The Podcast Economic Survival Guide
Worried the U.S. economy is losing its steam? Or worse, slipping into recession?
“I think that we are in good shape,” Treasury Secretary Scott Bessent told CNN on November 2nd, “but I think that there are sectors of the economy that are in recession.”
Anyone looking for work in the technology, media, construction, professional services or finance industries knows that. Those industries have been shedding jobs for a while now.
And in recent days, news about the economy has been unnerving:
Outplacement firm Challenger, Gray and Christmas said the number of job losses in October was the worst since 2003. What’s more, this year is shaping up to be the worst for job losses since 2009. Yes, since the Great Recession.
The National Retail Federation says holiday hiring could hit a 15-year low, with 265,000 to 365,000 jobs created. That would be the smallest number of seasonal workers hired since, yes, the Great Recession.
And the University of Michigan reported that consumer sentiment sits near a record-low, as shoppers worry about inflation, the government shutdown and corporate cutbacks. Consumers traditionally prop up the American economy, accounting for two-thirds of activity.
So, what does all this mean for you and your podcast? And how can you navigate this uncertain economy?
You need a Plan B.
Let’s call it The Podcast Economic Survival Guide.
With the U.S. economy dealing with uncertainty, consider these ideas:
Revenue - Develop alternative revenue sources beyond advertising. Ticketed live events. Subscriptions on Apple Podcasts. YouTube membership club. Patreon. Supporting Cast. Merchandise. Paid newsletter. Paywalled website. Ask your fans to show up and support you and your show through these sources.
Staff - Sock away money so you can pay your staff. You should have a rainy day fund already. Be prepared to tap it.
Set a cautious tone - Be honest and transparent with your team. Explain things could get rocky the next few months. Will you have to lay off employees? Are you running out of cash as a company?
Convert listeners into donors - Build community and seek donations. Add a funding tag inside your RSS feed. This will let your fans donate money while listening on Pocket Casts or Podcast Addict. At the end of the day, think of your listeners as donors.
Play to the moment - Build your content around what’s happening in real life. Sympathize with people when the unemployment rate rises and listeners start to lose their jobs.
Go live - Hold special live sessions on your YouTube channel. Treat it like a Town Hall. Take questions from your fans. Be consistent each week: “We take your questions every Friday at Noon Eastern. We are here for you.” Seek a special sponsor for your live sessions. Read ad copy live. Place the sponsor logo somewhere. Place a hyperlink to the sponsor in the episode description when you publish the re-play version.
Cross-promote your content - Tie your YouTube live sessions back to your podcast episodes on Apple, Spotify, iHeart, Amazon Music and other apps. Talk about previous episodes. Encourage your fans to go listen if they haven’t already.
Finally…
Keep an eye on the Fed - The next Federal Reserve meeting in Washington is scheduled for December 9-10. What will chairman Jerome Powell and policymakers say about the U.S. economy? About next year? And will they cut interest rates to spur growth?