Podcasting is becoming big business in Australia with forecasted revenue set to outpace the 30 per cent growth rate predicted globally to reach $47 million in 2020, according to recent figures released by Deloitte.
With over a quarter of all Aussies now regularly listening to podcasts, it’s safe to say it’s one of the country’s fastest-growing media channels.
So what’s fuelling Australia's podcast and podcast advertising boom?
While traditional media is on the decline, the unique format of podcasting continues to gain in popularity. It seems audio-on-demand (much like video-on-demand) is the way of the future.
Don’t just take my word for it.
Big Australian names are moving into podcasting with the likes of Julia Gillard, Osher Günsberg and Meshel Laurie each hosting their own podcasts.
Major media players are also coming to the table with Network 10, Pacific Magazines, SevenWest and News Corp all having dedicated podcast content teams.
And finally the advertisers are coming on board. We now see some of Australia’s biggest advertisers diverting marketing spend into podcasting – from Commonwealth Bank and Lexus to Bupa, McDonalds, American Express and Honda to name a few.
There’s no doubt podcasting is here to stay. Here’s why we think podcasting will continue to drive big business in Australia:
1. Podcasting is the new old
Audio has always been a dominant media player in Australia. So while podcasting is new, our love of great audio content has been around for decades. And it’s this old-time love of audio that’s driving massive podcasting numbers in Australia.
Podcast listenership (also referred to as downloads) has exploded in the last 18 months. We have seen triple digit growth every 12 months over the last three years with more than 5.5 million people now listening to podcasts hosted via Acast every month.
Not only does podcasting give listeners the great audio content they have always craved, but it’s now delivered in an on-demand format – allowing you to listen to your favourite podcast when you want it and where you want it.
2. Podcasting reaches an unreachable audience
From a marketing perspective, we call podcast listeners the “unreachables”. They are far more likely not to consume traditional forms of media – instead opting for services like Netflix and Stan which do not host advertising.
That poses a huge challenge for brands who want to target them.
On the other hand, “Unreachables” love podcasts. It’s an opt-in experience, meaning listeners have actively chosen to download and listen, opposed to just consuming passively.
That kind of engagement is invaluable to brands. We believe this will drive further growth as advertising investment continues to support and grow more premium content.
3. Podcasting is easy
While the ins and outs of either hosting or advertising on a podcast used to be quite complicated, today’s technology has streamlined the whole process.
Services now give podcasters of any size access to market-leading metrics and a hosting experience that eliminates a lot of the creation barriers associated with podcast creation.
For advertisers, services like Acast Marketplace gives advertisers direct and automated access to the world’s best podcasts and the most talented creators across any podcast platform.
These tools are set to fuel further growth, both from a content creation and an ad revenue perspective.
It’s clear podcasting is not just having its media moment but is here to stay. Businesses should consider how podcasting could help elevate their business, either as a creator or advertiser.
By Henrik Isaksson, Acast Regional Managing Director, Australia and New Zealand.
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