What does a sustainable podcast look like: A perspective worth exploring
I know it’s been awhile since I’ve written a blog post, however, I’m back! So what have I been up to? As of August 2019, I’ve been mentoring a collective of 25 Podcasters who fall into two categories: Content creators who are working towards launching a podcast, and content creators who have existing podcasts. The objective is to facilitate in helping Podcasters grow and scale their brands. So far, it’s been an incredible learning experience! I love the challenge of stepping outside of my comfort zone to learn a new industry, the business practices, models, and strategies used to grow and scale a media platform.
I set out to create a space where individuals can learn about building a successful podcast brand collectively in a collaborative environment. We meet once a month in Oakland, CA. Each session is designed to tackle any challenges members of the collective are facing in their business. We discuss strategy, implementation and execution, with the goal of each content creator fully equipped with an action plan.
Have you been pondering on how to grow and scale your podcast brand? Here's a perspective worth exploring:
Sometimes in business, it really isn’t necessary to “reinvent the wheel”. I tell entrepreneurs all of the time to research existing business models to have an understanding of what makes a particular company successful.
Often times, using existing business models may work in the favor of a specific company to start, and even scale. A great example of this is Uber and Lyft. Uber, the ride-sharing app launched in 2009. Uber didn’t exactly “invent” the idea of ride sharing. Taxis were first launched in 1897 , transporting riders to their preferred destinations. As technology evolved over the last 122 years, accessibility, demand, and innovation lead to the invention of what we know today as “ride-sharing services”, by way of an app.
In 2012, Lyft launched in 24 cities in the U.S. Uber and Lyft’s business models are somewhat similar, although Uber’s business model has since evolved to the on-demand food delivery market. The point? The businesses models existed long before Uber and Lyft, however each company was able to expand on what already existed to fit their business objectives. The same can be said for Podcasts.
If you’re wondering how to grow your podcast brand, let’s take a look into a case study: The Anfield Wrap.
The Anfield Wrap is a UK based media platform for Soccer fans. The brand’s content highlight’s Liverpool Football Club. The Podcast hosts covers every game of The Reds, home and away games in the Premier League, including the cups and European competition. Sprinkle in a little LFC news, gossip and analysis, you have yourself a variety of entertaining content.
The Anfield Wrap has successfully grown the media platform to over 80,000 active listeners per month, since 2011.
How they got started?
Originally the show started out with two podcasts per week in 2011. From 2011 to 2016, the platform incorporated podcasts, radio shows, videocasts, live shows, magazines and website articles. TAW has grown from two free shows a week in 2011 to a subscription package of 30 shows a month in 2016.
The Anfield Warp’s business model:
Roughly 80,000 listeners
Over 10,000 subscribers paying $5.00 per month = $50,000 per month
$50,000 per month X 12 mos = $600,000 per year
Subscription package: 2 free podcast + 10 premium podcasts a week
Other streams of revenue: The Anfield Wrap sells merchandise, including, hosting live shows, while incorporating advertising from sponsors into their business models.
Total staff members on the team = 11
The important takeaway from this is, to study platforms such as TAW’s business model to get an idea on what elements you can incorporate into your growth strategy. Determine what makes sense for your short term and long term goals. Build upon that strategy using TAW’s business model. You don’t always have to “reinvent the wheel”, if it’s not necessary. Using existing business models does not take away from your brand, messaging, nor value, it simply gives you leverage to grow and scale your business.
If you’re interested in learning more about The Podcast Collective, shoot us an email.