Paying for podcasts? an analysis of which factors predict past payment for podcasts

As podcast has become a mainstream medium with industrial production and large audience figures, podcasters increasingly focus on monetizing their activities. One unknown but central factor in this pursuit of financial sustainability, however, is the audiences and their willingness to pay. While previous studies analyze podcasters’ strategies for capturing value through various revenue streams (Authors, 2022, in review; Crofts et al., 2005; Quirk, 2015), they say little about how audiences approach podcast as a commodity.
Focusing theoretically on “past payment” (which correlates strongly with actual payment, cf. O’Brien et al., 2020), this paper explores audience attitudes to supporting podcasters financially. This way, it engages with the research gap that exists around the audience perspective on the business of podcasting within both podcast studies and the media management literature. The research questions are: How do demographic variables (RQ1), general media use (RQ2), past payment (RQ3) and specific practices connected to podcast use (RQ4) predict past payment for podcast?
To answer these research questions, the paper presents the results of a representative survey (n=2,535) among adult Danes. Since the dependent variable in our analysis is a binary one (“Have you supported one or more specific podcasts financially?”: 0 = no/don’t know, 1 = yes), we use binary logistic regression analysis to test if different independent variables predict past payment significantly.
The analysis finds that age, use of television and AV streaming, and past payment for television and online news are the most significant predictors throughout the models; gender is found to be a significant predictor in three of the four models.
The paper contributes in various ways. First, it provides empirical evidence of willingness to pay for one specific type of media; podcasting. Second, the paper broadens the theoretical understanding of willingness to pay, arguing that researchers and practitioners need to look beyond ordinary payment for content and also consider, for example, payment for ancillary products, crowdfunding, and exposure to advertising as ways of paying for content. And third, the paper has industry implications since its empirical insights can help inform strategic decision-making among podcasters, who find themselves in an increasingly competitive and commercialized market.

References

Authors. (in review). The Danish Podcast Market and Its Revenue Streams.
Chyi, H. I. (2012). Paying for What? How Much? And Why (Not)? Predictors of Paying Intent for Multiplatform Newspapers. International Journal on Media Management, 14(3), 227-250.
Crofts, S., Dilley, J., Fox, M., Retsema, A., & Williams, B. (2005). Podcasting: A new technology in search of viable business models. First Monday, 10(9).
O’Brien, D., Wellbrock, C.-M., & Kleer, N. (2020). Content for Free? Drivers of Past Payment, Paying Intent and Willingness to Pay for Digital Journalism - A Systematic Literature Review. Digital Journalism, 8(5), 643-672.
Quirk, V. (2015). Guide to Podcasting. Tow Center for Digital Journalism, Columbia University.