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There is no denying the fact that podcasting has become a popular medium for content creators and consumers alike.
It has experienced several growth spurts over the last 20 years, the most recent occurring during the pandemic.
More and more people are turning to podcasts for information, entertainment, and inspiration.
As we move into 2023 and beyond, there are several trends that are likely to shape the future of podcasting.
Let’s explore some of these and discuss their potential impact on the podcasting industry.
The graph indicating the number of podcast listeners worldwide just keep on going up.
It has already surpassed the 464 million mark.
It is expected to continue its upward curve, driven by several factors.
The increasing popularity of smartphones, the proliferation of streaming services, and the growing interest in niche content, are combining to produce a “perfect storm” for podcast listener numbers to blow us away.
Podcasting has a low barrier to entry and there is such freedom in that, resulting in podcasting becoming a democratic way of expression.
Diverse voices and perspectives are heard more frequently, while podcasters are at the same time experimenting with different formats and styles.
There is currently a rise in narrative-driven podcasts, investigative journalism podcasts, and even fictional podcasts.
Content is becoming more diverse and niched, because it is a great way to attract new audiences and keep existing listeners engaged.
One trend to look out for is the effect of the integration of podcasts and smart speakers.
Voice-activated assistants like Amazon’s Alexa and Google Assistant make it easy to access and listen to podcasts.
The integration between the two is likely to increase podcast listenership and make podcasts even more accessible to a broader audience.
As podcasting continues to grow, content creators will need to adapt to new listening habits.
Younger audiences seem to prefer shorter episodes and more frequent releases, because they prefer to consume their content in bite-sized chunks.
Video podcasting is also becoming very popular on platforms such as YouTube.
Interactive podcasts are however where the action is.
The podcasts are combined with live events and interactive features that engage listeners in real-time.
Building a podcast audience takes time and effort. In the same way, it has taken a while for podcasting to prove its money-making mettle.
Advertisers are more and more recognizing the potential of podcasting as a marketing tool and are starting to invest heavily in sponsorships and ads.
One of the benefits of podcasting is the fact that there are various ways to monetize it.
New monetization strategies, such as merchandise sales, Patreon-style subscription models, and even cryptocurrency-based revenue streams, are proving to be profitable.
It currently looks as if AI is progressing at great speed, and it is inevitable that it will have an effect on podcasting too.
Algorithms that can deliver personalized recommendations based on listening history, as well as AI-driven tools that make it easier for content creators to produce and distribute their podcasts, will become more widespread.
AI-driven transcription tools are an example of how this technology can be used to ease the podcast production process, providing the basis for show notes and repurposed content.
Automated editing tools is something to watch out for too, as it can speed up the production process.
Podcasting is experiencing a dynamic growth phase as its popularity grows.
There are content creators who are adapting to the latest trends and who will be successful if they can stay ahead of the curve in this rapidly evolving industry.
As we move into 2023 and beyond, it’s clear that podcasting will continue to be an exciting and dynamic medium that offers endless opportunities for content creators and listeners alike.
When you are ready to start your own podcast, join the Baird Media Mentorship program, and let Ethan and Hendrik give you all the help and support to start your own podcast.
You can also read Hendrik’s book, “Become a Podmaster: Everything You Need to Know to Master the Art of Podcasting” to help you understand what you are letting yourself in for.
Baird Media’s “Become A Podmaster” podcast offers valuable insights, tips, and inspiration from experienced podcasters. Whether you’re a hobbyist seeking artistic expression or an entrepreneur looking to amplify your business, this podcast has something for you. Join the adventure and unlock the secrets of podcasting success!
