Maria Thomas, NPR; Joanne Wallace, KQED; John Hagel, Independent Consultant
Maria: 16MM downloads to date. Pilot project ends at the close of February.
The Future of Podcasting
- Audience rapidly growing & changing
- Technology rapidly evolving
- Few standards in media
- Tool sets for content creation are fragmented and proprietary
- The standards and tools for measuring performance are largely missing
- Competitive and business dynamics in early stages
Public Radio Podcast Posture
- Move from Experimentation to Aggressive Investment
Shifting Economics of the Internet
- Production/delivery costs going down, BUT…
- Acquisition/retention costs going up – attention is finite!
“Shifting the economics from the product to attention.”
Product Economics > Customer Economics
How much does it cost to acquire an audience member? What’s the LTV of that audience member?
Scale Economics > Scope Economics
New Measure of Performance: Return on Attention (Gee, where have I heard that before.) 😉
Share of mind AND share of wallet
Important are Findability and Usability.
Podcasting: The Good News and Bad News
- Convenient – anytime, anywhere
- Limits full value of Internet – you’re no longer finding new things
Content Products > Content Platforms > Audience Platforms
- Create content
- Curate (link)
- Build Relationships
Don’t underestimate the investment required for podcasting – but also don’t underestimate the opportunity.
Findability – primary value to audience
Fundability – required for sustainable investment
Sponsorship is a challenge – lack of faith in metrics
Moving Forward – Broad Principles
- Define complementary audience focus
- Establish broad presence – be on as many sites as possible
- Build critical mass in key initiatives – negotiating for positioning in aggregators, negotiating with sponsors
- Create a sustainable partnership
Who will build the richest relationships with audiences online using public radio content?
- Third-party aggregators
- Public radio system participants