YC
Monetizing Podcasts and Newsletters - Chris Best of Substack and Jonathan Gill of Backtracks
@ Y Combinator
05/15/19
Takeaways
CB
Chris Best
05/15/19
@ Y Combinator
I am the CEO of Substack, which makes it simple to start a paid newsletter and also allows audio integration.
JG
Jonathan Gill
05/15/19
@ Y Combinator
We help audio content creators grow their audience and revenue at Backtracks.
JG
Jonathan Gill
05/15/19
@ Y Combinator
In the current podcasting market, ad-supported sponsorship is a way forward, but the ecosystem isn't ready for subscription content yet.
CB
Chris Best
05/15/19
@ Y Combinator
Paid content is a huge missing force in media, and the assumption that everything must be free is breaking the world in important ways.
CB
Chris Best
05/15/19
@ Y Combinator
The podcast market that can be supported by advertising is small compared to the audio market that could thrive with effective payment mechanisms.
CB
Chris Best
05/15/19
@ Y Combinator
In China, the podcasting ecosystem is much larger, with people accustomed to paying for audio content, especially educational material.
CB
Chris Best
05/15/19
@ Y Combinator
Subscriptions are powerful because they feel less expensive than a flat fee, leading to more people willing to pay over time.
JG
Jonathan Gill
05/15/19
@ Y Combinator
The quality of the audience is more important than the size when it comes to advertising in podcasts; niche audiences can be more valuable.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
There's a philosophical debate about whether podcasts should be made for advertisers or for the audience's interests. If you make what people want, everything else falls into place.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
You can treat product and content in the same way, but centralization can push creators off platforms that don't align with them.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
YouTube is centralized and controlled by Google, while podcasting remains largely decentralized, allowing independent creators to maintain control over monetization.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Podcasting and newsletters are among the last ways to express free speech directly from creators to the audience without platform interference.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Maintaining control over monetization, whether through sponsorship or subscriptions, is crucial for creators to strengthen their brand and independence.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
When someone subscribes to your podcast, they will receive new episodes directly, unlike social media where visibility is uncertain due to algorithms.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Spotify's strategy of controlling consumer attention can lead to a homogenization of podcast content, similar to trends seen on YouTube.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Discovery is a significant challenge in both podcasting and newsletters, but newsletters have an easier time growing through word of mouth and sharing.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Substack allows creators to publish content as either subscribers-only or public, encouraging the sharing of accessible content to attract new readers.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
To grow a newsletter, make your best content free and accessible, as this encourages sharing and helps people discover your work.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Private feeds in podcasting are not very common, and many creators struggle with monetization mechanisms beyond traditional advertising.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
Educational content is a significant area where people are willing to pay, as it is perceived to provide value and improve their lives.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
In China, educational content is highly valued, leading to a willingness to pay for it, contrasting with the skepticism towards free content.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
The cultural shift towards valuing high-quality education and content is leading to a greater willingness to pay for it, creating opportunities for creators.
YC
Y Combinator Cast
05/15/19
@ Y Combinator
To grow their audience, newsletter writers and podcasters should focus on creating quality content that is easy to share and discover.
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Chris Best
05/15/19
@ Y Combinator
To grow newsletters effectively, implement a referral program that allows super fans to easily share the newsletter with others, similar to how The Skimm grew.
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Chris Best
05/15/19
@ Y Combinator
Paid subscribers can receive free gifts, such as subscription months, to encourage their friends to try the newsletter, which can lead to new subscriptions.
CB
Chris Best
05/15/19
@ Y Combinator
It's crucial to maintain high-quality content in your podcasts and newsletters, as dropping quality will lead to audience disengagement.
CB
Chris Best
05/15/19
@ Y Combinator
Podcasts serve as a powerful storytelling medium, and it's essential to have a compelling story that resonates with the audience.
CB
Chris Best
05/15/19
@ Y Combinator
Personal newsletters won't replace social networks like Facebook, but they will change how people consume cultural content, such as news and storytelling.
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Chris Best
05/15/19
@ Y Combinator
Podcasts can effectively generate ROI and CAC for startups, especially when they include direct response mechanisms like offer codes to track effectiveness.
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Chris Best
05/15/19
@ Y Combinator
The perception of a company can improve through well-executed podcast content, leading audiences to view it as well-run and credible.
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Chris Best
05/15/19
@ Y Combinator
For those starting a podcast or newsletter, it's vital to define the purpose and content clearly, as this will guide the frequency and topics covered.
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Chris Best
05/15/19
@ Y Combinator
Starting a newsletter can be as simple as creating a free one on Substack, making your first post, and sharing it with a small group to gather initial feedback.
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Chris Best
05/15/19
@ Y Combinator
Consistency in producing content is a key predictor of success for newsletters and podcasts; regular engagement with the audience leads to growth.
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Chris Best
05/15/19
@ Y Combinator
When starting a podcast, treat it like a startup: begin with a thesis, experiment, and be open to evolving your content based on audience feedback.