Open Letter to eMarketer Behind The Numbers on the Future of Podcast Business Models
Dear Marcus and BTN team,
By way of introduction... Jeff Sanders here... long time Behind The Numbers listener and holder of many other titles but my new favorite is one you all have enabled: Father of Julia, current favorite eMarketer listener.
To the open letter… No one asked for this but here it is anyway. On a recent episode, you guys discussed paid podcast content and if there was a market for asking users to pay to access podcast content. After that episode, I started thinking about my opinion on the topic. So, here it is…
Short and sweet
Q: Do I want the transition to paying for podcasts to happen as a blanket business model change?
JS: No. From the standpoint of a listener, I think the current exchange is fair and balanced.
The value provided: valuable content provided via podcast
for: engaged ears on audience relevant ads
TL:DR
Q: Would I pay for eMarketer Behind The Numbers podcast content if it were the only way to get this content?
JS: Yes, however, I don’t think this would not be in the best interest of the podcast as I feel it would impact new listener adoption.
Hypothetically... Say you charged $5/month. This nominal price would now put a more quantifiable cost on the listen/subscribe decision aside from the lister time invested. It would put “pressure” on the show content and hosts/guests to live up to this value.
Would this impact the show’s content strategy? Your joy of making it? Would things like Andrew’s basketball to marketing funnel analogy episode get left on the cutting room floor? As a sports guy, I LOVED that episode but if a mass-market appeal is now a requirement I don’t know if that makes the cut.
A SHAME!
As a long-time listener, this calculus would be easy for me to make. I’ll Patreon you the $5/ month right now! However, a new listener may not immediately feel invested in your unique method of presenting these often complex topics or the witty banter between the group that comes along with that presentation.
Continuing the hypothetical... Say as a new listener, I had a 14-day trial before I had to start paying my $5/month.
I don’t know if I would be able to develop the connection with the host/guests in that amount of time. Especially if I started listening on an off day for the host (not that you have those, Marcus, speaking of other Podcast hosts) or if the topic was not personally interesting.
I’ll admit I came for the intel, but I’m staying for the witty banter that comes with the intel. It is an acquired taste.
Q: So would it be viable to start charging after a longer trial period? Or you get 14 days or X episodes (say the magic number is 10) to listen for free then you have to start paying?
JS: Again, this makes the calculus and pressure on any individual series of episodes especially high in order to convert a listener into a paid subscriber within their specific window. For example, if you started listening on a Thursday with the Ad Platform or got an Executive Roundtable mixed in there, which are not your particular cup of tea (or instant coffee in Marcus’s case). These variations of the pod are good content but are intentionally more targeted than the broad appeal of the daily/weekly listen. This could have a negative impact on that conversion.
I think ads are the right value exchange. I am obviously not the one creating this content or your employer who is paying your salaries to justify the creation of the content. Nor do I know how much revenue y’all get related to the show but I’ll stand behind my comments even with incomplete information.
I also see value in hearing the advertisement related to the podcasts I listen to. As a marketer constantly in search of ways to connect with my target demographic, I appreciate awareness of potentially relevant products/services that I receive via the paid advertising on the show.
So in summary, would I pay $5/ month to listen to this podcast? Yes.
Q: Are there other podcasts that could get away with this?
JS: Very few. In my stable of 10+ podcasts I listen to semi-regularly, there is one other one I would pay for the privilege.
There are just too many other sources of content (that I already paid for) and are delivered in a more succinct format to pay for a podcast that is not consistently delivering premium content.
Q: So what’s the answer?
JS: If the ad dollars aren’t enough.. I’ve got two halfway baked-out ideas. No rights reserved, feel free to reappropriate them. Although if you end up hiring an FTE to manage one of these programs, I’d like first dibs.
Idea #1 - Tip jar
Similar to the patreon?? Comment above. Put the option out there and see who takes you up on it? I donate to NPR each year not so much as believe in any one of their stated causes but because they provide a valuable service without a demand for compensation.
Idea #2 - Premium listeners club.
Make it premium. Use the logo of the show on the side of a yeti coffee tumbler. Charge $200 for it and then you are a member for the year. Include limited access to other eMarketer content. Use it as a lead gen/ nurturing into a full eMarketer subscription.
Again, no one asked for my option but there it is!
Sorry if this was creepy. I am hoping you see this as a free opinion from a focus group of one and not a “fanboy” manifesto. With the lack of business travel due to Covid, you and the BTN team are the closest things I get to a professional discussion of current events. My wife and Julia have had enough of me asking them their thoughts on the streaming wars or Amazon/Salesforce/Instacart’s role in the future of humanity.
Keep up the good work!
Jeff
