Why Podcasts Fail

 In early spring 2021, Apple calculated that there were about two million podcasts in existence. That number attracted a lot of media and social media attention. Questions abounded about the amber waves of audio that stretched out as far as our ears could hear.

While many accepted that number without any doubt, others decided to dive into the podcast pool and find any lost treasure of more valuable data.

First, these data sleuths noticed that an eye-popping 26 percent of podcasts only produced a single episode. So that dropped the number of podcasts with multiple episodes to about 1.48 million podcasts—still, a feeding frenzy by the audio media ensued.

Then, data detectives looked at the number of podcasts with three or more episodes. Now, the number of podcasts had dipped to about 880,000 podcasts. Clearly, thirsting for more numerical certainty, these number nerds discovered that about 720,000 podcasts had produced ten or more episodes. 

Finally, the number crunchers looked at podcasts that generate weekly episodes. That number is 156,000. That's an impressive number, considering that planning, writing, recording, editing and mixing, and releasing a weekly episode is akin to Sisyphus pushing that rock up the mountain only to have it roll down again and began the process all over again.

With weekly podcasts, there's no time to bask in the glow of the last episode. Time schedules must be kept, and a new episode must be born from the exhausted minds of the podcast creators.

After evaluating these numbers and concluding that many podcasts are started that are quickly abandoned, it's fair to ask: Why do so many podcasts fail?

Skin in the game

TV pilots are so expensive that production companies lose a bundle even if the show is picked up by broadcast or streaming. Therefore, bankrolling a TV pilot requires money and time.

Radio stations often make little or no profit in the first few years of existence. It takes time and money to find a niche with a suitable format in the right market. Even then, a recent survey revealed that only 13 percent of radio stations are even profitable.

By contrast, a podcast can be set up with a laptop, microphone, and then the sweat equity that comes from developing and recording a podcast. Many podcast hosting companies like Anchor have free hosting plans.

"The average person can't dabble in producing a TV show," begins podcast consultant George Witt. "But they can create a few episodes of a podcast for a few dollars."

"It’s that low bar for financial outlays that attracts motivated amateurs to podcasting,” notes Witt.

Casper Walters, a sound engineer and mixing specialist, observes that many new podcasters balk at spending the money when their first few episodes garner attention, even though they have to “up their game” with better equipment and a pro sound mixer.

“Many new podcasters start just to have fun with the experience,” Walters says. “When it becomes a business, many decide to opt-out and stop podcasting.”

“Even to produce a twice a month podcast episode costs money,” says George Witt. “Then it becomes a business. And for podcasters with listener goals that do not extend beyond the family and friends, it stops being a hobby.”

The necessary skills

There is no podcast educational background and certification. A few schools like UNLV in Las Vegas offer podcasting classes, but essentially it’s a self-taught skill. In 2009, comedian and radio host Marc Maron began a podcast called WTF. The interview-style podcast was recorded in Maron's garage – nicknamed the “Cat Ranch.” Maron’s podcast became one of the most popular shows in podcast land. Although the podcast began after Maron had been fired from his radio show and was initially recorded on a shoestring budget, Maron had experience as a host and in the entertainment business.

“Many people who start podcasts have some kind of background in radio, public speaking, or entertainment,” says sound engineer Casper Walters.

“Even academics and authors do well when developing a podcast,” notes Walters, “Because they have experience with interviews and speaking in front of large groups.”

While Walters concedes that many gifted amateurs have started and developed successful podcasts, he also recommends intensive training for hosting duties and multiple rehearsal sessions.

With the technical aspects of podcasting, Walters understands the barriers.

“A free podcast software program like Audacity is not that intuitive,” observes Walters. “And can be difficult to master.”

“Even paid programs like Adobe Audition can tie you in knots,” says Walters. “And it’s a commitment with a subscription price of over $250 a year.”

Many new podcasters begin with no script, confident that “shooting from the hip” preserves the spontaneity, only to discover that even a skeletal script is often vital to keeping the podcast on track.

“Writing a podcast script is one of those skills that often elicits an ‘easy peasy response,’” Walters says. “In reality, it’s a lot more complicated deciding whether your script should be word-for-word, bullet points, or outline.”

Show me the monetization

There are numerous examples of new podcasters breaking through the sound barrier of the podcast. For example, Pat Flynn is the owner of Smart Passive Income (SPI) blog and podcast, which is a top-ranking business podcast in iTunes and has been featured in The New York Times. The SPI podcast has been downloaded over 18 million times.

Flynn has been a virtuoso at monetizing his podcast, as has Jamie Masters (Tardy), who has built a thriving online business. Tardy found herself with $70,000 in student loan debt and started a podcast – Eventual Millionaire – where she interviews successful entrepreneurs. From the podcast, she’s built a business that includes online sales, books, and public speaking.

There are multiple ways to monetize a podcast,” says Casper Walters. “You can build a brand and stretch out into online sales, books, merchandise, and speaking engagements.

“Or you can find advertising sponsors and generate revenue through the ads. Some podcasters use Patreon for a subscription-style payment model, and others simply ask for donations on their website or during the podcast to continue to fund their podcasting efforts.”

Of course, attracting ad sponsors typically requires robust download numbers, as does a subscription model and even listener donations.

Walters notes that authors and entrepreneurs are often successful at monetizing their podcast because they’ve sharpened that skill by marketing their books or business.”

“Monetization often becomes the dividing line between aspiring podcasters who are also sharp business people and those interested only in the creative aspects,” begins Walters. “And those new podcasters who either have no interest in the business side of podcasting or simply aren’t very adept at it often find their podcast goals unsustainable.”

Get to the next level

It takes a unique podcaster to take their podcast to the next level. Take Science Vs, the Gimlet / Spotify science podcast. Science Vs started in Australia when Wendy Zukerman, a science journalist, heard about actress Gwyneth Paltrow and her company’s claims about steam cleaning woman’s private areas.

With Australian Broadcasting Company’s Kaitlyn Sawrey of its podcast division onboard, the Science Vs podcast was birthed and quickly became popular with its unique style.

“When we began in Australia,” said Wendy Zukerman in a 2019 interview with Podcast Reports, “we quickly discovered that we had a lot of American listeners.”

The podcast's popularity soon attracted the attention of U.S. podcast creators, and Gimlet purchased the show in 2015. Zukerman and Sawrey made the move to the U.S. along with the show.

“In Australia, I did all the research,” begins Zukerman, “and I had a podcast engineer for just an hour a week. Now with Gimlet, we have an entire staff for research and a dedicated sound engineer.”

Propelling a podcast to that next tier of popularity and profitability takes a careful blend of luck and hard work.

As President Thomas Jefferson once said, “I find that the harder I work, the more luck I seem to have.”

Casper Walters agrees that it takes a unique person to nurture a podcast from conception through development and into maturity.

“It’s like a business startup,” Walters notes. “We’ve all read of situations where the founders of a business are no longer able to guide their creation into a mature, thriving business because their skillset isn’t a match."

Walters continues: “A successful podcaster has to be like a Jekyll and Hyde. Good at the creative side of podcasting. But also adept at running the podcast as a business. It’s a balancing act that not everyone can manage.”

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There are as many reasons for the failure of a podcast as there are podcasts. However, it’s notable that podcast success requires a roster of necessary skills that include creativity, passion, hosting skills, technical aptitude, business savvy, a commitment to your listeners, and flexibility.

Long-time podcast consultant George Witt has a different take on podcast prospects.

“I don’t see podcasts that last a few episodes before ending as necessarily a failure,” Witt says. “If you check out the bios of many successful podcasters, they often started their first podcast that failed. Some podcasters have experienced multiple false starts. But from that experience, they learned, adapted, and found the right formula for success in podcasting.”