James Mulvany, the entrepreneur behind a well-known radio streaming service, reveals that his new venture into the podcasting industry might see significant growth compared to his existing platform. With a £300,000 debt financing from the Northern Powerhouse Investment Fund, Podcast.co is anticipated to launch in the first quarter of 2019.
Mulvany stated that businesses, both large and small, perceive podcasts as a new and effective way to reach their audiences. He remarked, “Podcasting is an exciting area at the moment in terms of growth and it’s a logical next step for us.” Although the product is not yet on the market, he noted that a substantial number of inquiries are coming from businesses rather than hobbyists or individuals. According to Mulvany, digital agencies are recognising the value of podcasts as an addition to traditional marketing strategies, emphasising its potential.
The established radio streaming platform offers tools for users to create and manage their own radio stations via the cloud. In contrast, podcasts serve as on-demand audio content. Currently, the market-leading platform has more than 4,000 operating channels, with notable users such as Vice, Unicef, and Cult Records. Despite its growth, Mulvany acknowledges that it will always be a niche market, while expecting Podcast.co to expand at a much faster rate.
Mulvany expressed a desire to have entered the podcast market earlier but remains optimistic about its future potential. He envisions rapidly increasing the number of channels on Podcast.co, with a target of 10-15,000 within three years. He highlighted the substantial growth in the podcasting sector, noting that Apple received 25,000 new podcast submissions to the iTunes directory within two months, illustrating the medium’s surging popularity.
The two platforms will be integrated while also functioning independently. Currently, there are 25 employees across both businesses, with Podcast.co accounting for a quarter of the workforce. A dedicated studio has been developed at its Northern Quarter base, providing an accessible and affordable option for businesses and organisations to produce professional-level podcasts. This facility aims to cater to start-ups, small businesses, non-profits, and larger companies seeking cost-effective production solutions.
Technological advancements, such as USB microphones, enable studio-quality recordings from virtually any location. Reflecting on his early experiences, Mulvany noted the evolution of podcasting from basic setups to its current status as a viable alternative for consuming news and entertainment. The resurgence of podcasting in recent years can be attributed to the ease of streaming over modern internet connections and the advent of smart speakers, making it a convenient form of passive entertainment.
The audience for Podcast.co is expected to be similar to that of the established platform, with a significant portion based in the USA. Initially, the focus will be on local collaborations, such as assisting a trade body with its new podcast aimed at disseminating technological developments within Manchester. Additionally, Podcast.co is involved in projects with other entities, with plans to release new podcasts in the autumn.
As the podcasting industry continues to evolve, Podcast.co is poised to capitalise on the growing demand for on-demand audio content. The venture’s ambitious growth targets and innovative approach position it as a potential leader in the market, reflective of the increasing interest and investment in podcasting as a mainstream media format.