My 10-year-old son is thinking about launching his own podcast.
“Is there any money in podcasting, Dad?” he asked.
“Well, if you did one with me … I’d say yes”, I said, smiling smugly.
“Umm, this would be a kids’ podcast – no adults allowed!” he shot back, shutting me down.
Okay, so when my 10-year-old is thinking about doing a podcast, it tells me two things:
First, the barrier to entry is extremely low (which explains why there are 17,000 new podcasts being created each month).
Second, podcasting has now gone mainstream. (Aussies downloaded one billion podcasts last year, and we are proportionately the biggest podcast listeners on the planet.)
So, to answer my son’s question, I decided to talk to a guy I know called Mike Fitzpatrick, who has been at the top of the broadcasting tree in Australia for near on 20 years.
“The biggest podcasters in Australia are earning over $1 million a year from advertisers”, said Fitzy.
“However … your favourite local podcast with, say, 50,000 listeners and 100,000 downloads a week, could be making around $500 a month from advertising … and of course the vast majority of podcasts don’t earn anything”, he added.
Interesting.
I explained to my son that podcasting is a lot like writing a book. Most authors spend hundreds of hours toiling away … and barely cover their costs. However, as with most rewarding things in life, money isn’t their main driver. They do it because they have a passion for the subject at hand, and they want to connect with and help people.
So”, I told number one son, “creating your own podcast is an awesome idea, mate.”
“But you’ve sold a lot of books, Dad … so maybe you could be my co-host?” he said, rethinking the idea.
Gotcha!
Speaking of which, here are my (latest) favourite podcast episodes:
1. Your Undivided Attention, with Jonathan Haidt
Every parent, school principal and politician should listen to this episode by psychiatrist Jonathan Haidt, author of The Anxious Generation. It made me deeply anxious about the horrible impact social media and AI algorithms are having on our kids. However, Haidt also gives us clear, concrete steps we can take to protect them – if we’re willing to stand up and act. (The episode is called ‘Jonathan Haidt on how to solve the teen mental health crisis’).
2. The Political Fallout of Housing, with David McWilliams
You could be forgiven for thinking that the housing crisis is unique to Australia – yet the truth is that it’s a global phenomenon. This episode looks at the policy failures of older, out-of-touch politicians (who are generally landlords themselves!). If history is a guide, young, angry renters will soon ‘evict’ them from public office. Be forewarned: a political hurricane is heading our way.
3. The Stupidest Thing You Can Do With Your Money, with Freakonomics (Stephen J. Dubner)
This episode is labelled “Wall Street’s worst nightmare”, and it tells the story of the index fund revolution. Once you listen to it you’ll never go near a ‘wealth platform’ again. It will also leave you questioning why most not-for-profit industry super funds don’t invest this way. Maybe they’re too busy building their own empires with their members’ money?
Tread Your Own Path!