Some media companies are hoping to win business from new advertisers this year by hosting multi-day programs, consumer activations, and networking events for clients to boost their company's profile at next month's SXSW. I'm planning on putting the spotlight on podcasts.
And after a tough 2023, media companies are desperate for new podcast advertisers given the advertising slowdown, intense competition, and other challenges in media.
iHeart will host its annual Podcast Awards live for the first time at SXSW. Vox Media will host his three-day podcast-themed stage at the event. Additionally, podcast company Sounds Profitable and audio agency Ad Results Media are co-hosting a podcast-centric summit within SXSW. But for now, these are separate efforts by each podcast publisher, rather than a unified, dedicated podcast track.
“I feel like it's becoming more and more necessary and relevant because there are so many podcasters and podcast companies out there.” [at SXSW] Will Pearson, president of iHeartPodcasts, said: The company's Podcast Awards will be held on March 11th at the Fairmont Hotel in Austin, Texas.
But ad buyers were divided on the extent to which SXSW would provide a sales opportunity for podcasters to pitch to advertisers.
This “allows us to provide advertisers with a more immersive experience.” [that] It helps fill potential knowledge gaps and increases excitement as overall consumption and market growth increases,” said one ad buyer.
A second buyer also asked to remain anonymous, but wasn't sure. “While we believe this is a fairly significant investment, we are not sure that SXSW can be seen as a rallying point for podcasting at this point,” they said in an email, adding that other existing industry events such as the podcast movement Quoted. “My first reaction is that SXSW is unlikely to generate a lot of money.”
Vox Media, which shares an investment with SXSW in the form of Penske Media Corporation, is one of the official partners of this year's SXSW, and its inaugural podcast stage will take place from March 8th to 10th on the rooftop of the JW Marriott Austin. It will be held on the terrace. SXSW badge holder. Vox Media records live episodes of podcast shows such as “Pivot,” “On with Kara Swisher,” and “Where Should We Begin?” Sponsors include Atlassian, Allegra, Team Milk, San Diego Tourism, and Smirnoff.
Vox Media CMO Jackie Cinguina declined to say how much money Vox Media is putting into the event, or how much of it comes from sponsorships or SXSW's own investments. There wasn't.
“A global festival chose us to be the official stage for their podcast because they were able to listen to three days of programming and monetize it in other ways,” Singina said. “That's how you quantify it.”
Sounds Profitable and Ad Results Media will host the first-ever four-panel daylong Sound Summit on March 9th at the Thompson Hotel. Sounds Profitable founder Brian Valletta described the event as a trial run for his track of dedicated podcast programming. SXSW. Unlike other events, these panels are not ticketed and are open to the general public. Audio executives from NPR, Wondery, SXM Media and Paramount will appear, among others.
“SXSW has featured podcasts during the event for several years now, and as the medium has grown so has demand and interest. SXSW Co-President and Chief Brand Officer Jan Baskett, SXSW Co-President and Chief Brand Officer. said in an email. “We look forward to expanding on the incredible talent that will shape the future of this medium.”
Selling costs
In addition to consumer-focused programming, podcast companies hope that podcast-themed events at SXSW will bring in new advertisers.
“Reach people outside of the podcast ecosystem.” [is] Our main goal is to [SXSW]. “The whole group of people involved in podcasting is very close-knit, and our main objective is to reach people who don't spend money on podcasting and help educate them,” he said. said Result Media CEO Michael Kropko.
Sounds Profitable is spending $150,000 on the SXSW event, which includes travel expenses for four employees, catering, photography and other expenses, Barletta said. He added that the company makes about $10,000 to $15,000 with the four sponsors of the summit itself. Sounds Profitable is in talks with another potential sponsor.
iHeart will also take over Hotel St. Cecilia in downtown Austin to host networking events and more intimate, invitation-only meetings with iHeart's clients, distribution and content partners, and talent. iHeart is sending “dozens” of employees to the event, although Pearson couldn't give an exact number, which is higher than in previous years due to the awards.
Pearson said SXSW's advertisers have grown over the years into a variety of categories beyond technology and entertainment. iHeart declined to say how many sales representatives it sent to the event this year or how much money the company spent on the event. Pearson said it was certainly more than in the past, considering the live awards ceremony. “We're going to grow a lot,” he said.
But there's no question that sponsors play a big role in offsetting some of media companies' costs. Samantha Ske, CEO of SHE Media, a Penske Media company, said sponsors will pay publishers in the low six figures for activations at festivals like SXSW. (SHE Media will host a three-day show, up from two days last year, and will also record a podcast live at SXSW.)
Sponsors of the iHeartPodcast Awards include The Hartford, YouTube, Audible, and Planet Oat. Botox Cosmetic, Espolón Tequila, Candle and Waymo, and The Hartford are sponsoring his iHeart event at Hotel St. Cecilia. Pearson declined to say how much money the company receives from SXSW sponsorships, but noted that it's more than in past years.
Overall sponsor interest in iHeart's SXSW event “combined with what we are producing in terms of the number of meetings being held… makes it questionable that we were very much worth the investment.” I don't think there's any room for that.' We're focused on bringing awards to SXSW,'' Pearson said.
Will there be more next year?
Barletta said he hopes to have a dedicated podcast programming track at SXSW next year, rather than the more than 40 separate podcast-related events at this year's festival.
“We're working very hard to do the podcast right and to help us claim space in a Trojan-like style by infiltrating these spaces,” Barletta said. he said. “There's a lot more happening at SXSW [with official partners] like vox [and the iHeartPodcast Awards]. But they're all branded…especially around Vox and iHeart. I need something for podcasting. ”
The Sound Summit Stage is a way to test out podcasting tracks for next year's SXSW festival, but that will depend on the success of this year's event, Barletta said. The companies will also host two networking events for SXSW badge holders.
“It’s the first year. [for us]. There are a lot of unknowns,” Kropko said.
