These days, no one goes anywhere without a podcast or two downloaded to their phone or tablet. For obvious reasons, anything the public can’t live without is a good money-making prospect for entrepreneurs and businesses. However, that is an easier statement to make than to follow. How exactly does people’s love of audio content translate into a good strategy for you? YouTube could have given us an answer to that question.
In a recent decision, the popular streaming platform will start offering grants to podcasters to convert their podcasts into video content. Individual shows could receive $50,000, while podcast networks could receive up to $200,000 or even $300,000.
These are big numbers, and people are wondering: what’s the deal?
Is YouTube incubating podcasters as video creators?
YouTube’s approach appears to be one of incubation, helping smaller companies get off the ground. The media giant doesn’t meet the traditional definition of a business incubator, but it’s providing more or less the same thing: resources to turn small businesses into larger ones. However, it is more than that; is intended to help podcasters and networks transition their content into entirely new ways.
The appeal that podcasts can have for the visual medium is obvious. Whether it’s an act of narration cast, a solo show, or a talk show, many would work well on screen. By offering this “grant” money, YouTube hopes to encourage podcasters to make filmed versions of popular episodes or else create related content that doesn’t strictly follow previously released installments.
We’re not rocket scientists, but we can still see how exciting this can be for a podcaster. The next question is about what YouTube stands to gain from the deal.
Why is YouTube doing this?
If you, like most people, are wondering, “That’s a LOT of money. What’s in it for them (YouTube)?” The answer is quite simple: the market share of podcasts is staggering.
“The global podcasting market size was valued at USD 11.46 billion in 2020,” says Grand View Research, “and is expected to expand at a compound annual growth rate (CAGR) of 31.1% from 2021 to 2028”.
Statista adds that the number of podcast listeners is growing all the time, with “an estimated 120 million podcast listeners in the country in 2021.”
In addition, “forecasts suggest that the number of podcast listeners will exceed 160 million in 2023 after increases of around 20 million each year.”
With numbers like these, the real question is why did it take so long for YouTube to want a piece of the pie?
It’s true that YouTube already benefits from podcasters reusing their audio material by adding a simple background image and streaming on the video-sharing site. But with Amazon, Spotify, Apple, and even Google making money from podcast content, YouTube is looking to make things a little more official.
That’s where its grant program comes in, which encourages podcasters to bring popular content to YouTube, even if it’s not exclusively. Simply having popular content on your site will build market share.
Once the audience is there, they are more likely to spend time engaging with other content on YouTube as well. However, grants aren’t the company’s only plan to attract new creators.
What else is new with the video streaming platform?
In an attempt to compete with TikTok’s fast and quirky approach to media entertainment, YouTube created Shorts in September 2020 and launched it worldwide in July of the following year.
It didn’t take long for the feature to gain popularity, with billions of daily views in just a few months. Now, YouTube is trying to boost its popularity even further, adding a host of new features to Shorts, including new editing tools and effects, as well as the ability to reply to comments with a new video, a fun highlight of engagement. on TikTok.
Through Shorts, as well as across the board, YouTube is also trying to help creators monetize their content more effectively. Creators can now expand their brand and allow customers to buy from a short.
Furthermore, YouTube followed the lead of TikTok and Instagram and will allow creators to live together shortly.
What does this mean for marketers?
As YouTube podcasts become more profitable and offer more features that help users get their content out there, a marriage between the two seems like an increasingly better idea for any business.
So is it worth using YouTube podcasting, or audiovisual content in general, as a marketing strategy for your business? The answer is yes:
- Your business can reach younger, tech-savvy audiences.
- Your customers would benefit from seeing your content in an audio or visual format.
- You can easily turn your product into helpful how-tos or fun episodes.
- You already have a streamlined Content Marketing strategy and are looking to make text-based content (blog, email) more media-sound.
- You have already created content that you could easily put on YouTube to take advantage of its momentum.
It’s also worth considering how much income you can make just by creating a popular product and then allowing others to advertise on your show.
As MediaRadar points out, ad spending increased by more than 21% in 2021, reaching $590 million. Not a bad cake to want a piece of, huh?
If you’re planning new content in 2022 and beyond, keep this in mind: YouTube wouldn’t spend as much money on one form of content if there wasn’t a ton of market share to back their bet. So how about considering it in your marketing planning?