Is Podcasting Good Source of Income for Media Practitioners in North America?
Podcasting is an increasingly popular form of media in North America, with 79 percent of respondents being aware of the format and over 82 million people listening to podcasts in 2021. According to the Interactive Advertising Bureau (IAB) Pricewaterhouse Coopers, podcast ad spend was estimated to be $800 million in 2020 and is projected to more than double to $1.7 billion by 2024, an annual growth of nearly 20%.
The five top-earning podcasters in North America earned a cumulative $70 million in 2020, according to Forbes. The most popular podcasters in North America include Joe Rogan, Dave Ramsey, The Bill Simmons Podcast, The Joe Budden Podcast, and The Daily Show with Trevor Noah.
The most popular topics for podcasts based in North America include news, comedy, music, health and wellness, sports, and technology. Podcasts are mostly seeing traction among younger consumers, with more than 39% of US adults ages 18 to 34 listening to podcasts monthly.
Yes, podcasting can be a good source of income for those who work in the media industry in North America. According to the IAB Pricewaterhouse Coopers report , podcast ad spend was estimated to be $800 million in 2020 and is projected to more than double to $1.7 billion by 2024. Additionally, the median wage in 2020 for news analysts, reporters and journalists in the radio broadcasting industry was about $49,000, and editors in the radio broadcasting industry had a median annual wage of about $79,000 .
The podcasting industry is still growing and there is room for new podcasters who live in North America. According to the Podcast Industry Report , podcasting will be a $94.88 billion industry by 2028 and there will be 424.2 million podcast listeners worldwide in 2022, accounting for 20.3% of internet users. Additionally, 45% of monthly podcast listeners have household income over $75K .
Here are some tips and strategies for aspiring podcasters who live in North America:
- Find Your Niche: The podcasting market is crowded, so it’s important to find a unique topic or angle to stand out. Consider your passions, interests, and expertise to determine your niche.
- Create Quality Content: To build a loyal audience, it’s important to create high-quality content that is engaging, informative, and entertaining. Invest in good recording equipment and editing software to ensure your audio quality is top-notch3. Consistency is Key: Regularly releasing new episodes is essential to building momentum and maintaining an engaged audience. Make a schedule and stick to it.
- Promote Your Podcast: Share your podcast on social media and other platforms to reach new listeners. Collaborate with other podcasters or influencers in your industry to expand your reach.
- Engage with Your Audience: Build a community around your podcast by engaging with listeners through social media, email, or other channels. Respond to comments and feedback to show your audience that you value their input.
- Be Patient and Persistent: Building a successful podcast takes time and effort. Don’t get discouraged if you don’t see immediate results. Stay persistent, keep improving your content, and eventually, you’ll build a loyal following.
Some popular topics for podcasts in North America include news, current events, politics, true crime, pop culture, comedy, sports, and self-improvement. However, it’s important to find a unique angle or perspective on these subjects to stand out from the competition. Additionally, consider niche topics that have a dedicated audience, such as hobby-specific podcasts or podcasts that cater to specific demographics, like parents or entrepreneurs.