Podcasting: Fusion of content creation & AI

The African continent has witnessed a surge in smartphone adoption in recent years, with 64 per cent of Sub-Saharan Africans owning a smartphone and 650 million mobile users reported by the World Bank and AfDB. This rise in smartphone penetration has not only revolutionized the way people consume content but has also propelled the podcasting industry to new heights. CNBC Africa's Murungi Sarah delved into the world of podcasting with Boniface Omina, shedding light on the fusion of content creation and artificial intelligence that is shaping the podcasting landscape in Africa. The advent of the internet heralded the decentralization of content creation and consumption, giving rise to platform capitalism. Platforms like Spotify and Apple Music emerged, centralizing different audiences and ushering in a new era of platformisation models. Omina highlighted the snowball effect of podcasting on the continent, with platforms growing in size, attracting a larger audience, and creating a multi-stakeholder marketplace involving content creators, consumers, platforms, and sponsors. While technology advancement and mobile penetration have played a significant role in shaping the podcasting scene in Kenya, Omina underscored the influence of youth culture on the industry. The rise in youth culture has not only impacted the podcasting space but has also influenced sectors like fashion and social media content creation. Omina emphasized the enabling environment created by technological advancements, internet penetration, and the availability of tools on various platforms catering to creators and youth culture. Despite the buzzing activity in the podcasting scene, Omina noted that many podcasters are yet to tap into the full business potential of their endeavors. Drawing a distinction between building a podcast and building a business, Omina stressed the importance of monetizing the audience and understanding the market dynamics to leverage the platform model effectively. He urged podcasters to transition from being mere content creators to becoming value creators in the business realm, identifying specific aspects of value creation and target audiences. In discussing the revenue generation potential of podcasts, Omina pointed out key statistics from Spotify, such as 81% of podcast streams occurring on weekdays and 35% during commuting times. He highlighted the profitability of podcasting, citing Spotify's Q1 report with 25% of gross margin attributed to podcasting. Omina emphasized that podcasting in Africa builds on the continent's rich storytelling tradition, allowing brands, businesses, and podcasters to forge authentic relationships with their audiences. Moreover, Omina touched upon the evolution of podcasting in Kenya, with podcasters expanding into video production on platforms like YouTube to tap into a broader market. This shift towards video content opens up new avenues for engagement and monetization, illustrating the dynamic nature of the podcasting industry in Africa. As the podcasting landscape continues to evolve, Omina's insights shed light on the untapped business potential within the industry, urging podcasters to embrace strategic thinking and market understanding to drive revenue growth and establish enduring connections with their audiences.