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Can Podcasts Turn A Profit? by 2rutalkconcept: 4:25pm On Aug 21, 2016 |
For most of its short history, podcasting has
been a largely amateur business, with few
signs that it might become a mass medium
that would prove attractive either to
advertisers or subscribers. Then Serial
changed all that.
The true-life crime series about a murder
and a possible miscarriage of justice
attracted hundreds of millions of downloads
- and transformed the way advertisers saw
podcasting.
This year, in the UK, a podcast called Untold:
The Daniel Morgan Murder has been another
unexpected hit, telling the story of the
unsolved 1987 killing of a private detective,
and allegations of corruption among police
officers and newspapers. This 10-part series
took six months to put together and only
got off the ground due to a crowdfunding
effort which raised nearly £10,000.
But as it became clear that it was going to
be a hit, its creator Peter Jukes was
approached by a firm called Acast, which
has a bold mission to revolutionise the
economics of podcasting. Founded in
Sweden three years ago, Acast has rapidly
become a leading global platform for
podcasts, used by the likes of Buzzfeed and
the Financial Times.
It quickly found a sponsor for Untold, but
that, according to Acast's founder, is the
bare minimum any successful podcast
should target when it is looking to monetise
its product. In an interview for today's Tech
Tent, Mans Ulvestam told me the reason he
and his colleagues set up the business was
that they thought podcast economics were
broken - "it's been an amateur landscape".
Yet they saw great potential in a medium
which was far more immersive than many
others: "Radio and TV are often on in the
background, podcast listeners only listen to
things they like when they have time to
listen."
Tailored ads
What they thought was needed was a far
more sophisticated form of advertising than
"this podcast is brought to you by Wiggins
Widgets", with ads that could be tailored to
the individual. Mans said advertisers want to
be able to tailor their campaigns according
to who is listening, what their interests are
and at what time they are listening.
So Acast has introduced what it calls
dynamic advertising, which means different
listeners may get different adverts, and
those adverts may change over time. For the
Untold podcast, it means early episodes,
which did not earn anything for the
producers, may now have advertising
inserted.
But as well as offering podcast producers
better ways of attracting advertisers, Acast
has a more ambitious plan for them -
getting listeners to actually pay for their
product. The subscription model involves
getting people who are loyal listeners to
particular podcasts to pay more for
additional content.
"What we've found," explains Mans
Ulvestam, "is many listeners are very happy
to pay for the podcast they follow and like if
they supply you with an extra episode, or
other deeper content or, for instance, being
able to binge-listen to all the episodes at
once if you pay."
One example he cites is popular UK podcast
The Football Ramble. Its listeners get weekly
episodes for free but, once a month, they
are invited to pay for a special programme,
such as a documentary on Leicester City's
season. It seems many have been prepared
to pay up.
This is not a route the makers of the Untold
podcasts have taken so far, but then Peter
Jukes asserted their motive was not
commercial. "We wanted to get a story out
that nobody in the mainstream media was
taking on," he said.
He is convinced that podcasting is now a
better way than newspapers to reach
younger audiences: "I asked a lecture hall
full of students how many read a daily paper
- three said yes. But when I asked them how
many listened to podcasts, about 70%
raised their hands."
The success of podcasts like Serial and
Untold is helping to bring a new audience to
this medium. But it is innovation in
attracting revenue from the listeners that
will support the revival of podcasting with
firmer foundations. |
Re: Can Podcasts Turn A Profit? by Lexusgs430: 5:14pm On Aug 21, 2016 |
Only if it has content, acceptance and sponsors |
(1) (Reply)
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