Podcasts in India have been around for a while, but it has evolved amid the increasing awareness of this medium especially during the pandemic. The pandemic’s disruptive forces have accelerated the use of podcasts & videocasts as users turned to DIY videos and started listening to podcasts to discover & learn or simply to entertain.

This segment of communication is certainly on a growth trajectory. According to KPMG, India is the third-largest podcast-listening market globally and is expected to grow at a CAGR of 34.5% by 2023. With users turning to newer ways of entertainment and to gain knowledge, the need to enhance content that is enriching has never been felt before as cut-throat competition in this space increases. Both the podcast & videocast industry has created a new genre of creators who help build an ecosystem of content with high retention rates with their audiences.

ET this month looks at 'New Age Learning: Videocast and Podcasts'.

On the Podium, Storyteller, Author & Business Coach, Ashutosh Garg enlightens us on how corporates are making use of this new medium to engage with customers and how his platform, The Brand Called You, continues to inspire while echoing stories of world changers.

In the Thinking Aloud segment, Jay explains how the world of communication has evolved to the videocasts & podcasts of today as they continue to open the doors to educate, market, inform and entertain. In the We Recommend section, we review Vijay Mahajan's book - 'Digital Leapfrogs', - which dives into how technologies continue to transform marketplaces and better lives.

In Figures of Speech, Vikram's toons are 'live' in action!

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What a wonderful world we live in! Technology has democratised society like never before in history. While feudal societies flourished by throttling the voices of the masses through controlling channels of communication, the advent of the twentieth century brought forth new tools that enabled broadcasting of news and voicing of opinions to large populations instantaneously. Come the twenty-first century, and we have witnessed the magic of the Internet in its many dimensions, none more so than the rapid growth of an even more incredible medium, the podcast.

Today, all you need is a computer and a microphone, and you can become a podcaster. If you have access to some additional tools and resources, you can potentially be the voice that millions can hear all across the world. Whether it is to share stories, debate ideas or provoke controversies, the Internet offers you a medium to win the world.

The history of the podcast is an interesting one. While the journalist Ben Hammersley (of The Guardian and BBC) is believed to have coined the term podcasting in early 2004, credit for the earliest podcast is attributed to Adam Curry and Dave Winer. Purists will argue that the origins lie in the audio blogs of the 1980s, but the real fillip came with the genius of Apple when they launched a new version of iTunes in June 2005 with its now iconic logo of Podcasts. The world of podcasts has never been the same. Politicians discovered it too with George W. Bush going down in history as the first President to use the platform, and many others have followed suit.

What makes the medium so special is not just the fact that it is easy to create and distribute. Amongst the various unique traits of us human beings is innate curiosity and a desire to share our thoughts. Engaging in conversation has been a favourite past-time for ages, as also interest in listening to other's opinions. Combine the two and you have the recipe for a show! The infinite variety of programs out there is only natural when one considers that we speak so many tongues and there are a million subjects to talk about! While the United States has the most amount of podcast listeners - some estimates indicate that there are over 117 million monthly listeners (40% of Internet users). Interestingly, Sweden follows next with about 35% of internet users hooked to podcasts. With sheer numbers on their side, both China and India are also expected to emerge as large podcast markets soon.

The fun thing of podcasts is not just the infinite variety of shows but also the flexible nature of the format. Video is a natural combination – though not all show producers have the resources to go down that path. Apart from comedy shows, the genre that seems to be most popular is one-to-one interviews with experts from a variety of fields, with sponsorship readily flowing to comedians doing interviews. Do all podcasts make money? Obviously they don't, but many podcasters are following a passion, and operating on a low budget, that attracts like-minded listeners and are not too worried about commercial success. Consequently, longevity of a show is always in question.

Be that as it may, let's not forget that in less than two decades since the creation of this new medium, podcasts have become an universal phenomenon. Just when people thought that radio is dead, and the hunger for the visual content was ever-increasing, the popularity of podcasts has been a pleasant surprise. From the fringes of being a geek thing to its acceptance as a mainstream medium, one of the biggest pluses that it offers is that podcasts are ideal for a world of multi-taskers. The voice in the background is a constant companion as one gets busy with chores, be it at home or in transit. Besides keeping you updated with news and trends, there is an educational element that is attractive to the guilty learner who frets that she has no time to devote exclusive to learning.

The dangers of influencers over any medium is a reality to contend with, be it TV show hosts or writers. Currently, the world's most popular podcast show is the Joe Rogan Experience, and critics have been up in arms over the host's comments, be it on race, gender, or vaccines. Spotify, the platform that thrives on the show, has not let that come in its way and has refused to take serious action against the goose that is laying golden eggs for it (bar a few disclaimers and band-aid measures).

Right now, thanks to the pandemic, videocasts and pure play podcasts are having a field day. Locked at home, hooked to social media, we have seen new shows emerging. The burgeoning reputation of TED Talks, and growth of Ed Tech, has compelled all the major traditional media outlets (and educators, think Universities) to offer podcasts as part of their bouquet of offerings, to educate, to inform and to entertain. Experts believe that we are on the cusp of something major as a revolution is brewing in learning and entertainment. An early signal for this was in 2019 when Google began to show podcasts as part of search results. A natural corollary to this is search engine optimization, which is a message for companies to refine their marketing messaging.

Companies (as advertisers) gravitate to the honey pot, and commerce rules in society, making it difficult to cull the bad from the good, in the name of free speech. But, the ultimate word is with the listener. Should they choose not to consume foul content, the podcast fades away. Right now, the air reeks of new opportunities – and the scent is strong!

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ET:  Podcasting & videocasting have blossomed into a burgeoning industry that provides brands with an opportunity to engage with a growing consumer base. How has the media tech industry evolved over the years in India?

AG:  While podcasting and videocasting have grown very significantly, no one in Asia has been able to find a sustainable model for monetisation. It will, therefore, take time for people to start scaling using these new age platforms. Whatever little monetizing is done is based on what YouTube gives the podcaster based on what you listen to. This amount is negligible. I don't think brands have started to recognize how much value they can get from different podcasts. They are still going to social media platforms and investing their money. If brands start to put their investments into podcasts and start supporting content-based podcasts that have synergy with their brands, there could be a significant upside for the brand and the podcaster.

The US is the only place where people are beginning to see a little bit of monetizing beginning to happen and that is because they have a large customer base. Currently, if you look at most of the other markets, what is being watched the most is TikTok, Reels or similar products on various social media platforms. The viewership or listenership of podcasts in India is still low. Therefore, it will take a year or two before the audience starts to understand these new age platforms.

The Brand Called You (the biggest platform in the world with over 1,200 recordings) is beginning to see traction with viewers and listeners, but it is still not large enough, given the number of diverse conversations we have from leaders from over 30 countries. I do believe that it is a matter of time before our content is recognised globally.

ET:  Corporates are engaging their customers through various tools. What makes new age tools such as podcasts and videocasts appealing to audiences compared to traditional marketing & branding strategies?

AG:  This is a great question! What podcasting & videocasting can do is that they can give marketers or brand managers an opportunity to focus sharply on their target markets. For example, if someone sells shoes, and these shoes are segmented into income, gender and which part of India will they be more relevant in, they can actually curate a podcast around their need through conversations and experience sharing.

For example, in The Brand Called You, if I am talking to an author there is a possibility for someone who wants to be an author or a publisher or wants to publish another book. They can all become a part of the conversation with the author, because the audience will be focussed on what the author is saying and the advertising or the messaging will add on to other similar products as well.

One of the major mistakes that marketers make is that they assume that India is just one big contiguous market. It is important to sharpen communication and segment the market better.

ET:  What has been the impact of the pandemic on engaging with consumers through podcasts and videocasts?

AG:  The pandemic has given an incredible tailwind for podcasts. Suddenly people are listening to podcasts much more because they have more time now, when they are walking, running, or on the treadmill. It has become an alternate form of entertainment, and in this entertainment time, they are getting knowledge.

There is a lot of talk to reduce screen time and physical exercise is the solution to this.

People have more time to go to the gym and when they are doing so, they also want to listen to something. I think the pandemic has been very good for podcasts, not just in India, but all over the world.

ET:  Can you tell us about your media tech company – The Brand Called You and what inspired you to create a platform that re-defines banding?

AG:  I have been very fortunate in my career both as a professional manager and as an entrepreneur.

I have had a long-held hypothesis that in most countries, a few people are spoken about all the time, when in fact, there are thousands of amazing stories. So, I decided to start telling stories of these amazing people.

The Brand Called You, has become the largest podcast / vodcast platform in the world, with over 1,200 recordings in 3 years. We have a small team of 6 young manager who handle everything. They also reverse mentor me. I do the interviews and the team takes over after that. Everything that goes into the video and editing, is done by young colleagues. We produce about 50 videos every month, clocking in 8,000-10,000 views per day. 74% of our viewers under 34 years.

People write to us from all over the World to be share their stories.

ET:  What is your advice to readers to develop themselves as a brand and leave a lasting impact at all times?

AG:  Each one of us has something very special to offer based on our unique experiences.

Our first branding happens when we got our unique name. Then our characteristics or features are given by our parents through our gene pool. Then we are given education and other life skills. Every time we do something that is correct or incorrect gets recorded in our "ledger of life". In today's digital world, nothing is hidden. Everything is recorded and is traceable.

Our legacy which is our own name survives only for three generations. So, if I were to ask my children, what was the name of my grandfather, they won't know the name. They will know the name of their grandfather, who is my father. In any relationship, unless you have an iconic name, in all probability, most of us will be forgotten in a few generations.

Therefore, a personal brand is very important to leave a legacy. For this, we need to do a lot of things. When we are working, we must make sure that we are being heard. We must live with integrity and honesty. When it comes to telling our story, we have to be sure that we tell our story. Which is why, I encourage people to write their own books.

Each one of us must make sure that we build our own personal brand, and that is what truly belongs to us.

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The pandemic had a far-reaching impact both positively and negatively. While businesses and economies slowed to a snail's pace, it brought the world a little closer and more connected than it has ever been before. As social animals, we found a digital lifeline, which allowed us to continue to work, entertain and stay connected.

Vijay Mahajan's recently released book, Digital Leapfrogs, is an eye opener to the technologies that continue to shape the lives of people especially in developing countries. The ubiquitous use of the Internet and mobile phones and the clever usage of digital devices and applications have boosted incomes and enhanced the welfare of the people who have access to them. These changes have moved beyond to transform economies and markets in developing countries in all sectors - from education to supply chains.

By definition, digital leapfrogging is taking the lack of existing infrastructure as an opportunity to adopt newer technologies. While technology in itself cannot substitute the human experience (Read Zoom classes that can never replicate the interaction present in a physical classroom), digital leapfrogs offer a means to organize consumer markets. Take a look at IndiaMART, which serves as an online marketplace, makes products available in places where they were previously unavailable, and in ways that have helped create a better, more egalitarian world.

A handful of key leapfrog technologies - particularly mobile phones - have opened a variety of new opportunities in developing nations. In the telecom spectrum, India's Mukesh Ambani of Reliance Jio fame, drove the rapid spread of data access in India with an aggressive strategy to provide low-cost feature phones and smartphones, as well as free 4G data connections; Jio amassed a huge subscriber base in less than two years and is in talks to create a Super App to bring all its offerings under one umbrella! In the entertainment world, Hotstar has become one of the largest streaming services in India, broadcasting highest-demand video and entertainment content including the Indian Premier League cricket, which cost the streaming company $2.5 billion in licensing cost!

Meanwhile, Nykaa, which focuses on beauty and fashion products, aims to appeal to the Indian population and has moved beyond e-commerce and developed a unique combination of online and brick-and-mortar sales. It focused on ways to reach and distribute to customers in smaller cities, opening their potential market to a wider portion of the roughly $12 billion Indian cosmetics and personal care industry. Their strategy allowed them to bypass unorganized retail channels via online sales, without abandoning the idea of an organized retail store network that many consumers preferred.

Vijay Mahajan holds the John P. Harbin Centennial Chair in Business at the McCombs School of Business, University of Texas at Austin and is a fellow of the American Marketing Association. Apart from various case studies from different sectors of the Indian economy, in parallel, the author has painstakingly looked at the Kenyan economy to understand how similar digital technology trends played out in the consumer markets. Our digital connect has only just begun, and the author promises that there is a long way to go, to build more vibrant consumer marketplaces and foster richer, healthier and more rewarding lives.

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