Today in the Business of Podcasting
People are watching longer TikToks. What does that mean for competition with YouTube? by Sara Lebow
According to eMarketer, TikTok has surpassed YouTube for time spent by adult users in 2022, and in 2024 adult TikTok users are projected to spend an average of 55 minutes per day on the platform. Five minutes more than YouTubeās average. With shorter content, thereās more likelihood users encounter clips of something longer that then motivates them to switch to a competitor (e.g. a full length YouTube video). In recent months TikTok has dipped its toes into longform content, increasing the maximum video length to 10 minutes in October. With the recent addition of Spotify integration allowing people to quickly access viral music clips on Spotify, the potential for the same to be done with podcast clips could be a game-changer. That, combined with research into videoās place in podcasting (such as Sound You Can See, debuting this Wednesday) shows TikTok is shaping up to be an important destination for podcast promotion. [Source]
A look at holding company 2024 ad spending forecasts by Antoinette Siu
Last week Dentsu, GroupM, and IPGās Magna all released predictions and forecasts for where they see global ad spend going in 2024. Aggregating all threeās predictions, ad spend is predicted to rise between 4 and 7% next year. Dentsu anticipates a good portion of global ad spend growth will be driven by Digital, connected TV, and retail media. Magna is the most optimistic of the three, predicting a 7.2% global increase and anticipates the return of cyclical sporting events and elections will cause an uptick in reach media and contextual advertising. [Source]
From Unicorns to Zombies: Tech Start-Ups Run Out of Time and Money by Erin Griffith
Venture capital success stories like Olive AI, Convoy, and Veev, have all filed for bankruptcy in the past six weeks. According to PitchBook, approximately 3,200 private venture-backed U.S. companies have gone out of business this year, representing 27.2 billion dollars in funding. Others, while not bankrupt, are stuck in āzombieā mode, alive but unable to grow or raise more money. Raising capital has become more expensive, and more startups are having to decide whether they can continue making a go of living, or cash out while they can still partially refund investors. Food for thought for the podcast ad tech companies out there as the industry settles in for the long haul. [Source]
What creator Anna Kai looks for in a brand partner by Katie Hicks
Dating and relationship influencer Anna Kai screens brands for products and services that feel authentic to what her audience would enjoy, as well as a give-and-take relationship on creativity. While Kai retains control of the content, she scripts ahead of time. The two biggest reasons Kai rejects a brand are either due to scheduling, as she keeps a healthy ratio of organic posts to sponsored posts, or because the product simply does not fit her branding. One example given was a beard oil that she could not personally endorse with any level of expertise, nor could her clean-shaven husband. Traditionally, conversations about brand deals with influencers are had from the perspective of the brand, how they screen potential influencers. This article is a rare glimpse into the reverse perspective on how and why influencers choose what brands theyāll work with. [Source]
ā¦as for the rest of the news: Livewire has published an update to their tracking of iOS 17 auto-download changes in Apple Podcasts, and Spotifyās CFO Paul Vogel is now slated to leave the company in March (a decision made shortly after Vogel sold over $9 million in Spotify shares on the same day as the layoff news last week).
