India's podcast industry explodes with video, but faces monetization hurdles

Most podcasts are now also available along with video and can be streamed on YouTube, creators say, which may make for greater expense but has also brought a new audience into its fold besides making for easier monetization via advertising.  (X)
Most podcasts are now also available along with video and can be streamed on YouTube, creators say, which may make for greater expense but has also brought a new audience into its fold besides making for easier monetization via advertising.  (X)

Summary

Most podcasts are now also available along with video, and can be streamed on YouTube, which has created a new audience base. But while viewing instead of just listening has made it easier to get sponsorships, the rise in production costs means profitable monetization remains a challenge.

India’s audio-only podcast industry, which saw a surge during the covid-19 lockdowns but failed to sustain the momentum after the pandemic ended, has discovered new growth opportunities with visual elements being added to the shows.

Most podcasts are now also available along with video, and can be streamed on YouTube, creators say, which increases production costs but has also brought a new audience into its fold. Thus, while viewing, instead of just listening, has made it easier to get advertising and sponsorships, the rise in production costs means profitable monetization remains a challenge.

“Without doubt, there is a lot more content getting made across genres and formats, and YouTube has helped supercharge what we’d now call viewership, not listenership, and changed the nature of the business," said Amit Doshi, head, IVM Podcasts-Pratilipi.

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IVM has seen success with shows like Cyrus Says, Paisa Vaisa, The Habit Coach, Mind Over Money, A Century of Cricket and Finance Flashback.

Doshi said the viewership numbers are exponentially higher since podcasters took to video, reaching six-figure downloads from hundreds or thousands, which is understandable given that people are a lot more comfortable with video.

Monetization and the future of podcasting

Further, advertising support, which was a challenge with audio-only podcasts, is also easier to get. Yet, given that the cost of production is higher with video, experimentation isn’t commercially feasible. “The other disadvantage is there are a lot more dropouts with YouTube, whereas audio is something that people ordinarily finish when committed to it," he said.

Podcasts as a new avenue for storytelling have definitely exploded in the last couple of years, agreed Lal Chand Bisu, CEO and co-founder of Kuku FM, an audio entertainment platform. The low barrier to entry, widespread availability of platforms for distribution - social media channels, ease of content creation and more has made it accessible to people - creators and producers alike. “However, podcasts as a form of content are only working on YouTube, and not on other platforms, as monetization is extremely difficult," Bisu pointed out.

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To be sure, experts like Doshi said podcasts are no longer restricted by genre and YouTube has made everyone an audience for the format.

“The Spotify Wrapped data for 2024 shows that horror, true crime, and self-help podcasts were the top choice for listeners, and local creators spanning different genres stood out with regard to podcast consumption. Of the 10 most loved podcasts launched in 2024 on Spotify locally, five were led by women," Unni Nambudripad, podcast lead - India, Spotify, said.

That said, some industry experts point out that taking podcasts to YouTube has also led to a lot of passive consumption, with places like gyms, salons and small stores often playing them without anyone really listening. Which is why the numbers may not exactly be reflective of a larger audience base for the format itself.

“Any kind of a conversation is now becoming a podcast. But unlike the pandemic, there is no meteoric windfall witnessed by the category, even though listenership is growing consistently. The supply has definitely increased, but it also brought in a lot of synthetic content that lacks human appeal and is only created to build libraries," said Sreeraman Thiagarajan, chief executive officer at aawaz.com, a spoken-word and podcast network.

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