Podcasting has been around now for over a decade but what is the current state and future of this exciting industry that delivers online audio?
Many celebrities, including President Obama, have participated in podcasts. Here is a brief analysis of factors that can help you decide how to approach the business of podcast transcription.
Growth of Audio Choices
About 17 percent of the public listens to a podcast each month. This has led the global audio market to grow to a whopping $65 billion. Google searches for podcasts have been growing at an annual rate of over 30 percent.
Some of the various types of podcasting are extensions of traditional media such as terrestrial radio and recorded music. On-demand streaming services have also become an important factor behind the growth of podcasts. Furthermore, apps such as Clammr make it possible to tap into over 2,500 independent online audio programs.
Improvements in podcast tools have contributed to better recording, hosting and distribution of online audio shows. A 2015 survey by Clammr found that 80 percent of respondents were happy about the evolution of enabling tools for delivering podcasts. Analytics and audience tracking tools have played a significant role in helping podcasters refine their craft, but podcasters still need to expand their audiences and revenue streams to stay in business.
Next Steps for Podcasting
In order to sustain the podcasting growth, hosts need to promote themselves better. Currently, an overwhelming majority of podcasters promote their shows mainly through social media or word of mouth.
The most successful podcasts tend to be promoted by bigger traditional media. The radio show This American Life, for example, helped bring widespread attention to new podcasts such as Serial and Gimlet Media in 2015. Cross-promotion is another effective way to build awareness of online shows. Popular information sites such as Huffington Post and apps such as AudioSear.ch and SpokenLayer have also been podcast catalysts.
The future of podcast-based transcription services will depend on how well podcasters monetize their shows. Once in-car internet radio devices become ubiquitous and merge with social media, marketers need to explore crowdfunding platforms and solutions similar to Google AdSense.
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