The podcast culture is flourishing and there is an emerging need for podcast entrepreneurs. If figures are to be provided, one research reveals that over 67 million Americans listen to podcasts every month. Some of the many benefits of listening to a podcast include gaining knowledge on-the-go and familiarizing yourself with interesting content, while multi-tasking. A surge in the demand of podcasts across the globe is giving rise to many budding podcast artists who are taking up more niche subjects as their forte. Believed to be the future of storytelling, podcasts are here to stay, which is why businesses are now turning to podcasts to reach out to existing and potential clients. It is one of the most powerful marketing tools in the market.
People who have an interesting story to tell and powerful storytelling ability are now are leaving behind their 9 to 5 jobs to become a podcaster entrepreneur.
According to a survey, it is believed that 112 million Americans have listened to at least one podcast, which is a growth of 11% in a year. This shows that its popularity is growing exponentially. With its increasing demand, it is safe to say that future of podcasting is bright. One of the major reasons why people are turning to podcasts is the convenience that it offers. Listeners can enjoy a podcast while doing other tasks or even while traveling.
It is important for podcast entrepreneurs to fully understand the need of the target audience. They need to create content which is not only interesting, but also fills in the gap in the market. In fact, if the content is powerful and appealing, podcasters can get funding. Last year, Wondery, a new podcast network, launched with a funding of over $1 million.
How much money does one podcast make?
The statistics show that a successful podcast earns around $50,000 per episode.
How much does it cost to make a podcast?
The production cost of a podcast is low compared to a video. A high-quality microphone is all you need to make a podcast. If the sources were to be believed, the average CPM (the cost to an advertiser per thousand impressions, a standard ad-industry unit) for a successful podcast ranges between $20 and $45. The cost compared to the returns show that there is a lucrative potential for entrepreneurs in this sector.
Businesses are collaborating with entrepreneurs who can create profitable podcasts to generate traffic, create awareness, and build better relations with the audience. A research revealed that amongst 3,00,000 podcast listeners, 63% of listeners had bought what the host had promoted.
Podcasts hold the promise of delivering informative content in the most captivating manner. However, the field has not yet reached its full potential. This shows that there lies a great opportunity for all the aspiring podcast entrepreneurs.