The Value of Podcasting
The Growth of Podcasting.
What if we were to tell you that there is a digital tactic that is experiencing tremendous growth and that we keep recommending it to our clients? You’d say, what is it? Well, that tactic – Podcasting. In 2023, the number of podcast listeners worldwide grew to 465 million. So, are they still popular? Yes, podcasts are still popular. In fact, their popularity has been steadily increasing year over year. We bet your next question is, are they getting results? The answer is easy, it depends on what your goal is? We know, how dare we answer a question with a question. But, honestly, it all starts with making sure our recommendation matches what your goal is.
Podcast Enthusiasts Rejoice!
Our team at Cordelia Labs are avid Podcast enthusiasts and have strongly recommended them to our Brands. Especially if the target audience is right and the budget is there to test. We have certainly seen great success when the stars align. What is interesting is the fact that it’s a lean back environment. Unlike Search and Social where you are leaning in to read, research and/or discover new brands. Podcasts usually are listened to while the audience is paying attention to them, making Brand recall significantly stronger.
Additionally, there are millions of podcasts available covering a wide range of topics, and many popular podcasts have a large and dedicated following. To be honest, these Podcasts have LOYAL followers.
What Kind of Opportunities Exist in Podcasting?
Many advertisers use podcasts as a platform to engage with their preferred target audience. Podcasts offer a unique opportunity for advertisers to connect with listeners in an intimate and engaged setting.
The advertising opportunities are very similar to digital radio in which you can either sponsor an entire podcast or insert radio-like advertisements within episodes. This form of advertising is often referred to as “podcast advertising” or “podcast sponsorship.” Advertisers can reach a specific niche audience by partnering with podcasts that align with their brand or target demographic.
Many podcasters also offer “live” reads, where the host personally promotes the advertiser’s product or service. Normally we would consider this an implied endorsement, but overall, podcast advertising has become an effective method for brands to reach consumers in unique and different ways.
Targeting Audience is Very Similar to Programmatic Advertising.
Like Programmatic advertising, there are many ways to demographically and behaviorally profile a podcasts audience. At Cordelia Labs, we have used both our Programmatic vendor as well as direct to Podcast methods to buy Podcasts, but in each case, we still need to do the homework to define the target audience and determine which genre of Podcasts would best fit. For one of our brands we would have assumed that health related content would have ranked high for their specific target audience. We were very off base as their audience really veered towards Arts and Education. Like all advertising, doing the work up front can help to narrow down the specific topic, format, and target audience of each podcast and get you in front of the best audience.
However, there are some general trends and characteristics we can initially dig into if you want to test before taking a big plunge:
- Age: Podcast listenership is spread across various age groups, but younger audiences tend to dominate. According to a 2020 study by Edison Research, 48% of monthly podcast listeners in the United States were between the ages of 12 and 34.
- Gender: Podcast listenership is fairly evenly split between genders, with a slight skew towards males. However, the gender distribution can vary significantly depending on the podcast genre and topic.
- Education and Income: Podcast listeners tend to have higher levels of education and income compared to the general population. This is likely due to the fact that podcasts require access to technology and internet connectivity, which can be more prevalent among individuals with higher socioeconomic status.
- Urban vs. Rural: Podcast listenership is more common in urban areas compared to rural areas, primarily due to the availability of high-speed internet and a wider range of podcast content options.
- Interests and Hobbies: The demographic profile of podcast listeners is often shaped by their specific interests and hobbies. Different podcasts cater to various niches, such as comedy, true crime, sports, business, health and wellness, technology, and entertainment. Therefore, the demographics of podcast listeners can vary significantly depending on the topic.
It is important to note that these observations are generalizations and based on our experience. There can be significant variations within each demographic category depending on the specific podcast. Additionally, the podcast industry is rapidly evolving and opportunities may change over time as the medium becomes more mainstream.
What are Your Listening to?
Tell us, we’d love to know what you are listening to too. We love a good podcast and what we love more is our Brands taking advantage of a medium that is popular, has great targeting capabilities and seeing great returns. What sets Cordelia Labs apart is that we love to test and learn. By using the information in front of us, we are able to make informed decisions. At the same time, being a consumer and a strategist helps us to understand the platform and use not only the data but also our real life experience to provide the best recommendations for your brand. Contact us today to find out how we can help.