Podcasts in Ukraine: How to Make Money with Them

People caught up in the hectic pace of life often don't find time to read books or watch TV, even on topics they find interesting. But they enjoy listening to audiobooks or podcasts while commuting, working out at the gym, or doing housework. A smooth, relaxing voice, or a cheerful and energetic one, in headphones can improve your mood and provide the opportunity to receive interesting and useful information at a convenient time. Audio is convenient, and that's why its popularity is growing every day.

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The rise of podcasts

Podcasting is the process of creating and distributing audio or video files (podcasts) in the style of radio and television broadcasts on the Internet.

Podcasts in Ukraine aren't yet as popular as in Europe or the US, but more and more Ukrainians are discovering this method of receiving information. This is evident from the launch of podcasts by media outlets such as UP, Was.Media, The Village Ukraine, the scientific and philosophical journal "Kunst," and many others. The OTT service Megogo launched an Audio section with podcasts and audiobooks. In 2019, the Ukrainian community of author podcasts "Radio Podil" was created, bringing together specialists from various fields willing to share their experience and simply want to convey their point of view. The podcast market is growing, although it cannot yet be compared to the market in the US, where podcasting has already become a trend. Survey results show:

• More than 55% of the US population listens to podcasts;
• In 2020, more than 155 million people listened to podcasts weekly;
• About 24% of the US population listens to multiple podcasts weekly;
• Podcasts are most popular among listeners aged 25 to 44, with this age range accounting for 49% of the total number of listeners;
• 49% of people listen to podcasts at home;
• 22% – behind the wheel;
• 11% – at work;
• 8% – during training.

It's difficult to say how popular the podcast format is in Ukraine in terms of numbers, as no such studies have been conducted, but the overall trend of increasing popularity is very noticeable.

Podcasts are convenient

As modern life accelerates, podcasts are becoming increasingly popular. Audio content can be listened to in the background while doing other activities that don't require concentration.

An important aspect of podcasts' popularity is the ability to control audio playback: listen again if necessary, or pause.

The audio format of podcasts allows you to delve deeper into a topic of interest without spending time reading or watching videos. Podcasts can offer articles in short chunks, perfect for your daily commute or homework. At the same time, the length of a podcast typically allows for a deep dive into the topic and a thorough understanding of the subject.

Podcasts offer a wide variety of content delivery options: monologues, talk show hosts, interviews, free-form and scripted conversations, as well as topics covered: news, society and culture, history, health, business, and politics – there's something for everyone.

Podcast Monetization

Free content is very convenient for listeners, but creating it takes a lot of time and effort. Furthermore, content creation requires equipment and production time. To offset this cost, you need to find ways to monetize the content.

In the US, the podcast market is already well-developed and its revenue is constantly growing. Podcast advertising is quite common there.

In Ukraine, few brands are yet willing to invest in podcast advertising. Many companies doubt its effectiveness, as the Ukrainian podcast audience is not yet large enough, and they are unwilling to take the risk. For podcasts to be attractive for traditional advertising, the number of listens must be in the thousands.

Currently, a good option for monetizing podcasts is crowdfunding, which allows listeners to make voluntary donations through these methods. Many Ukrainian creators have mastered this approach and are successfully operating.

Development Prospects 

Perhaps the most significant advantage for advertisers is that 80% of podcast listeners complete an episode. Dropout rates for podcasts are significantly lower than, for example, for YouTube. Combined with relatively low competition and growing popularity among listeners, this makes podcasts a promising direction.