India is being considered among the top five countries using the Google Podcasts application since its inception in 2018. This figure is predicted to grow bigger and bigger with time as the industry gets broaden in future.
The Indian podcast industry is all set to boom with time as communication is becoming more content-centric with each passing day. Keeping the stats and industry predictions in mind, the Indian podcast industry is all set to become the next big thing by 2020.
While the podcast industry is still a new concept in India, its existence on a global level just can’t be ignored. Countries like the United States have the most advanced podcast market, where the medium is gaining huge popularity in India as well.
The podcast industry in India is has been quite successful in attracting the young population of India. Though the numbers are not specific, India is being considered among the top five countries using the Google Podcasts application since its inception in 2018. This figure is predicted to grow bigger and bigger with time as the industry gets broaden in future.
In an interaction with Franchise India, Amit Doshi & Kavita Rajwade, Founders of IVM Podcasts talk about how lucrative the podcast industry can be and how its future looks like. Excerpts from the interview:
The Need for a Proper Business Model
Since the podcast segment is still in its early phase in India, it’s difficult for entrepreneurs to discover and analyse what sort of business model is required in order to compete successfully in the domestic market first, and later internationally.
Amit Doshi says, “Despite being a new concept in India, the podcast industry has successfully marked its presence in countries like the United States. And every country has its own business model that is designed keeping the nation’s characteristics in mind. Thus, entrepreneurs that are willing to establish their career in the Indian podcast segment primarily needs to design a proper business model that could make sense in this market.”
The Future of the Podcast Market in India
Without a doubt, the industry is fairly in its initial days where the segment requires the right awareness through different marketing strategies. But despite being in its early days, the industry is growing at an exponential pace, believed to transform into one major lucrative segment in the near future.
“Since there is a big requirement of good conversation in this country, the future of the Indian podcast industry is extremely bright. We are going after the future of audio. Our nation has been listening to radio forever and now it’s time to innovate in something that we all are already familiar with.
As a podcast firm, our prime motive is to introduce and spread the concept of talk radio which is already a massive success in countries like the United States and the United Kingdom,” added Kavita Rajwade.
Factors behind the Boom of the Indian Podcast Industry
“Cheap database can be the first and foremost factor that is heavily causing this industry to boom with changing time. Also, the country’s rising great voices are heavily contributing to the boom of this sector. Such people require a platform where they can communicate their opinions, messages, and conversation to the entire nation on different content categories.
This is where the podcast industry emerges out as a platform, welcoming those sharp voices to convey things that can educate and inform the people of our society along with marketing and promoting brands,” shares Team IVM Podcasts.
A podcast-related business could be initiated from a single room which makes it a pocket-friendly and a great business idea. While you might be saving loads on renting, equipment for podcasts might be a bit expensive, which entrepreneurs must spend on in order to maintain the quality.
Some of the equipment that you will require before starting your own podcast firm are:
- Boom Arm
- Audio Editing Application
Note that the above-mentioned equipment comes in different options, depending upon their quality and price. Have a look at your budget and then finalise what equipment suits your pocket as well the business for the time being. You can shift to heavy and expensive equipment once you start profiting from the business.