THE NIGERIAN PODCAST MARKET SEEMS TO BE WAKING UP TO ITS POSSIBLE POTENTIAL, BUT THE VIDEO CONTENT MARKET IS BEATING IT DOWN. WHAT MIGHT BE CAUSING THIS? SCROLL DOWN TO FIND OUT!
The possibilities of video content is growing and taking over the Nigerian content market. On the other hand there is a gradual but increasing rise in the popularity of podcasts in Nigeria. Is there therefore a possibility of takeover of the content market by the podcasts in Nigeria? At present, the Nigerian Video content market is booming and one may wonder why this is so considering how expensive data is in the country. The growth has been speedy and quite immense even producing her own crop of Youtube stars, same cannot be said of the Nigerian podcast space.
In the Nigerian Podcast space, the iTunes podcast market seems to be topped by Christian and inspirational channels, nevertheless this does not reflect the general podcast space. Though today there are no available and credible statistics, some podcast channels have gained traction over the years and are fast becoming popular.
The Loose Talk podcast, a pop culture and social commenting show has gained the right momentum over the years in the Nigerian podcast space. The show has three known journalists as its host, Osagie Alonge, Steve Dede and Ayomide Tayo. Topics on the show spin from general pop culture trends in music, art to culture, politics and so on. When we talk about popularity in the Podcast market, we are talking about a listenership close to 2000! Poor from the eyes of an average Nigerian Youtuber but huge in the Podcast space. Another notable show raking “laudable” listen-per-podcast is Cobhams Asuquo’s Top 12 Countdown. Hosted by the renowned producer and performer, the show is reaching a sum total above 2000 listens. At this juncture we would like to state that we miss gidiloudge's #NoRubber
Youtube ranking on social bakers states that pages like that of Mavinrecords, Psquare and Markangelcomedy are raking in over 1.5 million views! Huge numbers when compared to the podcast market.
Here are the reasons why we think the video content market is holding onto this landslide victory:
Like the podcast platform, YouTube offers users the chance to create their own channel. One notable advantageous fact on video marketing is the chance to reach a global audience, this may not be same for podcast. Podcasts are too specific; searching and finding a podcast channel may not be as seamless as with google or Youtube. Video content on Youtube will have its content pop up easily on first and second search page of most popular search engines. What may take one video to express might require five web pages to articulate and a very good, eloquent and articulate speaker to express via podcast. Video content displays nonverbal communication, can integrate all other media (audio, visual, text, infographs etc.) and can be quick and easy to grasp, hence the medium is standing taller and taller than its audio counterpart.
A simple look at the digital community shoes that Video is the giant of all other media. With easy and instant access to filming, editing and publishing videos, YouTube has become the second most popular social network as of late 2016. Other video sharing platforms Snapchat, Periscope etc are at the top, as well. In addition to this, almost every major social media platform (Facebook, Twitter, Google+, Instagram, LinkedIn etc.) have all made it easier to upload, view and share videos. This can’t be said for audio upload and sharing. Podcasters traditionally rely on advertising and sponsorships to monetize their hard work but this doesn’t come as easy as on Youtube and other video sharing platforms. There also is a current fact oflittle to no knowledge of use and ambiguity around the podcast market in Nigeria. Therefore podcasters are not cashing out like their Youtube counterparts.
Seeing that video content is winning means content creators and brands will still focus more on where their audience are looking the most (Video). Yes, Podcasts are rising as a fact but may never catch up to the video content market, digital trends are opening up more possibilities for video than that of audio. We look forward to broader borders for the audio and podcast market, thankfully streaming technology seems to be lending the needed shoulder for this.