The Power of the Podcast: Part 5 “The Future of Podcasting”
Being in charge of recording and producing podcasts over the past 6 months has given me a good understanding of the nature of podcasts and their role in our lives. Podcasts now form a considerable part of our mainstream media consumption. Podcasts are everywhere and act as audio blogs. Every major media channel from the BBC to Spotify now have a wide range of podcasts available.
But where do Podcasts now stand? What direction will the Podcast industry move towards next? I don’t think we are at the stage where they will be downloaded directly into our brains but there will be groundbreaking ideas to enrapture the widest audience possible.
The current model of Podcasting will undoubtedly change over the next decade as large media outlets inevitably invest more and more into this budding channel.
Indeed, major news outlets have some form of Podcast division to deliver hot topics and breaking news items.
As one journalist put it “Podcasts are still mainly formatted like NPR radio shows, with hosts discussing politics, business or society and a particular audience demographic tuning in as a result.”
We could inevitably see the rapid expansion of Podcasting, not limited to a one-on-one discussion format but to storytelling such as crime thrillers or even children’s shows. Breaking down the barrier between the producer and the consumer will need to become ever more enthralling to capture the increasing audience.
In a similar instance, revenue streams for Podcasting will have to come from increasingly unique sources as the appetite for Ads within podcasts remains low and consumers demand high production values and content. The revenue will be coming directly from the podcasters mouth, meaning the trust in what they say is already there.
“We’ll see a major uptick in premium content, premium-only podcasts, premium-only production houses, etc. Someone — or many someones — will become the HBO of podcast production.” says Skye Pillsbury, writer at Inside Podcasting.
If the content is premium, consumers are happy to pay premium. Consumption of podcasts will continue to grow and it will be the job of businesses and marketers worldwide to keep a close eye on the awakening giant.
It is unclear to many how easy it is to start a podcast channel. With some research, you could record, produce and publish a podcast in under an hour – with nothing but a phone or laptop. However, Podcasting is universal – from a single person discussing their thoughts on a latest TV show, to a large tabloid discussing the latest Brexit news, Podcasting will long be a part of our consumer culture.