Here's how live events can help podcasters monetize further (AXBSF, ED, TRTN)

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The number of live, ticketed events based on podcasts has grown
by over 2000% since
2012, according to data from North American ticket vendor Vivid
Seats, per Axios. The surge parallels the medium’s strong growth
overall: Over half (51%)
of US consumers over age 12 have ever listened to a podcast — up
from 36% in 2016 — and nearly one-third (32%) listen to podcasts
monthly, per Edison and Triton Digital. More people listen to podcasts now than ever before

The explosion of live events underscores podcast fans’ loyalty
and engagement with the hosts of shows. Podcast fans’ loyalty and
engagement — plus their general affluence
makes them a strong demographic for brands to advertise
to: 41% of podcast fans indicated they had made a purchase based
on an ad they heard while listening to a show, according to a
study conducted by
The University of Florida.

The uptick in live event ticket sales is likely attributable to
those same characteristics, and specifically to a desire to engage
with podcast hosts in new, deeper ways. For example, events for the
podcast “My Favorite Murder” — which leads in ticket sales, and
costs the most at an average ticket price of $117 —
likely rose to popularity because of the conversational dynamic its
hosts have. The two women who host it have been best friends for
years and have an entertaining rapport that helps balance out the
show’s grisly content.

Events offer an additional path to monetization for podcasts
beyond advertising, which could be particularly useful as podcast
competition intensifies. So far, the medium has been predominantly
free and ad-supported. As the medium grows even more popular, the
ad dollars are expected to keep flowing: Podcast ad spend is
expected to reach $1
billion
 by 2021 — up from $679 million in 2019, per IAB/PwC
estimates. But as the number of shows proliferates, competition for
ad dollars will intensify: There are currently over 700,000 active
podcasts in the iTunes catalog — up from 550,000 in 2018, per
Chartable data. 

Events are a proven alternative revenue stream for popular
personalities, and podcasters are wise to recognize the same
opportunity in their own medium. Like podcasters, YouTubers make
money predominantly from ads and sponsorships, but popular
YouTubers like Logan Paul can and do pull record crowds at live
events. They can even draw thousands for independent events, like
for Tana Monguae’s failed TanaCon,
for instance.

Fan-centric conferences like VidConComic-Con and DragCon can
drive a ton of ticket sales, and part of the appeal is for
attendees to “meet and greet” wildly popular personalities and
characters in each of those respective areas. For reference,
VidCon costsat
least $90 and as much as $180 for a single day, while Comic-Con
tickets range from
$90 for one day to $321 for four days.

These events, like live podcast shows, bank on the fervor of
fans who feel a deep connection to the people that produce their
favorite content. For the podcasters able to drum up such loyal
followings, live events are an ideal opportunity to engage
listeners and monetize them at the same time.

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Source: FS – All – Entertainment – News
Here's how live events can help podcasters monetize further (AXBSF, ED, TRTN)