The State of Podcasting: Is It Really Broken?
Written on
Understanding the Podcasting Landscape
The question of whether podcasting is "broken" has gained traction lately, especially following Lucas Shaw's article in Bloomberg claiming that the medium hasn't produced a hit in years. But is this assertion valid?
Over-saturation and Discoverability Challenges
This discussion stems from Shaw's article, which highlights industry concerns, particularly from Spotify, regarding the lackluster performance of new shows. The core of the issue is simple: the growth of new podcasts is outpacing the growth of listeners, leading to fewer audience members per show. As a result, the competition for listener attention is fiercer than ever.
Readers familiar with my thoughts on this topic will recognize that I largely concur with Shaw's viewpoint. Podcasting faces significant challenges with discoverability and market saturation. Audiences are increasingly gravitating toward established brand properties, resulting in a stifled exploration of new content. This trend, however, has been apparent since the early days of podcasting. While audience numbers have consistently increased, the production of new podcasts has skyrocketed, creating an ongoing challenge.
Interpreting Podcast Data
One aspect of Shaw's analysis that raises concerns is his claim that none of the ten most popular podcasts in the U.S. have launched in the past few years. He notes that these podcasts average over seven years old, with several even surpassing a decade. However, I believe averaging data can be misleading. A deeper analysis of each show reveals a more nuanced picture.
For example, "The Joe Rogan Experience," one of the most popular, began in 2009, while shows like "The Daily" and "Crime Junkie" started in 2017. This illustrates a diverse range of launch years, suggesting that the podcast landscape is more dynamic than Shaw implies. Notably, the top ten includes several newer shows that have made a significant impact, challenging the notion that the podcasting space is stagnant.
The Implications of Market Strategy
Shaw’s article also emphasizes Spotify's struggles, particularly under the leadership of Dawn Ostroff. With substantial investments in podcasting, Spotify's quest for a hit is understandable. However, the platform's current strategy appears unfocused, relying heavily on acquiring established properties rather than cultivating original content. This lack of a coherent editorial identity makes it difficult for Spotify to establish a strong brand presence in the podcasting market.
In contrast, the New York Times has successfully created a recognizable podcasting identity with "The Daily," offering a consistent brand experience that meets listeners' needs. This approach stands in stark contrast to Spotify's fragmented strategy, highlighting the importance of a clear vision in building a successful podcasting portfolio.
The Role of Talent in Podcasting
The current state of the industry seems to favor celebrity-driven projects, with publishers prioritizing established names over emerging talent. This trend creates a cycle where advertisers expect recognizable figures, thereby discouraging investment in potentially groundbreaking new voices. The result is a stifling environment for aspiring podcasters, who may find it challenging to break through without a pre-existing platform.
Reflecting on Shaw's article, it's clear that many podcasters feel the odds are stacked against them. However, podcasting is not broken; it continues to generate successful shows and innovative ideas. Yet, the industry's focus on established figures may be overshadowing the potential of fresh talent.
Conclusion: Rethinking Podcasting Strategy
To thrive in this environment, podcasting stakeholders must consider investing in undiscovered talent. For a fraction of what they spend on established figures, platforms could cultivate multiple emerging podcasters, fostering an ecosystem ripe for innovation. The potential for growth lies in embracing the diverse range of voices that the podcasting medium can offer.
If you found this discussion insightful, feel free to connect with me on Twitter or drop me an email at [email protected]. Additionally, consider subscribing to my newsletter for more insights on the podcasting landscape.