“Will you just stop using your headphones for a while and come to the real world.” ? shouted my friend from the other side of the man bridge inside Virar Fast.
“Well nothing can get as real as this, only an advertising aspirant can fathom the excitement of hearing the creative director of Ogilvy talk about how an insightful idea struck while drinking at a local bar.” was my long reply which again bounced him as he got himself immersed in watching some video.
This has become a ritual for me, a new podcast every day was my motto. Although Cyrus with his witty one-liners is my favorite I love to experiment every now and then based on my mood.
I can’t watch videos all the time but my earphones are plugged practically everywhere I go. No, it's not just music. Sometimes I listen to Amit Varma talking about public policy, a lesson from civics, some history and sometimes quantum physics too. Practically, whenever I have time I pull out my earplugs and binge listen to my favorite podcasts. The realization of the fact that instead of watching some random videos on YouTube or even chilling on some music, I am listening to some interesting bunch of people from the background of art, sports and culture sharing their invaluable insights about their journey is highly productive.
With the rise in voice-enabled services consumption of audio became popular, in a landscape where the radio is evolving, podcast found its own space.
The biggest podcast markets in the world are the US, where podcasting was a $314 million industry in 2017 and China, where the market size is an estimated $7 billion, owing to subscription-driven revenue and preference model. The positioning of podcasts in the USA is mostly for entertainment purposes but Chinese podcast producers sell their podcast more as self-improvement tools. The growing surge in these markets is sure to have a ripple effect in India.
In India, however, the adoption rate of the podcast is quite low but is sure to increase with rising awareness, smartphone and internet penetration. Amit Doshi founder of the IVM Podcast network is of the opinion that an increase in competition would lead to awareness which is ultimately good for the industry since lack of education is the major factor responsible for a slow adoption rate in India.
The line of opportunities in the advertising and brand collaboration area are opening up too with various brands who are intending to differentiate and reach a specific audience investing in the space. Brands like Aditya Birla Mutual Funds have collaborated with the IVM network to produce a show called MF101. Paytm investing in Paisa vaisa is another example that talks about investing in the share market.
Prashant Challapali, COO of Leo Burnett Orchard opines that Brands will soon start experimenting in the Podcast space just like they did when social media arrived, this would boost the platform reach when the brands see their businesses increase
Podcasts are easier and economical to produce and distribute which makes its implementation hassle-free, gives the audience a fresh source of content and therefore is the place where brands might be seen experimenting in the future.