401. 5 Keys for Starting YOUR Podcast NOW!

DREAM. THINK. DO.

Well… as we celebrated Episode 400… I asked for YOUR questions. And you hit us with a ton of questions… and MANY of them were about having YOUR OWN podcasts! So… I created THIS episode to answer your questions, to help you to find the opportunities and most specifically… to help you to GET STARTED!

Now… if you’re not sure about having a podcast… I’d still encourage you to check out this episode because I give a “State of the Union” on the podcasting world… and I share some data you can wow your friends with! But I also share about why NOW is a great time to jump in the wild and fun world of Podcasting! Seriously… come on it… the water (the blue ocean… specifically) is FINE!

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A “STATE OF THE UNION” FOR PODCASTING:

The podcasting industry is booming.

• Stats show that there are about 4.3 million according to Podcast Index and 3.2 million according to ListenNotes).
• LOOKING BACK:
  • There were approx. 203,000 new podcasts released in 2018
  • In 2019… that figure jumped to almost 337,000
  • THEN…2020 brought over 1,000,000 new podcasts
  • In 2021… about 740,000
  • In 2022… 244,000
  • In 2023… 212,000

• THAT’S STILL A BIG NUMBER UNTIL YOU SEE THIS:

• Almost half (44%) of podcasts have less than 3 episodes!
• Only about 20 to 25% (720k) podcasts have more than 10 episodes.
• And… of those… ONLY ABOUT 25% (156k) release a weekly episode.

PODCASTING is a “BLUE OCEAN” OPPORTUNITY:

Here’s the article that Mitch was talking about from the Harvard Business Review about the “Blue Ocean” concept: hbr.org/2004/10/blue-ocean-strategy

Again… the “Blue Ocean Strategy” is a book written by W. Chan Kim and Renée Mauborgne.

The idea is a “red ocean” is an existing market with many competitors, where a blue ocean is a market yet to be discovered… or that’s newly discovered… with no competitors or fewer competitors!

According to Kim and Mauborgne…

“In blue oceans, demand is created rather than fought over.

There is ample opportunity for growth that is both profitable and rapid.”

And if you compare podcasting to youtube… there are plenty of podcasts… but “blue ocean” opportunities lean towards rocking the mic with a podcast!

NOW…I WANT TO HEAR FROM YOU:

So… how about YOU?

What questions (big or small) do YOU have about the podcasting world… and/or starting your own podcast?

Leave a comment below and let us know! I’ll get back to you!

And seriously… we’d LOVE to hear from YOU!!!

Let’s do this!

Minute By Minute:

• 00:02 Welcome back! What's inside Episode 401.
• 00:32 Answering YOU questions about podcasting!
• 01:12 Deep dive into podcasting: numbers and opportunities.
• 02:04 Discussion on the growth and potential of the podcast industry.
• 03:10 Analysis of podcast creation trends and opportunities for new podcasters.
• 04:03 The state of the podcasting industry and how to leverage it.
• 05:00 Insights into podcast consumption and opportunities in the industry.
• 06:03 Understanding the podcast audience and adapting to changes.
• 07:11 Strategies for succeeding in podcasting despite competition.
• 08:05 Comparison of podcasting to other platforms like YouTube.
• 09:20 Discussing podcast longevity and competition.
• 10:06 Exploring the concept of "Blue Ocean Strategy" in podcasting.
• 13:27 Tips for starting and maintaining a successful podcast.
• 19:15 Discussing monetization strategies for podcasts.
• 26:46 Benefits of sponsoring your own podcast and monetization through affiliate links.
• 30:49 Encouraging guest appearances and leveraging personal connections.
• 36:19 The importance of starting a podcast with clear boundaries.
• 40:13 The significance of having fun while podcasting.
• 46:00 Mitch's Minute: Emphasizing the enjoyment and impact of podcasting.