YouTube is now offering six figure incentives to podcasters and wants more people to make videos for their shows.
The company is extending offers of USD$50,000 to individual shows and USD$200,000 and USD$300,000 to podcast networks, according to insiders, who asked not to be identified because the matter is private. Bloomberg reports that the money is to help producers create filmed versions of their episodes or make other supporting content.
Before now YouTube has not invested much into podcasting even though they are the most powerful streaming platform.
The company’s interest started last year when they appointed their first head of podcast Kai Chuk to lead the efforts.
All across the world major stars, like Joe Budden, Joe Rogan and the H3 team, have shows that become popular on the platform then went on to ink hundred million dollar deals elsewhere.
Here in Jamaica, music media platforms like Onstage, The Fix, our own World Music Views and a few others, grew a following on the service thanks to its discovery algorithm.
Separately more than 200 podcasts have been launched by Jamaicans, ranging from topics about Moms, to Athletics. Some of the podcasts are hosted by highly influential persons in the Caribbean community who already have an audience interested in anything they do, such as Debbie Bissoon, Tami Chin Mitchell, Krystal Tomlinson.
Podcasting is a digital recording of either video or audio for streaming and downloads. This makes it much different from broadcasting which is largely available on the AM/FM frequencies in specific times slotted on the airwaves. Due to the nature of podcasts, both the host and advertisers are exposed to more unique audiences inside and outside the demographics. The content is always available and it is unregulated except for protection under international copyright laws, libel laws and other rules set by the hosting platforms.
The successful podcasters all over the world cater to a niche market for which they have expert knowledge or they bring in guests with the knowledge. Olympic athlete Warren Weir who launched his podcast, “Weirz World” focuses on sports, lifestyle and culture.
Podcasters use both YouTube and other platforms to distribute episodes.
Since the pandemic more Jamaican artists and entertainers visit entertainment podcasts for interviews, reviews and music premieres before they go to mainstream television and radio shows because the podcasts allow them to have more open conversations to a wider and more direct audience pre-programmed with an interest in music.
As of January 2022, YouTube has more than 2 billion active users according to Statista. YouTube Premium and Music together have more than 50 million subscribers in the world. More than ¼ of the world’s population use YouTube every month. Around half of the internet users around the world have access to YouTube.
