Podcasts are popping up all over the scene which is creating a new business model for both the creators and advertisers. Black Enterprise caught up with Gary Coichy, founder of Pod Digital Media, the first multicultural podcast network, to find out how he helps podcast creators monetize podcasts.
Black Enterprise: Tell us about your background
I’ve been in the advertising space since 2003, starting at WPP—24/7 Real Media where I managed digital search campaigns. Following that, I went on to the brand side working for companies such as at Lacoste, L’Occitane, Pierre Fabre USA. Then I returned to the agency side overseeing and managing media strategy and execution for brands such as Dell, BMW, VW, L’Oreal, Luxottica & others. Past agencies include GroupM Mediacom, Omnicom Resolution Media, and Wasserman Laundry Service, Therefore I have a deep insight into the needs and expectations of brands and agencies.
Why did you start Pod Digital Media?
As podcasts emerge as a new and viable medium, there weren’t one destination brands can go to reach the multicultural segment within the podcast space. There also was no agency that podcasters could rely on, to connect them with blue-chip advertisers. This huge gap opened the door for PDM to step in as an authority to service advertisers, podcasters, and agencies to build the bridge that seamlessly connects all parties in an efficient and lucrative manner.
What is the benefit for advertisers to connect with multicultural podcasters?
There is an intimate connection between multicultural podcasters and their audience, pair that with the hyper-engaged podcast environment + the multicultural audiences’ $3.4 trillion buying power. It’s a game changer!
How does it benefit a podcaster to become a part of a network like yours?
Helping podcasters monetize their shows is the No.1 goal and main benefit. However, we also assist on strategic content curation and program formatting to increase their appeal to advertisers. Additional services include promotional tactics and audience development to podcasters who are not as well versed in the space as others.
Who are some of the podcasters that you currently work with?
We work with Gold Medalist Swin Cash “She’s Got Time” podcast, Oprah Rose Show, Angela Yee Lip Service, Marissa Explains it All, and Ed Lover C’Mon Son to name a few.
Where do you see the podcast space in the next 3-5 years?
When you keep in mind that podcast listenership has grown by 90% from 2017 to 2018, it’s a clear sign that podcasts are here to stay. Not only have podcasts broken the traditional radio host mold, where now anyone can be a publisher, but there is also a thirst for compelling audio content that is more reflective of the diverse audience. Consumers want to hear shows created and hosted by women, people of color, and the LGBTQ community, so as more influential talent make the shift to creating their independent podcast, it will fuel the growth exponentially. Lastly, measurement and attribution will be fully solidified. It’s experiencing similar concerns like digital content in its early stages. So I fully expect those doubts to evaporate.