In today’s world, when productivity and multitasking are the most quintessential to everyday life, people look for content that can be consumed on-the-go and requires lesser attention span. That is where the boom of podcasting has risen in media consumption. Publications such as TIME, Vogue, B.B.C., The Economist, etc are also looking at expanding on setting up their dedicated podcasting channels to tap onto newer audience segments and increase current readership.
So what is this much talked ‘PODCAST’ all about? Is it “Cyrus Says” or PM Modi’s “Mann Ki Baat” or just audio version of books/ articles that we read every day?
Apple first coined the word “Podcast” in 2014 with the launch of its Podcast app to stream on-demand audio content from different creators from different countries and on different subjects such as business, entertainment, infotainment, interviews, etc. Now with Spotify and JioSaavn expanding the horizon, podcasts have become one of the most widely preferred content formats for millennials today.
Why Podcasting is the next big form of content marketing?
- Demand for On-the-go content – Like OTT platforms (Netflix, Amazon Prime), today’s millennials demand digital content that can be consumed as per preference and not as per what is being aired. Reading a book requires dedicated attention and mind space, whereas podcast can not only be listened to while doing household chores, exercising, commuting, etc but also can help bring emotions alive.
- Less Smartphones in India – Only 40% of over a billion phones market in India are smartphones. It becomes a great obstacle for a brand to penetrate such audience who have 2 inches screen via Youtube or OTT platforms etc. This is also evident from 600 million listeners and revenue of 50Mn INR +, till date for Mann Ki Baat which runs as a successful podcast. A podcast is also a preferred medium of content marketing in India where Internet connection speeds are not that great. Even on treks where the signal doesn’t allow 720p HD video resolution to play, the standard audio quality of 160 Kbps audio streaming just requires 0.16Mbps speed.
- Lost cost of production – This makes it easier to also create content in vernacular language. According to The Economic Times – “70% Indians find local language digital content more reliable. Furthermore, 88% Indian language internet users are more likely to respond to a digital advertisement in their local language as compared to English, and 90% of all video consumption happens in local languages.”
- No Content constraints – Unlike FM Radio, podcasts can also talk about contents on controversial and unpopular topics like society taboos, political opinions, etc. Since 75% podcasters are Gen Z and Gen Y in the age group of 18 – 35 years, this presents a good opportune space for brands to target their TG.
- Human Touch – There is no doubt that the art of storytelling is amplified by voice as emotions can be brought to life, for example – narrating struggles, light-hearted conversations, or sharing experiences.
Podcasting is the booming space for Indian brands and content creators. Once this becomes a habit, revenue streams in the form of advertisements, subscription, licensing content to other sites, and content creation as a service will amplify by leaps.