Reality Checking Account For Your Big Podcasting Dreams

Low startup costs get people as excited today about podcasting as was the case 15 years ago. But with the rise in some podcasts' popularity, are you considering the real costs to compete at the top?

Hello and welcome to another Podcast Pontifications with me, Evo Terra.

How big are you thinking about your podcast? How big is your thinking for your podcast? And how big are your expectations of your podcast?

Let me take you back in history. When the first mass circulation newspaper was launched in New York City - long time ago - first big mass circulation newspaper launched in New York city, it cost the equivalent of $10,000 in US, today's money. 10,000 bucks. Not a big deal when the first mass-produced newspaper, mass-circulated newspaper was produced in New York City, 10 grand, that's it. 15 years later, just 15 years later, the cost to do the exact same thing because of competition to release a mass circulation daily paper in a major metropolitan area would cost two and a half million dollars. From 10,000 to two and a half million in 15 years.

Now that story is often told and as I heard it, in the formulative days of the internet, back in the oughts, as proof of the net being the great equalizer, because we don't have to do that anymore. There is no longer that barrier to entry because now we have the internet and now the power's in our hands. But I wonder is that really true in broadcasting?

When I got, when I reflected on that video, which of course I will link to here in the episode details so you can see it. I was thinking maybe podcasting is in a similar space. The trick is that word mass circulation. That's what really hit me. Mass circulation.

That means in podcasting parlance a show that is widely listened to, not just us inside podcasting, but the truly big shows that are on everyone's lips. Part of the name recognition that goes out there. You know the names of the shows. I'm not gonna repeat the names of these shows, but many people say, oh, this is what I think of when I think podcasting. They all operate, I think, under a very different operating budget than the other shows.

Back to the newspapers, a moment, you know, the technology was a big part of that 250 times increase, right? They have a big, huge, high startup costs. It's one thing to do things on a quick basis printing, but now you gotta buy big drums and machines and blah, blah, all that stuff. Right? Much higher infrastructure costs.

Not so much in podcasting, you would think, right? I mean, we have microphones. Sure, you can spend a lot more, a little less on a microphone, editing software. Oh yeah. Basically the startup costs, the technology, the infrastructure prices really aren't that much more from a physical goods point of view. What about staffing? A show that is designed to be mass-circulated to reach everyone. What about marketing? PR? All of those costs that do go up significantly.

Now distribution costs were also part of the cost increase in newspaper back in the day, but not so much here in podcasting. I mean, effectively it costs almost the same amount of money to reach a hundred people as it does a thousand or a hundred thousand or even 10 million. Right? Yeah. Negligible increases in bandwidth, but we're not passing physical goods. We're passing electrons around. And any additional bandwidth costs we might get are going to be easily offset by some simple revenue models that do, in fact, scale for our show, as I'm talking about programmatic advertising, of course.

But still I think outside of the equipment costs and outside of the distribution costs, which are negligible, it's all the other costs. It's those staffing costs, it's the marketing costs, it's promotional costs.

It used to be, like last week, the way I thought about this, when people asked me about marketing and how do I grow my show and how do I get it really big? I would usually tell them this - podcasts tend to get the audience they deserve. It's a mantra you've probably heard me say here on the program more than one time. And wrapped up inside of that podcasts tend to get the audience they deserve used to be two things, and they're still there.

Pitfall avoidance. Don't do dumb things with your show that would block people from actually finding it. A lot of that happens. And also quality. Those are the two things.  If you want to get your audience, you want to get the audience you deserve for your podcast, get rid of the pitfalls, make a quality show, and it'll work out for you.

But I realize now that I think about it, 15 years later, 20 years later, depending how you count that may not be the case anymore, right? Because there's all of the competition at the top. They're already really great shows to reach everyone I'm thinking about adding a third piece to my explanation of podcasts tend to get the audience they deserve, and that is promotional. Avoid the pitfalls, make an extremely high-quality show, and then do the promotion necessary to get it to reach mass circulation then maybe, and only then maybe, do you have a shot.

But of course, this is for mass circulation shows only. Plenty of shows don't want massive circulation. Plenty of shows are never going to get mass circulation. They're not designed for mass circulation. And within them, plenty of shows are big enough. They're sustainable. They're doing the things that they need to do to make the money for the people that want to make them. So that's okay.

I'm not saying everybody has to invest crazily, but if you try to go for that mass market appeal, I want to reach everybody, promotion is going to have to be a part of what you do these days. How big are you thinking about your next show? How are you going to fund that? How much risk are you willing to take to really try and reach everyone?

In the world of podcasting we live in today with so much competition out there, of course you can always start a show with any budget that you want, but if you're going for mass circulation, everybody listen to this thing. Are you up for that?

Now, if I helped you think at all about any of this, please go to buymeacoffee.com/evoterra, and slide a few virtual coffees my way. Because the show is never going to have virtual or mass appeal, nor was it designed to have mass appeal, but that's always nice.

And it would also be nice if you'd like to mention the episode to a friend who's thinking about growing a really big show or just share Podcast Pontifications with other podcasters in your life. I would appreciate that.

That's it. I shall be back tomorrow with yet another Podcast Pontifications.

Cheers!