Podcasts lose momentum. Music strikes back!
Why podcasts are losing cultural relevance despite all the cards in their favor as music hits all 5 drivers of momentum.
This week we’re decoding an unexpected plot twist. Despite plenty of downtime and higher levels of digital engagement, podcasts have lost momentum during the pandemic while the momentum for music surged.
Don’t get us wrong we love podcasts as much as the next, but Podcasts are undeniably on the “down” — going from original to mundane. On the whole, they’ve remained static and 1 directional. We’re still in “podcast 1.0”.
On the contrary, music is having a momentum moment, providing listeners a much needed escape and 2 way street to engage. Listeners can make the music their own as they dance, shake, create to it via social media.
We often talk about fads, trends and true momentum. Podcasts have become ubiquitous and are starting to look like a trend — cool in the beginning but quickly ingrained into culture. Songs and artists have a history of being fads, but music is currently hitting on five drivers of momentum — evolving and adapting to the Covid-era norms to gain new cultural relevance. True momentum.
THE DECODE
The Down: Podcasts
The MFactor for podcasts dropped from a high of 72 in May to 55 in August. For context, 55 is a high MFactor but a 20% loss is significant
What happened?
- No longer a novelty. The intrigue of podcasts was the homegrown success stories — an individual’s ability to self produce, record, publish and promote a podcast all from their bedroom. It was an entrepreneur’s arena. Now the industry is saturated with celebrities, public figures and mass media. Interesting because you get direct insight into their brain and perspective, but no longer novel.
- Our routines evolved but podcasts didn’t. Podcasts are best digested when doing something else. Pre-covid, podcasts made our morning routine, daily commutes, plane rides and mundane chores more palatable. Momentum slowed in tandem with extended WFH and decreased air-travel plans.
- Remained a 1 way street. The magic of podcasts is that they are edutainment. Listeners put on headphones, turn on their podcast and are instantly stimulated. Podcasts made us feel smart, engaged and better for it. The problem is — they are 1 directional and static — no way for the listeners to engage beyond listening.
- So what will the podcast industry do? The current model needs a transformation. It’s time for the podcast industry to innovate to go through its next wave of momentum.
The Up: Music’s Movers & Shakers
- Disruption: TikTok brought music to a new level of cultural relevance as creators danced their way through quarantine. The MFactor for “TikTok music” nearly quadrupled in the past year and rose from 54 to 68 (up 30% while podcasts are down 20% since March). It has been one of the most powerful disruptors since the introduction of music streaming — allowing people to listen and engage in a new way and making the experience about the listener rather than the artist. What’s a better example than Savage, a song + dance challenge more famous than the artist who created it. Getting to #1 has less to do with marketing, PR, and record labels and more to do with Charli D’amelio dancing to your song.
- Innovation: Back in March, musicians started going live on Instagram to perform out of their living rooms. Then there were fully produced virtual concerts, featuring legends like Elton John and Lady Gaga. Now artists are experimenting with socially distant outdoor concerts. The Chainsmokers are under fire for their in person concert in July, but their MFactor nearly doubled from the innovative event.
- Polarization: Releasing and promoting new music has become unexpectedly polarizing throughout quarantine. Taylor Swift sparked a new debate entirely by dropping her surprise album Folklore — doubling her MFactor from 40 to 80 in July. Announcing it only 24 hours before release, she avoided speculation, controlled the narrative and positioned her new music as a gift for her fans. Music has always been polarizing, but now it’s polarizing as we question whether we are allowed to be happy and enjoy ourselves again while still fighting to end the pandemic.
- Stickiness: Social media content creators have made music stickier. We not only remember the 30 second clip — we now associate the song with a specific dance, challenge, celebrity or occasion. More associations means more triggers to our recall senses, making the song even more memorable. Proof of stickiness is when the new trend or challenge goes viral.
- Social Impact: Whether you’re nursing a break up or working through a hard time to Adele, Alicia Keys or Beyonce, musicians have always been healers. Music is the spice that makes everything better. Now more than ever, artists are stepping up to use their voices and platform for good. Beyond just hosting virtual concerts, some artists are auctioning off items to support music industry employees who are out of work due to COVID-19.
THE TAKEAWAY
We’ll leave you with this: Momentum requires continuous transformation. Be nimble and quick to adapt. Don’t wait for the future or the new normal, evolve to meet your audience and consumers where they are right now.
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About MFactor Scores: Decode_M’s proprietary tool.
The MFactor is a single score that quantifies Cultural Momentum and is based on the Newtonian definition of Mass times Velocity.
We use data science, inputs from thousands of sources and proprietary AI to compute new metrics that reflect how polarizing, innovative or sticky any subject of interest is.
The MFactor score can be tracked over time to compare anything you Google:
- Brand / Product (e.g. across any industry or subcategory)
- People of interest (any political candidates/politicians, celebrities, artists, etc.)
- Political issues / movements / trends
Link HERE for more information on the MFactor score.
