Podcoin which surpassed one million daily listens within four months of its launch and currently has a 4.7/5 stars rating on Apple’s iOS store, is a “social podcasting app that pays its listeners”.
As part of the Meet Group portfolio, Podcoin can now be reached by 15 million monthly users.
“We expect that 40% of our US audience will listen to a podcast in the next month. We see an opportunity to reach not only these users, but also the other 60%, as the podcasting industry continues to rapidly expand,” said Geoff Cook, Chief Executive Officer of The Meet Group.
Podcoin is all about connecting people by helping them to discover new content.
“We see an opportunity not only to help our users discover content, but also to participate in meaningful conversations around that content,” Cook added. “We expect to roll out likes, comments, and an enhanced social graph in the coming months to encourage connection. We see podcasts as an untapped interest graph and a relevant signal for meeting new people. If our live streaming video experience is the lean-in, interactive blend of connection and entertainment, podcasting is its lean-back audio complement.”
Listeners of Podcoin receive a Podcoin for every ten minutes they spend listening. Podcoins can then be exchanged for rewards such as gift cards. In addition, listeners can follow each other’s profiles.
Cook hopes that the app will attract a large audience by driving podcast discovery.
“With that, we believe we can drive discovery of new podcasts to podcasters who ‘claim’ their podcasts on Podcoin. Claiming is free, and as a quick Twitter search for #podcoin shows, has proven effective for driving listening minutes. So far, approximately 30-40% of Podcoin’s listening minutes have gone to claimed podcasts. We believe the ability to drive listening minutes to a subset of podcasts through minor variation to Podcoin-earning rates points a pathway to future monetisation.”
At the same time, podcasters will be able to view insights into their audiences, and track listening times and subscribers.
The app could also have potential for audio marketers. Indeed, eMarketer predicts that US podcast ad spend could increase to $534 million in 2020, up from $326 million in 2018.
According to Magid research, 41% of podcast listeners researched items or services that were advertised, whilst 28% purchased advertised items and 25% tried a service.