Our latest Local Media Innovation Alliance report focuses on the growing space of podcasts.
Did you know that according to the Interactive Advertising Bureau “IAB Podcast Playbook” released last year that advertising revenues topped $220 million in 2017 for podcasts, a 85 percent leap from $119 million in 2016.
We spoke to a variety of media companies who are doing a variety of interesting things with podcasts. You can read that report here.
And here are a few things that we learned in the report:
1. Find topics that build on the trust readers have with your brand. For companies like the Atlanta Journal Constitution, that was crime, with their Breakdown podcast, which has been incredibly successful for them. Consider a beat that you have a credibility in and have a great story to tell.
2. There are lots of monetization paths including sponsorships, pre-roll and mid-roll and revenue shares. Experiment. There’s no reason on Day 1 that you can’t have some sort of revenue helping fund your podcasting efforts.
3. Find the right personality in your newsroom. For some, that may be someone who has a passion for a topic or someone who has a wide understanding of issues because of their role. The city editor for the Record Journal based on his past role as a state government reporter became a logical person to do them daily as his role now as the city editor.
4. Find the right distribution methods. Some companies have discovered that embedding into trending stories creates the highest potential for engagement. Explore with a strategy that connects with how your audience are most likely to click.
The mission: to empower local media companies to identify their “key customer franchises”