Wednesday, October 27, 2021

An Interesting Way To Make Money: Getting Paid For Listening To Podcasts... What?

The consumption of podcasts has experienced a more than remarkable growth in recent years. The pandemic has given an additional boost to this type of content, and there are already entrepreneurs who specialize in specific topics, such as economics, history... or horror fiction.

In the latter case, the company Vio Security offered up to $1,666 for a group of users to listen to its crime podcasts during last year's Halloween season. In return, listeners had to monitor their heart rate or answer a few questions about the story and their feelings during listening.

The goal of this market research was to find out if the horror and crime podcasts they were producing were serving to generate the desired sense of fear and insecurity, one of the keys to the success of this genre in film or literature. For horror lovers, this was a business opportunity that can be replicated in the future, taking into account the development of this market.

Podcast boom grows in the post-pandemic environment

Thousands of workers have already returned to the office and restrictions continue to be lifted in most countries, marking the beginning of the post-pandemic environment. In this context, podcast consumption continues to grow around the world, with a growing community of creators looking to do business with audio content.

So much so, that 70% of internet users consume audio online on a daily basis, on different platforms, as shown in the 2020 Annual Online Audio Study published by IAB Spain. Against this backdrop, positioning your company in the podcast market can be a very interesting strategy when it comes to creating a base of followers of your brand that will help you identify market opportunities.

To achieve this, Seth Godin, one of the most successful podcasters in the world, tells us some of his secrets: 

Focus on value. Creating valuable content for the audience is the main key to podcast success. "It's not about showcasing your products, this is not a catalog. It's about giving people value and having people relate that value you've perceived to your brand. In the end, it's branding, not so much a marketing + sales formula," explains Godin.

Search for new formats. For the content creator, another of the fundamental points to get the most out of podcasts is the search for new formats. In his case, Godin found in book summaries a niche that did not exist, even in other languages. "I was the first, and he who strikes first, strikes twice," he says.

Be close with your tribe. "Creating the format depends on how you want to connect with your audience. In the end, that's what it all comes down to, connecting with the audience by bringing value to them. If we take any format that exists in another channel, we're going to see that they're very translatable formats to podcasts, because it's a very friendly format. We are literally inside people's heads, so the closeness and immediacy you can get is huge."

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