The Creative Funding Show is a podcast for authors, YouTubers, and podcasters who want to fund the work they love. I’m your host Thomas Umstattd Jr., and with me today is Steve Olsher,  who’s known for helping individuals and corporations get exceptionally clear on the one thing they were created to do. His no-holds-barred approach to life and business helps his clients achieve massive profitability while leading lives of purpose and contribution. He also runs the New Media Summit and hosts Reinvention Radio.
Is podcasting just a fad?
Thomas: You have a podcast, and the New Media Summit is specifically for podcasters. What would you say to people who think podcasting is just a fad?
Steve: I think there was a time when people questioned whether podcasting had staying power. It started in basements, so to speak, and some folks weren’t sure it would go mainstream. But that’s no longer the case.
Now that Wi-Fi is standard in cars, Apple CarPlay and Google CarPlay are more prevalent, and NPR and other major media outlets have podcast momentum, there’s no way podcasting is still a fad. It’s growing rapidly. In fact, I recently heard that, for the first time, podcast listenership has surpassed satellite radio, which is huge. That happened in the first quarter of 2018. So yes, podcasting is alive and well, and the fear that it’s a passing trend is behind us.
Thomas: I come from the terrestrial radio world. I used to host a radio show, and people have been predicting the death of radio for over 60 years. TV was supposed to kill it. Then 8-tracks and then cassette tapes. Yet radio’s still around. If radio can last, I think podcasting has an even longer road ahead.
Steve: I agree. In fact, I think podcasting may eventually lead to radio’s final demise. Having done interviews on both platforms for 20 years, I can say that most radio goes unheard, while most podcasts are actively chosen by listeners. Podcasting is a pull medium. People raise their hands and say, “I want that.” Nearly 100% of podcasts are listened to. It’s the opposite of traditional radio.
Why is podcasting better for measurement?
Thomas: There’s a reason I now have several podcasts and no longer do radio. Coming from the marketing world, I was used to measuring everything. With radio, you have no idea how many people are listening. They use clumsy methods like surveys or tracking devices, but it’s not precise.
With podcasting, you get much better data. YouTube is even more advanced. You can see exactly which second someone stopped watching. That transparency helps creators adapt more quickly to what their audience wants and improve their content.
Steve: I completely agree. We still have room to grow in podcasting when it comes to tracking and metrics. Some platforms are trying to improve that, but generally, when someone downloads your show, you don’t really know who they are. That’s one of the few downsides. Still, it’s far ahead of radio in terms of engagement and feedback.
Thomas: It’s one of the last anonymous things you can do online. A website knows everything about you, but when you download a podcast episode, all the host knows is your device type, app, and maybe a few more details. That’s it.
Do you need your own podcast to profit from podcasting?
Thomas: Let’s talk about the money side. Do people need to have their own podcast to make money from podcasting?
Steve: Not at all. We actually have a course called Profiting from Podcasts that focuses on monetizing the guest side of the equation. You can absolutely make money as a guest without having your own show.
That said, I’m a big advocate of starting your own podcast. As you get clearer about your topic of influence (...