Is The Podcast Bubble About To Pop?

More and more of us are discovering the joys of podcasting. We can have entertainment, we can have information, we can have our niche interests nurtured. Over the last few years, audiences have increased, and the variety of offerings has grown. The podcast bubble has been expanding steadily since the boost provided by covid lockdowns. But the question many people are asking is, has that bubble burst, or is it about to burst?

The good news

The podcast market is still growing, with new listeners discovering the medium every day. Over 21 million people in the UK regularly listen to podcasts, representing roughly 40% of adults. The numbers are also good elsewhere in the world.

A major reason for podcasts remaining relevant is their convenience. Unlike live radio or TV, podcasts can be downloaded and listened to at any time, giving listeners the freedom to consume content on their own schedule. This is especially appealing to busy professionals and commuters who want to stay informed and entertained while on the go.

People also really value the diversity of content available through podcasts. From true crime to comedy, politics to pop culture, there is a podcast for every interest and niche. This has allowed podcast creators to build dedicated audiences around specific topics, which has, in turn, driven the growth of the medium as a whole.

And podcasting is growing into new markets and formats. Many podcasts are now available in multiple languages, allowing creators to reach audiences of millions around the world. Additionally, podcasts are increasingly being adapted into other forms of media, such as TV shows and movies, further expanding their reach and impact.

The bad news

If podcasting is a broad church, it’s those occupying the pews at the front and at the back that need to worry. At one extreme we have big-name, highly polished productions, and at the other, episodes being produced on phones. You want to be somewhere in the middle.

The lockdown effect also benefitted video streamers, such as Netflix, Disney Plus and Amazon Prime Video. These and other services had already been in fierce competition for subscribers which then intensified after 2020. At the time, subscribers (not viewing figures) were their currency, and to boost their numbers, a lot of money was spent commissioning fresh content to attract new subscribers.

Many large companies in the business of podcasting publishing (such as Spotify) followed this playbook. But it hasn’t quite worked out as well as they’d hoped, and budgets are being cut or projects are being cancelled. For those at the big-money end of podcasting, it feels like the bubble has burst.

And for those clinging to a shoestring model, don’t expect huge audiences. Perhaps if your content is compelling enough, some listeners will be forgiving, but most podcast fans look for high production values, including clear, crisp audio, professional editing, and engaging storytelling. There are more podcasts available than ever before, offering listeners an overwhelming amount of choice. As such, podcasts now need to have higher-quality content and production values in order to stand out in a crowded market. This has forced podcast creators to up their game, investing in better equipment, software, and editing tools. Basically, you can’t really get way with sounding like an amateur.

How Podcasts are Evolving

Podcasts began as audio only, but increasingly, video is becoming important. If you’re washing dishes, mucking out a stable, or making your way back from the school run, audio is what you want. But a significant number of podcast fans (currently about 13% but growing constantly) prefer to watch as well as listen.

This can be a challenge for many podcasters, but the effort is often rewarded. Not only does video generate more content for more platforms, but it also provides more ways for people to find and engage with the content. YouTube videos rank higher than audio podcasts on search results. And other platforms—like Spotify and Apple Music—have recognised the popularity of video content and added video for podcast functionality.

Video also makes the content more accessible on social media. While it is hard to engage potential listeners on Facebook or Instagram with audio-only content, video can grab attention and hold it for longer.

Creating a Successful Podcast

If you are interested in creating a podcast, there are several key steps you can take to ensure its success.

1. Find your niche

To stand out in a crowded market, it is important to find a niche that you are passionate about and that fills a gap in the market. Around 50% of listeners tune in to podcasts to learn new things and develop their understanding. By focusing on a specific topic or audience, you can build a dedicated following and establish yourself as an expert in your field.

Maybe you think that your industry or interest is too niche. But, if you are interested in it, chances are someone else will be too. For example, you may think that a podcast for Mining Journal might be too dry for listeners. Yet, by working with Outset Studios, a professional podcasting company, they managed to reach over 200,000 listeners in just 10 episodes!

2. Develop high-quality content

One of the most important factors in the success of your podcast is the quality of your content. Whether you are delivering news, commentary, or interviews, your content should be engaging, informative, and, most importantly, entertaining. If people are entertained, they won’t mind what the content is about or whether there are any hiccups in production.

Spend time researching your topic and developing a strong point of view and be willing to experiment and iterate as you go. This often comes down to two things: planning and the host. If you can plan and deliver interesting content that is both entertaining and engaging, people will listen.

3. Understand your audience

To create content that resonates with your audience, you need to understand who they are, what they care about, and how they consume media. Your content could be incredibly niche or very general – if it taps into topics people want to listen to and understand, they will want to tune in.

Market research is an essential step to identifying your target audience – their demographics, interests, locations, and so on. This information then informs your content and marketing strategies to help you create the right content at the right time.

4. Invest in production values

While high-quality content is the most important factor in the success of your podcast, production values can also have a significant impact on your listeners' experience. With so much choice, listeners will naturally opt for whichever content has better production values. It’s just nicer and easier to consume.

This means investing in quality equipment, software, and editing tools to ensure that your podcast sounds professional and polished. One of the biggest mistakes is people making a token investment to see whether the medium works for them, failing to get results, and giving up. Without a good production setup, you are unlikely to achieve the results you are looking for.

5. Market your podcast

The final step is to invest in marketing and promotion to attract new listeners to your podcast. Use social media, advertising, and other digital channels to promote your podcast and build your audience. Search optimisation (SEO) is also a great tool for getting found. Make sure your podcasts contain searchable transcripts and are edited into relevant clips so that you can write short, searchable descriptions.

It is also worth considering partnering with other podcasts in your niche to cross-promote your shows and reach new listeners. Guests can be a great source of fresh content while also helping you tap into their audiences. If you’ve researched your target audience, you’ll know where there are overlaps with other content creators. They don’t even have to be podcasters, they could be YouTubers or social media influencers.

Summary

Despite their maturity, podcasts have most certainly not had their day. With over 21 million regular listeners and a growing market, podcasts remain a relevant and engaging medium for entertainment, education, and storytelling.

However, the medium is evolving in response to changing listener expectations and market dynamics, so it’s important to stay up to date with the latest trends and best practices to create a successful podcast.

Maz Farsani

Maz Farsani is co-founder of Outset Studio which provides full-service podcast and video production studios in London and Manchester. Outset specialises in pod- and vlog- casts, live streams and live shopping. The team works collaboratively with the client to make high quality content that attracts an audience and increases engagement. Recording can be done at their studios in London and Manchester, or on location. Whether a client simply wants studio space or would prefer someone to manage the full production, Outset’s experienced teams have it covered.