Each form of media was disrupted by technology and the internet: tv ratings have been slashed by the rise of online sites posting television shows to their sites which gave viewers to watch this content on their own time. TV executives also found a new and unexpected competitor in the streaming site Netflix which revolutionized the way that audiences discovered and consumed television and movies.
Rather than having to wait for their favorite shows or reruns to air, Netflix allowed audiences to watch their preferred TV show anytime they wanted and unlike illegal streaming sites these viewers could watch their shows on their television.
Newspapers and magazines found themselves having to compete with bloggers who offered more specialized content and greater interaction with audiences.
Some blogs like the fashion publication Man Repeller and sports site SB Nation were even able to grow into publications in their own right and compete with traditional fashion magazines and sports journalists who typically dominated that space.
The notion of technology disrupting television (i.e. cord cutting) and journalism (i.e. social media and blogging) is often discussed but the way that technology has disrupted the traditional media format of radio is rarely discussed. Learn more about Norman: https://ideamensch.com/norman-pattiz/ and https://medium.com/@normanpattiz
Arguably podcasts have done or could do to radio what the internet did to TV and print media. Born of the increasingly rare iPod, podcasts allow anyone with a microphone, audio editing software and a strong opinion to create the equivalent of a talk radio show and distribute that talk radio show to anyone with a computer or mobile phone.
Audio platforms like Acast, Soundcloud, Stitcher radio and the iTunes store allow listeners who are interested in consuming audio-based media the opportunity to easily access and listen to audio that suits their interests.
What makes podcasts different is that as a relatively young form of media the business and advertising models that support them are still being developed. Podcasters and podcast networks may find themselves needing to prove to advertisers who are unfamiliar with the format that purchasing podcast ads is a worthwhile investment.
Companies like PodcastOne, which was founded by Norman Pattiz are helping to change that. In February Pattiz shared the findings of a study pothat was conducted to explore the value of podcast advertisements. The study found that factors like unaided product awareness went up nearly 50% for financial services products and awareness of campaign messages for automobile aftermarkets went up by 60% percent.
Norman Pattiz, a radio veteran who was appointed by two US presidents to serve on the Broadcasting Board of Governors and is a National Radio Hall of Fame inductee, is helping to lead the charge to evolve the young industry of podcast advertising into a robust profitable business at his company PodcastOne