The Business of... PODCASTING What is the dictionary definition of an entrepreneur - a person who organizes and operates a business or businesses,
entrepreneurs. Even before Covid, podcasts were a way to open a door to new people, with new topics, new cultures and countries. Podcasts are especially important now more than ever to shine a light on underrepresented voices in the media world. A podcast is an audio program that you subscribe to and listen when you like. Users can download to a personal device and listen wherever it’s convenient. A podcast is like “talk radio” but the listener has more control on what they listen to, how and when. Today, there are more than 500 different podcasts dedicated to black lifestyle, business, culture and health. Podcasts can also be incredibly therapeutic. The growth and power of podcasts have allowed black entrepreneurs to engage in a popular new media option for most Americans. Podcast popularity has grown to such an immense level that starting a new podcast seems almost insane because the market is so saturated. However, black podcasters are beginning to blossom. According to a recent black podcast listener report from Edison Research, 43% of the Black population in the United States has listened to a podcast in the last month. Not only is Black podcast listenership growing but they are avid listeners tuning to podcasts over five hours every day. For example, there are at least 45
different podcasts focused on Black Entrepreneurs and more than 100 focused on Black Health.
taking on greater than normal financial risks. An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of designing, launching and running a new business is known as entrepreneurship. Entrepreneurship offers unlimited earning potential that is directly related to your efforts rather than the hours worked. Period. Full Stop. The two most important words in the definition of Entrepreneur are creates and risks. Yes, you can lose the entire family farm, inheritance money or even lose your pension/retirement money banking on a new risky business venture. The pandemic showed that there are a lot of different and creative ways to make money and proved to be a fertile ground for entrepreneurs. Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring new ideas to market. According to Jorge Guzman, an Associate Professor at Columbia Business School, “new businesses are created because somebody sees an opportunity in the market.” The Podcast market has opened new business opportunities for many black
One of the hallmarks of podcasts is presenting
opportunities to black creators to establish and extend their voices to black audiences in search of authentic black viewpoints. The Edison Research also revealed that 63% of Black adult listeners say that it is very important that podcasts include black stories and perspectives about Black excellence and the community. Podcasts are proving to be a powerful vehicle to showcase the talents of black creators and hosts. The Colorado Black Chamber of Commerce salutes all the Black Entrepreneurs in our great state of Colorado with a special recognition of those entrepreneurs who carved out their own unique path in this new business market called Podcasts. THG is a government relations consulting firm that specialize in water and energy issues.
www.thg.consulting
Dale R. Hunter Founder, The Hunter Group (THG).
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The Acumen
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