explore alternative revenue methods such as audience-supported models, grants, and creative partnerships.
The Idea of Audience Growth
Building a substantial audience in podcasting has been characterized as increasingly difficult, especially for newcomers without any prior following. The conversation reveals varied perspectives on this challenge, with some participants rating it as high as eight or nine on a scale of difficulty for sustaining a living from podcasting. The need for approximately 200,000 listeners per episode to ensure basic sustainability was cited as unrealistic for most shows, illustrating the gap between audience size and potential profitability. This high threshold raises questions about the viability of traditional pathways into the podcasting landscape.
The Role of Collaboration and Community
Collaboration among independent creators remains an essential tactic for audience growth; however, the podcasting landscape has experienced a shift away from mutual support as larger networks gain prominence. Many independent podcasters rely on promo swaps and recommendations to drive listener engagement, but there’s concern that corporate entities are less likely to embrace this collaborative spirit. The need for cross-pollination among audiences of varying podcast styles was expressed as vital, suggesting that promotional efforts remain stuck in traditional models that prioritize individual shows over collective growth. Overall, fostering a supportive environment among creators could lead to improved discovery and engagement.
The Future of Podcasting as an Industry
Questions surrounding the framework of podcasting as a legitimate industry arise, particularly concerning its sustainability moving forward. While the medium is rooted in established audio traditions, recent challenges such as layoffs and economic contraction pose significant threats. The future viability of making a living solely through podcasting appears uncertain, as many creators find it necessary to diversify their skill sets and revenue streams beyond traditional podcast production. However, optimism for audio as a creative medium persists, with the possibility of evolution and adaptation fueling the belief that independent creators will continue to thrive and innovate despite these challenges.
Senior producer Hans Buetow leads a conversation with three makers and thinkers in the podcast space — Mia Lobel (Freelance Cafe, fmr. Pushkin Industries), Lauren Passell (Tink Media) and Ronald Young, Jr. (Weight For It). We perform a health check on the podcast industry, to see who it’s working for, and who not.
Never Post’s producers are Audrey Evans, Georgia Hampton and The Mysterious Dr. Firstname Lastname. Our senior producer is Hans Buetow. Our executive producer is Jason Oberholtzer. The show’s host is Mike Rugnetta.
Never Post is a production of Charts & Leisure
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