Overview

Amanda McLaughlin and Eric Silver, from the podcast collective Multitude, critiqued the podcast industry's missteps and shared insights on sustainable podcasting. They highlighted how executives misinterpreted the success of shows like "Serial" and "Startup," leading to misguided investments in flashy ventures rather than supporting creators. Despite claims of podcasting's decline, they emphasized that podcast ad revenue has consistently increased, debunking myths of a dying industry.

Amanda and Eric advocated for creators to focus on making unique, high-quality audio content and maintaining consistent release schedules to build loyal audiences. They encouraged podcasters to leverage platforms like Patreon for financial support, noting that podcasters earned $300 million on the platform in 2023. Their message underscored the importance of creators trusting their instincts and valuing their work, as the true strength of the industry lies in its community and creativity, not in executive decisions or fleeting trends.

Core Concepts

The Misguided Lessons from Podcasting's Past

The speakers discussed how the podcast industry has often drawn the wrong conclusions from its past successes, leading to misguided investments and strategies.

Key Points:

• The industry has focused too much on replicating the success of blockbuster shows like Serial, rather than fostering diverse and unique content.

• Executives have prioritized flashy investments, such as celebrity endorsements and expensive marketing campaigns, over supporting the creators and producers who drive the industry.

• The reliance on venture capital and tech startup models has led to unsustainable business practices that do not align with the goals of media and community building.

Examples:

• The speakers highlighted how the launch of Serial was framed as a spinoff of This American Life, leveraging an existing audience to ensure its success.

• They criticized the decision to model podcast companies after tech startups, noting that this approach prioritizes short-term profits over long-term sustainability.

Quotes:

The goal of a tech startup is to exit. The goal of a media company is to live and thrive.

This math doesn't math and executives are not paying for it.

The Importance of Consistency and Authenticity

The speakers emphasized the need for podcasters to focus on consistent content creation and authenticity to build a loyal audience.

Key Points:

• Regularly releasing episodes helps establish a routine for listeners, fostering a sense of anticipation and loyalty.

• Authenticity in content creation, including being true to one's unique voice and perspective, is crucial for standing out in the crowded podcasting space.

• Podcasters should prioritize quality audio production and critical listening to continuously improve their shows.

Examples:

• The speakers noted that This American Life's consistent release schedule helped build a devoted audience, which was crucial for the successful launch of Serial.

• They shared how their own experiences of listening to podcasts informed their understanding of what makes a show engaging and enjoyable.

Quotes:

Putting the shows out is the whole point of our medium. Keep putting your show out on a consistent basis.

Make the unique show that you can do. This has nothing to do with budget.

The Role of Audience Support in Podcasting

The speakers highlighted the significance of direct audience support as a sustainable revenue model for podcasters.

Key Points:

• Platforms like Patreon allow podcasters to receive direct financial support from their audience, providing a stable income stream.

• This model strengthens the relationship between creators and their audience, as listeners feel more invested in the success of the shows they support.

• Audience support can help podcasters maintain creative independence and resist pressure from advertisers or executives.

Examples:

• The speakers mentioned that podcasters on Patreon made $300 million in revenue in 2023, demonstrating the viability of this model.

• They shared how audience support has enabled them to continue producing content that aligns with their values and vision.

Quotes:

This is the backbone of a resilient industry. People saying, I see your work. I see that it's important.

You all should be getting Patreons a new membership instead of just relying on ad sales.

Conclusion

The speakers provided a critical analysis of the podcast industry's current state, urging creators to focus on authentic content and consistent production. They highlighted the pitfalls of following flawed business models and emphasized the importance of direct audience support as a sustainable revenue stream. By challenging industry norms and standing up for the value of their work, podcasters can build a thriving community and ensure the long-term success of their shows. The insights shared in this talk serve as a reminder that the true power of podcasting lies in its ability to connect with audiences on a personal level, fostering a sense of community and shared purpose.

Food for thought

• What unique perspectives or stories can you bring to the podcasting space that are currently underrepresented?

• How can you leverage direct audience support to maintain creative independence and financial stability?

• In what ways can the podcast industry better support creators and producers to ensure sustainable growth and innovation?

Reference tools, platforms, and resources

1. Patreon: A platform for creators to receive direct financial support from their audience.