Are you interested in starting your own podcast? Think a podcast might make for a cool side hustle?
Great news, you’re in the right place!
Podcasts have exploded in popularity over the past two decades, giving individuals and businesses a platform to share their ideas, experiences, and stories with a global audience.
And the best part? Starting a podcast is relatively easy, making it a great side hustle for anyone with a unique perspective and something to say.
In this week’s newsletter, we’ll delve into the benefits of starting a podcast, how to determine if it’s the right side hustle for you, the opportunities that can come with a successful podcast, and more.
We’ll even share some examples of people who have achieved fame through their podcasts.
So, let’s start exploring the world of podcasts!
What you can expect this week:
- Trends: We bring you the latest data surrounding podcasts including the most popular podcasts and the genres certain demographics are loving right now!
- Strategies: We break down the podcast side hustle so that you can decide whether or not this is a side hustle you’d like to pursue.
- Tool of the Week: This week we bring you a tool that can help you connect with new listeners easily so that you can grow a global audience for your podcast!
Trends
Podcasting has exploded in popularity in recent years, with millions of people tuning in to listen to their favorite shows on a daily basis.
In fact, it’s estimated that over 100 million Americans listen to podcasts on a monthly basis, with the average listener tuning in to 7 shows per week.
Podcasts have also proven to be a popular choice for advertisers, with podcast advertising revenue reaching over $1 billion in 2021. With such a vast and engaged audience, it is no wonder that more and more people are considering starting their own podcasts.
Let’s take a look at some other interesting statistics surrounding the world of podcasts!
Podcast listeners worldwide 2019-2024
The number of podcast listeners worldwide has consistently grown over the past several years, and this trend is expected to continue in the coming years.
In 2019, there were an estimated 274.8 million podcast listeners worldwide, and this number is expected to increase to over 504.9 million by 2024. This growth can be attributed to the increasing availability of podcasts on a variety of platforms, as well as the convenience and flexibility of being able to listen to them anytime and anywhere.
US podcast publishers by audience
Here we can see the total of unique audience members who stream or download publisher’s podcast content across all shows they produce. As you can see, iHeartPodcasts is by far the most popular podcast publisher, with both Wondery and NPR pulling in great numbers too.
New podcast discovery US vs Europe
There are many different ways that people discover new podcasts, and how new listeners discover your podcast depends on their personal preferences and habits. As we can see in this graph, the majority of people discover new podcasts through recommendations from family and friends, as well as both internet search and social media.
Most popular podcast platforms US
According to the Reuters Institute for the Study of Journalism, YouTube podcasts is the most popular podcast platform in the US, followed by Apple Podcasts and Spotify.
Most popular podcast genres UK
Thinking about starting a comedy podcast? You could find yourself a sizeable audience in the UK! According to Ofcom, 20% of 16-24 year olds in the UK love listening to their favorite comedy podcasts!
Strategies
With the data and stats out of the way, let’s take a look at the benefits of starting a podcast side hustle, the ingredients that make a successful side hustle, along with the opportunities you might receive if you can build a big audience.
What are the benefits of having a podcast?
Starting a podcast can be a rewarding and fulfilling experience that offers numerous benefits. Here are just a few reasons why you should consider starting a podcast:
- It’s a great way to share your expertise and passions with the world. Whether you’re an experienced professional in a particular field or simply have a hobby or interest you’re passionate about, a podcast can be a platform for sharing your knowledge and experiences with others.
- It’s a flexible and convenient way to communicate. Podcasts can be listened to at any time and from any location, making them a convenient and accessible way to share your message with a global audience.
- It can be a fun and engaging side hustle. If you’re looking for a creative outlet or a way to make some extra money, starting a podcast can be a fun and fulfilling side hustle. You can monetize your podcast through sponsorships, advertising, or by offering premium content to your listeners.
- It can help you build your personal brand. A podcast can be a powerful way to establish yourself as a thought leader in your industry or niche. By consistently sharing valuable content and insights through your podcast, you can establish yourself as an authority in your field and build a loyal following of listeners.
- It can provide valuable networking opportunities. Through your podcast, you’ll have the opportunity to connect with and learn from other professionals and experts in your industry. You may also have the opportunity to collaborate with other podcasters or guest on other podcasts, which can help you expand your reach and network.
- It’s a great way to document your journey and growth. A podcast can be a way to document your personal and professional journey, allowing you to reflect on your experiences and growth over time. It can also be a way to inspire and motivate others who may be facing similar challenges or pursuing similar goals.
How to know if a podcast is the right side hustle for you
Here are a few things to consider when determining if a podcast is the right side hustle for you:
Do you have a unique perspective or something valuable to share?
A podcast can be a platform for sharing your knowledge, expertise, or personal experiences with others. If you have a unique perspective or something valuable to share, a podcast can be a great way to share it with the world.
Are you passionate about the topic you want to discuss on your podcast?
Starting a podcast requires a time commitment and can be a lot of work, so it’s important to choose a topic you’re genuinely interested in and passionate about. This will help you stay motivated and committed to producing regular episodes.
Do you have the time and resources to commit to a podcast?
Producing a podcast requires a time commitment, as you’ll need to research, write, record, and edit your episodes. You’ll also need to market and promote your podcast to grow your audience. If you don’t have the time or resources to commit to a podcast, it may not be the right side hustle for you.
Do you enjoy public speaking or being on camera?
While you don’t necessarily need to be on camera to host a podcast, you’ll need to be comfortable speaking in front of a microphone and potentially interacting with guests. If you’re uncomfortable speaking publicly or being on camera, a podcast may not be the right side hustle for you.
Are you willing to learn and adapt?
Starting a podcast is a learning process, and you may need to try different approaches and techniques to find what works best for you. You’ll also need to be open to feedback and willing to adapt as you learn what your audience likes and dislikes.
Do you have a knack for storytelling?
Podcasts are an audio medium, where what you say is extremely important and how you say it even more so! Storytelling is an essential skill that allows you to capture your listeners attention. To be able to engage them for the length of an episode, you will need to plan the structure, pacing, emotions, music and scenario of what you are delivering.
Storytelling is an art, so if you have the skill to create a great story, a podcast may be just the side hustle you’re looking for.
Opportunities you might gain with a successful podcast
Having a successful podcast can open up a variety of exciting opportunities. Here are just a few examples of the opportunities that may be available to you after you’ve created a successful podcast:
Monetization opportunities: A successful podcast can be monetized in a number of ways, including through sponsorships, advertising, and offering premium content to your listeners. You may also have the opportunity to sell merchandise or offer services related to your podcast.
Speaking opportunities: If your podcast covers a particular topic or industry, you may be invited to speak at conferences or events as an expert in your field. This can be a great way to expand your reach and make connections in your industry.
Book deals: If your podcast covers a topic that is of interest to a wide audience, you may be approached by a publisher to write a book on the topic. This can be a great way to reach a wider audience and share your message in a different format.
Collaboration opportunities: A successful podcast can open the door to collaboration opportunities with other professionals or experts in your field. You may have the opportunity to guest on other podcasts or collaborate on projects with other podcasters.
Personal brand building: A successful podcast can be a powerful way to establish yourself as a thought leader in your industry or niche. By consistently sharing valuable content and insights through your podcast, you can build a strong personal brand and gain a loyal following of listeners.
How to decide on your podcast niche
Figuring out your podcast niche is an important step in the process of starting a podcast. Your niche will help you identify your target audience and determine the focus of your podcast. Here are a few tips for figuring out your podcast niche:
- Identify your interests and expertise: Think about what you’re passionate about and what you have expertise in. Your podcast should be something that you’re genuinely interested in and can talk about with enthusiasm.
- Consider your target audience: Who do you want to reach with your podcast? Consider your target audience’s age, interests, and needs when determining your niche.
- Research your competition: Check out other podcasts in your desired niche to get a sense of what’s already out there. This will help you identify any gaps in the market and determine how you can differentiate your podcast.
- Look for overlap between your interests, expertise, and target audience: The best podcast niches are ones that overlap between your interests, expertise, and target audience. This will help you create content that is both authentic and relevant to your listeners.
- Be specific: The more specific your niche, the easier it will be to target and reach your desired audience. Instead of a general self-improvement podcast, for example, consider a podcast that focuses specifically on productivity for entrepreneurs.
Famous podcasts that started as side hustles
Now that we’ve got you sufficiently inspired to go out and start a side hustle, let’s take a look at a couple of highly successful podcasts that started out as side hustles and grew into full-time businesses!
The Art of Charm
The Art of Charm is a personal development podcast that was started in 2006 by Jordan Harbinger, a former lawyer, and AJ Harbinger, a corporate trainer.
The podcast started as a side hustle while Jordan was still working as a lawyer and has since grown into a full-time business. The Art of Charm covers a wide range of topics related to personal development, including networking, relationships, and career development.
The podcast has been successful in part due to its high-quality content and engaging host, but also because it’s been able to adapt to the changing landscape of the podcast industry. The Art of Charm has expanded to include a variety of additional products and services, such as online courses, live events, and coaching programs.
As a result of its success, The Art of Charm has been featured in media outlets, including Forbes, Fast Company, and Entrepreneur. It has also won several awards, including the Academy of Podcasters’ “Best Business Podcast” award in 2017.
The Art of Charm is a great example of how starting a podcast as a side hustle can lead to success and opportunities for growth.
My Favorite Murder
Another example of a successful podcast that started as a side hustle is “My Favorite Murder.” My Favorite Murder is a true crime comedy podcast that was started in 2016 by Karen Kilgariff and Georgia Hardstark.
Karen and Georgia were both working in the entertainment industry when they started the podcast as a side hustle. The podcast features Karen and Georgia sharing their favorite true crime stories and discussing the intersections of crime and society.
My Favorite Murder has been wildly successful, with over 400 million downloads and a dedicated fan base known as “Murderinos.” The podcast has won numerous awards and has been featured in various media outlets, including Rolling Stone and Entertainment Weekly.
In addition to the podcast, Karen and Georgia have also expanded their brand to include live events, merchandise, and a television show in development with the Fox network.
The ingredients for a successful podcast side hustle
Friend of Side Hustle Strategies and renowned online entrepreneur Pat Flynn, owner of the highly successful blog and top-ranked “Smart Passive Income” podcast, has developed a proven marketing philosophy known as the “Exposure Cycle.”
Through his experience building successful online businesses, Pat has identified the key factors for creating and promoting a successful podcast. By following the Exposure Cycle, you can increase the visibility and credibility of your side hustle and attract a loyal audience.
The Exposure Cycle consists of three steps that exposes podcast content, making it a success within its demographic.
- Discoverability – Creating a podcast that is optimised for search engines with keywords and descriptions as well as being optimised on the platforms the podcasts are uploaded to.
- Stickability – To make an audience stick around for long lengths of time, creating a positive first impression is a must! Get rid of the fluff and have relevant, valuable information that lets your personality shine through. Also understanding the power of performance! Use your voice to add impact, dynamic changes and anticipation with your content.
- Shareability – With a desire to grow your audience, having content that you know is shareable is a way to build your listenership. Having links to buttons that make your content easy to send to others, having show notes, call to action implementations and landing pages for content is a fantastic way to build engagement.
To learn more from Pat, check out his “How To Start A Podcast Tutorial”.
Tool of the Week
If you’re hesitant to start your own podcast because you’re not sure which platform is right for you, look no further! PodBean is here to help.
Whether you want your podcast to be a talk show, comedy show, or tutorial, PodBean makes it easy to connect with listeners and build a community. With professional tools and simple setup, you can schedule, create, and share your live sessions with your audience. Plus, your listeners can interact with you in real time by asking questions in group chats as you talk.
PodBean Livestream also lets you publish your live audio as podcasts as you go, making it an interactive and rewarding experience. There are four plans available with PodBean, with the first one being free! Check out their pricing plans to find the one that works best for you.
