Stepping into the realm of podcasts
In 2023, the podcasting industry grappled with a tumultuous period marked by consolidations, layoffs, and shuttered shows. Major publications like The New York Times and Vanity Fair announced the death of the 'dumb money' era, and the industry was left reeling from a burst in the speculative investment that had flooded the space in 2019. Yet, contrary to predictions, podcasting did not wither – it merely grew up.
Steve Ackerman, EVP and Head of Global Podcasts at Sony Music Entertainment, stated, "This year, podcasting had to face the real challenges of running a business." To navigate this turbulent terrain, podcast networks have had to adapt and evolve, focusing on securing fresh ad spend, forging strategic partnerships, and expanding into video and social media to establish a foothold in the shifting media landscape.
One such network embracing this transformation is Vox Media. In a strategic move to diversify and scale its podcast portfolio, Vox recently inked a tenth podcast deal of the year with YouTube creator Kenny Beecham. This collaboration promises to expand Vox's audio sports programming and further establish it as a multi-channel powerhouse.
With the growing prevalence of video podcasts, publishers must adapt their offerings to cater to this demand. Kenny Beecham's new show, Small Ball, delivers in-depth basketball analysis in a watchable format. It adds to Vox's expanding slate of audio sports programming, which includes recent deals with NFL star Cam Heyward and athletes Sue Bird and Megan Rapinoe.
Notably, Vox's podcast network is now the eighth-largest in the U.S., and Beecham's media company, Enjoy Basketball, encompasses five digital shows and over one million fans. Acquiring established shows not only enriches Vox's podcast portfolio but streamlines video development and audience building, particularly on YouTube where ads and sponsorship extensions present significant opportunities.
The in-person experience has also grown increasingly lucrative in podcasting with live ticket sales skyrocketing since 2015. Vox's events infrastructure offers advertisers expansive touchpoints beyond traditional audio, leveraging popular true-crime series like Criminal for live performances, celebrity-studded events, and cross-promotions.
This evolution of podcasting extends beyond audio entertainment as platforms become increasingly visual. Over 170 million people have streamed video podcasts on Spotify, making YouTube the dominant platform for podcast listening and discovery in the United States. Podcasts are no longer limited to audio formats, blurring traditional boundaries and establishing themselves as active players in shaping cultural discourse.
Prominent examples include juggernauts like Joe Rogan's experience, which consistently tops podcast charts worldwide. In a recent development, former President Trump appeared on Rogan's show during the ongoing 2024 Presidential campaign, attracting 33 million views on YouTube and counting. Similarly, Vice President Kamala Harris appeared on Alex Cooper's Call Her Daddy as part of her campaign trail, tapping into the show's massive Gen Z following.
While these appearances have sparked controversy, the growth of podcasts as platforms reminiscent of traditional radio, driven by the demand for authenticity, truth, and connection, cannot be ignored. In this context, podcasts re-emerge as a cultural force, shaping media consumption and leaving an indelible mark on the future of the industry.
As the podcasting landscape shifts and adapts, successful companies like Vox Media are focusing on building intellectual property (IP) franchises around their shows. As advertisers adapt to the rise of video, perhaps the medium will shift further towards what YouTube's CPO, Johanna Voolich, calls an "eyes-optional experience." This evolving landscape is predicated on democratized content creation, strategic partnerships, and a focus on niche targets for maximum engagement.
Moreover, AI tools are set to disrupt and integrate into podcasting, enabling newcomers to bypass the usual learning curve and create content more efficiently. With a projected $4.02 billion in ad revenue following a steep decline in 2023, podcasting seems poised to capitalize on growing opportunities. Reminiscent of true crime narratives, the industry experienced its own death – only to rise from the ashes, stronger and more resilient than ever before.
References:[1] https://www.vox.com[2] https://www.nytimes.com[3] https://www.vanityfair.com[4] https://www.enjoybasketball.us[5] https://www.smallballpodcast.com
- Steve Ackerman, Head of Global Podcasts at Sony Music Entertainment, noted that in 2023, podcasting had to face the real challenges of running a business.
- To navigate this turbulent terrain, podcast networks like Vox Media have had to adapt and evolve, securing fresh ad spend, forging strategic partnerships, and expanding into video and social media.
- Vox Media recently inked a tenth podcast deal of the year with YouTube creator Kenny Beecham, expanding its audio sports programming and solidifying its position as a multi-channel powerhouse.
- Kenny Beecham's new show, Small Ball, delivers in-depth basketball analysis in a watchable format, catering to the growing demand for video podcasts.
- Acquiring established shows, like those from Enjoy Basketball, enriches Vox's podcast portfolio, streamlines video development, and aids in building audience base, particularly on YouTube.
- As podcasting evolves, it extends beyond audio entertainment, becoming an active player in shaping cultural discourse. Prominent examples include Joe Rogan's and Alex Cooper's shows, which have attracted millions of views and audience engagement.
