Podcast listening has crept up over the years, reaching 51% of American last year, says Pew Research Center.
The New York Times has broken through the noise to win over their consumer’s attention by creating its first daily news podcast called The Daily. This added to their whole new revenue in streaming.
“Bringing a fresh perspective from what the industry was used to has allowed The Daily to revolutionize the way they are selling the show itself to both listeners and media buyers across the country,” said Sean King, EVP of Veritone One.
The Daily has recently reached a milestone of more than 1 billion downloads. The executive producer for audio in NYT Lisa Tobin said that NYT saw a need for daily news podcasts to “let real people talk and listen to the country.” This was all new to the New York Times so they started from scratch in creating their own one-off podcast. Despite this, they never made a concerted effort to launch their own audio team and strategy.
The journey of The Daily
The New York Times followed three steps essential to their success. These included hiring trained audio reporters, providing a window into the reporting process, and rethinking how stories are told. They hired staff with deep experience in audio production and grew a team through them. They created daily podcasts for various industries and narrowed down their focus to a particular topic with a consistent style.
Michael Barbaro, host of The Daily said, “We realized our colleagues are not just great storytellers in print. There’s just something really special about hearing a reporter talk about how they thought about the story and what they learned along the way.”
Reaping great result
Mark Thompson, CEO of The New York Times said that The Daily is a monster hit with an astonishingly valuable audience. He further told the investors that the digital ad revenue reached $54.7 million, the main driver in audio revenue. The Daily has been carried on to 200 radio stations throughout the nation and inspired others shows such as The Weekly. It has been continually growing as the audience and ad business grows.
What does this mean for you?
Many brands and marketers are now taking interest in investing in podcasting. More and more people are becoming podcast streamers. Advertisers always look for avenues and channels where people consume content. If the podcast is where the market is, then advertising will go there as well.