Podcast turns 20 years old in 2023. Where will podcasting be in 5 years?
Is there space for podcast to grow?
Gregory Warner first started his podcast in 2017. He shared that opportunities to connect with your audience now have drastically changed. His use of Substack, an online email newsletter combined with the podcast platform, allows a different level of interaction and engagement with his audience. Ron Beationg mentioned the growth of the podcasting space is now at an influx point. With so many different trends emerging, the podcast business especially boomed during the pandemic. He said, “Everyone was a podcast creator during the pandemic!” Audiences are growing and there is an unmet hunger for new and fresh podcasts. He expresses there is a lot of growth in the space, but the attention span of the audience has decreased and the qualities of content creators have also lowered.
Is there a need for different formatting in order to progress in the podcast industry?
“There is a lot of room for diversity and creativity, and there are a lot of challenges,” Raven Lim shared that this is even more true for smaller and medium podcasts. These smaller podcasts face logistical issues such as discovery and distribution, she said “It’s not enough to just be a podcast – You have to go big.” It is important to manage your time and resources while expanding your podcast to other social media platforms.
What is the future of podcast apps?
Now, two-thirds of podcasts streaming are uploaded through Spotify and Apple Music. Ron Beationg shared that this is dependent on the region the airs in. For Philippines, there is no nuance towards Spotify whereas it might be popular in other countries. Spotify recently left a gap in the market with its pivot in the industry, and this has opened up the potential for different applications to bankroll podcasts.