The popularity of business podcast has exploded in recent years, with more and more industry players adopting podcast marketing to attract more followers, build a deeper connection with their target audience and create a loyal following.
Is investing in podcast for business a smart move?
Being an entrepreneur requires proper knowledge across multiple platforms to better manage and market your business. Let’s answer “What are podcasts?” and take a look at some of the interesting podcast statistics as of 2023 to see if these impressive stats can be translated into the business landscape.
What Are Podcasts?
Podcasts are the streaming age’s answer to the radio. These are digital audio files made available for listening on the internet or downloading to a mobile device or computer so you can listen to them whenever you like.
In further detail, a podcast is a series of audio episodes focused on a specific topic or theme, such as true crime and financial planning. Podcasting started as mostly a way to build a community of people with similar interests. Today, podcasts are an extremely popular form of entertainment and brand marketing.
Podcasts are available in more than 150 languages, with a whopping 464.7 million listeners globally as of 2023. This number is predicted to reach 504.9 million by 2024 (DemandSage).
What Is Business Podcast and Why Should You Care
Business podcast is the new craze in the business world. Launching a podcast for business is one of the most effective ways to establish brand awareness, spread information, gain a following and accomplish different goals. Sure, you may have a plethora of video content at your disposal, but podcast for business is another digital marketing strategy you shouldn’t be missing.
Here are mind-blowing podcast statistics to help you better understand why you should consider podcasting for business:
• Approximately 62% of U.S. consumers listen to podcasts. (Statista)
• The podcast marketing industry in the U.S. is expected to be worth $4 billion in 2024. (Interactive Advertising Bureau and PricewaterhouseCoopers)
• About 41% of the U.S. population listens to podcasts on a monthly basis, while 28% do so weekly. (Pew Research Center)
• Podcasting is more popular among younger generations, with 63% of Gen Zs consuming podcasts in October 2022. (Statista)
• Podcast advertising revenue is anticipated to hit over $5 billion by 2027. (Statista)
• The average podcast advertising revenue per user is projected to amount to $8.42 in 2023. (Statista)
Don’t neglect podcasting for business. Learn more about how to use podcasts for business and build credibility in your niche.
The Benefits of Podcasting for Business
As a business owner, visibility is crucial to your overall success. Starting a business podcast allows you to construct a well-rounded business identity and expand your brand reach. What was once an amateur platform is now a powerful social media brand management tool to promote your brand offering and communicate your message to your target audience.
In addition, jumping on podcast trends 2023 updates is also a great way to build authority and credibility with potential customers.
Still on the fence about starting a business podcast? Here are some statistics that prove the many benefits of podcasting:
• A whopping 28.3 million listeners joined Spotify in 2021. (eMarketer)
• In 2021 alone, Americans spent an average of 11.2 hours listening to podcasts every week. (Edison Research)
• Podcast advertising commands the highest level of attention, attracting 65% of listeners compared to TV and radio. (The Guardian)
• Starting a business podcast and adding it to your marketing strategy increases trust levels from 45% to 63%. (The Guardian)
• About 69% of listeners say podcast marketing campaigns introduced them to new products or services. (Neal Schaffer)
• Around 38% of listeners report purchasing products mentioned in podcasts. (Neal Schaffer)
• An estimated 50% of listeners say they are more likely to make a purchase after hearing a podcast digital marketing campaign. (eMarketer)
• About 76% of listeners convert into customers after hearing sponsored podcast digital marketing content. (National Public Media)
Evidently, podcasting for business is more than just a fad. Hop on the podcast trends 2023 and discover the future of podcasting for your business.
Podcast Best Practices: How To Use Podcasts for Business
Relegating podcast digital marketing to the corner limits your marketing efforts. Follow these podcast best practices and build better relationships with your target audience:
1. Leverage Listener Demographics and Behavioral Data
Given podcasts’ sizeable consumer base, you need data to strengthen your marketing strategies. Stay on top of podcast trends 2023 and beyond and use podcast analytics to gather valuable insights.
A MIDAS survey found that mobile phones account for 73% of podcast listening hours and Gen Zs are 5% more likely to listen before and during work. Use this information to determine the best day and time to release your business podcast episodes.
2. Launch Strategic and Relevant Podcast Advertising Campaigns
Results of a U.S. Podcast Advertising Revenue Study revealed that 84% of podcast ads are dynamic. This means ads aren’t read by hosts but are inserted into each episode, allowing you to target specific audience segments and time of day, among other factors.
The same study found that 55% of all podcast ads last 16-30 seconds, highlighting the importance of having a direct approach to podcast digital marketing.
3. Showcase Your Thought-Leadership
While podcast advertising is an effective strategy to promote your brand, 22% of listeners say that there are too many podcast ads compared to other platforms (National Public Media).
Avoid stuffing your audience’s ears with podcast marketing campaigns. Instead, focus on releasing episodes that provide value to your listeners. Determine specific topics and do research around them to improve your podcast presentation. You can also invite guests to showcase your expertise and expand your audience base.
4. Explore Vodcasts for Business
Video podcasts, also called vodcasts, have become increasingly popular in recent years. In 2023, Podcast Index listed approximately 50,800 video podcasts (DemandSage).
By offering a unique combination of audio and visual content that caters to your target audience’s interests and information needs, you reach a wider audience and bring more potential customers to your website and social media channels.
The Future of Podcasting
Podcast statistics don’t lie.
As business podcasts continue to rise through the ranks of audio content, you can expect more businesses to leverage podcast digital marketing for their marketing campaigns. The growing number of listeners paves the way for podcasting to become one of the most effective eCommerce marketing tools.
Thinking about starting a business podcast? Thrive’s social media marketing experts are here to help you navigate how to use podcasts for business. Contact us today and let’s talk about your ideas for podcast digital marketing.