YoY Growth of Podcasting & What It Means for B2B Marketers

ABOUT THIS EPISODE

In this episode, Dan Sanchez talks about current news around Spotify's recent acquisitions, podcast ad revenue growth, and the NBA's partnership with iHeart Radio. He then breaks down why it should matter to B2B marketers and where it's all going.

Mhm Welcome back to BBB Growth. I'm danSanchez, Friends call me dan says. And as the director of Audience Growth,that Sweet fish Media and a co host of this podcast, I wanted to give you guysan update of what's going on in the world of podcasting and then talk abouthow and why it matters to B two B marketers. Now, you gotta remember, I'mthe director of audience growth for a podcast agency, Sweet Fish Media, thecompany behind me to be growth. And so I'm constantly paying attention towhat's going on in the world of podcasting make sense, right? It's kindof my world. I I read all the news and try to digest it and make sense of itfor for what I do here at Sweet Fish Media, if not just for ourselves in theshow, but for all of our customers. But I know a number of listeners out therehave a podcast who are thinking about starting a podcast. So if that's you,this is a great episode is to stay tuned into. So here's some of theheadlines have caught me even just this...

...morning, but in recent days, um, oneSpotify podcasting, listening is up 30% year over year as and it's beenincreasing substantially and steadily year over year. One thing that I'malways paying attention to as a marketer is what comes in fast and whatcomes in slow, if you guys remember, not long ago, clubhouse came in superfast. At first, it was like one week we were like, what the heck is clubhouseto? How do I get an invite to? I'm on clubhouse all the time. And then what?And then it died right? So like sometimes fast in means fast out.What's more interesting is to see slow and steady growth, even large, steadygrowth that we're having to see in podcasting. Um, but it's not coming inthe matter of weeks, it's not coming in a matter of months, it's coming in thematter of years. Um And that matters because I mean I obviously want to seeand have a vested interest in seeing this industry grow, but I don't want tosee it grow too fast because Easy in...

...easy out In other news, Spotify. Umwith that Spotify ad revenue jumped 627% in the last quarter, which is justridiculous, like one from one quarter to another, it's jumped that much. Imean if you have been listening to some of these shows and I've been followingme on linkedin, you know, I've been talking about how Spotify has beenbuying up everything when it comes to podcasting. They've been buying up tech,they've been buying up ad platforms have been buying up uh show networks aswell as individual shows like joe Rogan's and Call Me Daddy just recentlythis week. Um, they are buying up all kinds of inventory, right? They'rebuying up all the small players, the medium sized players and the massiveplayers when it comes to podcasting and all the tech to go with it, to try tobuild their own ecosystem naturally. This is a big deal for them becauseaudio ad revenue makes up most of their a huge chunk, at least of their revenue,Right? And the other one comes from...

...paid subscriptions. So being able toboost up the ad revenue on all these podcasts, all the podcast listening ismassive for them, which is why they're starting to take over the podcastingspace away from Apple where podcasting just makes up a tiny fraction of theiroverall ecosystem. Spotify is going after a hard and they're reaping therewards now. They're starting to harvest all that effort, all theinvestment they put into it. They're starting to earn back. I'm sure theywill take them a long time to earn back all the acquisitions they've made. ButThey're betting big on that. Turning back over the next 10-20 years. Uh NBAjust to start it, decided to partner with I Heart Radio in order to launch aseries of podcasts around basketball. So they're going to bring theirarchives of audio clips and I Heart Radio and then we're gonna work on abunch of podcast together. Which is just exciting that major brands aregetting into this game. Um but when it comes to the N. B. A. Instead oflaunching their own, they probably using I Heart Radio is like adistribution channel in order to get it...

...out in front of people. Since I, HeartRadio is the largest podcast network at least in the U. S. So what does this mean for B. Two B.Marketers? All this energy around podcasting. Well as you know marketerswe have to pay attention to where the attention is right which is why B. TwoB. Marketers generally got behind the times when they weren't payingattention to social right? That started slowly happening. Remember even in mycareer 10 years ago I remember the first time I had the role title ofsocial media manager and people were like wait what you get paid to play ontwitter all day, this is like 11 years ago and I was like uh well I'm notplaying but yes I am on twitter all day and facebook right? There comes a timewhen like attention starts to change and our audiences attention is changingand so we have to pay attention to what they're paying attention to becausethat's where we want to show up as brands is showing up in front of them.Hopefully in a way that's uh not just...

...interrupting them with our message, butin a way that's interesting and compelling that captivates and pollstheir attention into something that's worthwhile for them and we need to payattention to that because that's podcasting is increasingly where moreand more of our audiences attention is going and I don't just say that to pushfor sweet fish media and our podcasting services, I'm telling you this. So youcan, I mean you don't have to go as sweet as you can start your own podcast.Like it doesn't cost very much money to throw up a podcast on anchor or sounder,which is my preferred podcasting host. Um they're, they're freemium plans.Like you can get started and record a podcast, just grab an $80 microphone.That's really all it takes to make it sound decent and start recording on. Idon't know, I use a $5 Mac app that I'm recording with this with right now andI just go in quickly edit it myself. I do throw it to my team but it would begood enough to publish by itself even without an intro and outro just to kindof give updates like the one I'm giving right now. It really isn't that hard.You can do it now. Of course, some...

...people like more help and that's wheresweet fish comes in, but there's so many different ways to win when itcomes to podcasting and since more and more attention is going there, it'sworth looking into. Is your audience there? Are they listening? Um, have youasked them recently what kind of media they're consuming, Worth it worthasking? The other big take away I have from this is a big one, and I'm goingto be talking about this a lot in the future. Like this might be a big, a bigpart of big segment of BdB growth. Is that the future of media is owned? Thisis my own personal prediction. Um, but as you're seeing where the investmentof all these massive tech companies are going, you can see more and more ofthem investing in owning their own media. You remember where they werebefore, right? Like amazon was the biggest buyer of Adwords was one of thebiggest buyers of facebook ads, right? Because paid media was a massive game.But I'm slowly starting to see even the...

...big guys shift a lot of their attentionand their ad doll or their their budgets over to owning their own media.Right? I mean, it's obvious was Spotify they're buying out shows right and left.But look at amazon, they're buying out whole movies networks. I mean they'relooking at purchasing MGM right, buying the rights, The Lord of the Rings,buying out shows and buying whole newspapers like The Wall Street Journal.Right? So amazon's making massive investments. Apple is trying to buildout its own shows to compete with netflix. A lot of these big companiesare investing in owned media. Youtube makes just as much money now as netflix and that's kind of a user generatedcontent play. But they have an ad or an ad and like a uh pay system toincentivize creators to get over there to make content right. FacebookSnapchat are now getting that game to where they're trying to incentivizecreators to come make content on their platforms. Because having the contentand the attention with it is what's...

...starting to control the game. It's nolonger just being able to buy your way into it. It's about luring people inwith great content so that you can have their attention or own their attentionat least for the time that you're there, subscribed or watching. Or you canincentivize them to come back all those things introducing go to market excellence,the podcast that bisects the innovative tools and data driven strategies thatgive forward thinking leaders and edge in today's market. On this show, you'llhear interviews with revenue leader from dan pork head of marketing? Sscale matters whether you're looking for best practices for building datamodels, choosing your go to market tech stack or simply want to learn how otherleaders find success. You've come to the right place. Don't believe me, hearit for yourself. You can kind of look at it as functional in terms of whatdoes this, what is the C. R. O.

Ultimately supposed to be responsiblefor? Obviously revenue? The word is in there, but it can take different shapesand informs for more subscribe to the show wherever you listen to podcasts,let's get back into the show. Another big trend that I'm seeing that ispushing more and more people to pursue a more aggressive owned media strategyis just the decrease in the effectiveness of paid media, right? Ifeel like I've made my career on the back of paid media first with googleads. I killed it on google ads and then with facebook ads, once they starteddropping ads in the news feed, man, I was like one of the first ones in therelistening to Ryan Deiss talk about how to configure things and optimizing andtrying out different audiences and all the different ways. You can do videoads and retargeting and lead forms and all this kind of stuff, I made mycareer off of it. But In doing so over the last 10 years I've certainlynoticed it becoming less effective. I know others have noticed it too. Sowith like with advertising especially...

...strong paid social and search adsbecoming more and more expensive, people are looking at how to diversifya little bit more for an increasing because it's becoming more and moreexpensive and where I'm looking at it knowing it's going to become moreexpensive five years from now. So to offset the risk of that, like sweetfish of course is big on owned media, but even in past companies and othercompanies that I kind of consult and work with customers, we're looking atowned media to offset that owned media is the way you can keep in touch withyour customers, build something they want to consume. And I have a lot ofideas on how to make do owned media differently and better than before.There's a lot of ideas out there because it's a big topic. I just wantedto tease it today because of podcasting, podcasting is probably one of myfavorite ways of building an owned media channel. Now, it's not quite aspure as maybe a email or an sms or...

...maybe even a direct mail, right? Whereyou have their contact information and its platform agnostic, right? You can,you can, you can change your tech, you can change your crm, but theinformation generally stays the same. You can keep sending that same email,whether you're on mail, chimp or marcato, right? Um versus withpodcasting, if they unsubscribe from Apple, it's kind of like, well you youlose track of them, you don't actually get to own the relationship, but it'sstill a one, you still have them bought into subscribing to your content andit's not controlled by the algorithm, like it is, if I post on linkedin,there might be a connection of mine, but the algorithm might say theseconnections don't get to see your post in podcasting, they still get access toevery single one. So there's differences between different types ofowned media, but podcasting is pretty close to what I call the pure ownedmedia, which is your typical email, text, message, and phone number,address, all that kind of stuff. And because the attention is going thereincreasingly, it is just a fun placed...

...to be. Even now some of you arelistening to this, it makes a lot of sense right? Because podcasts are easyand fun to consume. You can listen to it at different speeds. I no, I listento all mine at two X. You can consume it passively while you're commuting,jogging, doing laundry, whatever and you can binge lots of things all atonce and you put it in a queue, it's kind of like how are subscribing to rssused to be before google killed it, right? You can have everythingcollected that you want to see without you having to go and actively checkedthe website again to see if they've updated it. It just kind of shows up inyour preferred player or a place where you subscribe to podcast with the mostrecent episodes. It's a great, great medium and that's why, or a few of thereasons why people are consuming more and more of it. So if you are lookingat it now is a great time to look at podcasting. I'm predicting that it'sgoing to continue to grow over the next 10 years, even just based on themassive acquisitions, these major companies, they don't make massiveacquisitions, so they think they can earn all their money back in one year.They're looking at a ten-year payback...

...period. They're looking at seeing wherethese things can put them in the long term. So we're hoping to ride that wavewith them. The question is, will you get to ride the wave with them? Willyou be early enough on podcasting? Do? Uh so is seed. So when it becomesincreasingly competitive, you're already 50 100 200 episodes in and havefound your voice have tested and tried different things to know exactly whatyour audience wants to listen to. Are you going to start plant that seed now?Are you going to wait until it's fairly competitive to get started? Like it ison Youtube and I actually think now still a good time to get started inYoutube. Um at least for me to see, still still would be really early forme to be, but that's a different topic for another episode. Thanks forlistening to be to be growth. If you liked this episode and you like hearingupdates on BBB podcasting, let me know. Find me at linkedin dot com slash i Nslash digital marketing dan. And I love...

...to connect and hear from all listeners.So connect with me on linkedin is the decision maker for your productor service at BBB marketer. Are you looking to reach those buyers throughthe medium of podcasting? Considered becoming a co host of GDP growth? Thisshow is consistently ranked as a top 100 podcast in the marketing categoryof apple podcasts, and the show gets more than 130,000 downloads each month.We've already done the work of building the audience so you can focus ondelivering incredible content to our listeners if you're interested, emailLogan at Sweet Fish Media dot com.

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