FROM PAGES TO PODCASTS: HOW BUSINESS MAGAZINES ARE EXPANDING THEIR REACH

Unshackled from print pages, business magazines transition their content onto podcasts, allowing audience participation to extend beyond traditional confines. Business magazines are seizing this advantage to stay more relevant, widen their influence, and tap into other revenue streams as more readers move to digital platforms for audio formats. This changes how these publications reach out to their audience and deliver insights.

In this article, we trace the evolution of business magazines from ink to audio as podcasting develops. We detail how this movement opens fresh avenues for publishers and readers alike. 

Table of Contents

1. Business Media Goes Digital

Over the last ten years, business magazines have started to transition from print-heavy enterprises to multimedia brands. With an overall declining readership of the print edition and an accelerating digital shift, the way out seemed to be only one way: for magazines to adapt to new formats and channels. The most recent major movements have been toward audio.

Podcasts have gained a more mobile audience because of their convenience and on-demand nature. While on the go, at the gym, or even multitasking at home, today’s business leaders, entrepreneurs, and enthusiasts find it much easier to consume valuable insight from business magazines through podcasting. The ability to multitask while being informed seemed one of the best arguments for business professionals caught up in busy lifestyles.

Example: Harvard Business Review (H.B.R.)

Indeed, one of the most respected names in business journalism, Harvard Business Review, made all haste to add podcasts to its media stable. The HBR IdeaCast- Leadership, Management, Strategy – has become one of the go-to podcasts for business professionals worldwide. Through expert interviews and deep dives into relevant topics, the podcast mirrors quality and insight from the print magazine but offers a more approachable format for the modern businessperson. Consequently, HBR has expanded its reach beyond its core readers to younger, more technologically friendly audiences.

Source: Vanderbilt Libraries Catalog

2. Podcasts as a Growth Avenue for Magazines

Podcast growth has exploded in recent years. A report from Edison Research estimated that over 120 million Americans listened to podcasts every month in 2023. Indeed, such growth opens up a fertile opportunity for business magazines to extend their influence into the booming audio market. Business publications create solid, loyal listener bases by converting existing content into podcast episodes or new podcast shows.

Example: Forbes

Traditionally known for its magazine in print and digital news portals, Forbes has slowly entered the realm of podcasts: The Forbes Interview and Forbes Under 30. With strong editorial authority and engaging audio content befitting its business and financial focus, the Forbes brand has successfully paired. The podcast lets listeners take away from some of the most successful figures they admire, with interviews featuring industry leaders, innovative entrepreneurs, and Fortune 500 CEOs. The podcast series has joined the print content at Forbes as another way its audience can engage.

Also, Forbes’ podcast strategy complements all their well-recognized lists, such as the “Forbes 30 Under 30.” This synergy between print content and podcasts enables Forbes to promote their signature stories with an opportunity to delve deeper into context through audio storytelling. This shows how a traditional media outlet can modernise to appeal to varied audience segments across different platforms.

Source: Forbes India

3. Reach New Audiences via Podcasts

Print magazines usually cater to a niche market, targeting businesspeople or executives. Podcasts open an avenue for business magazines to target more people. The podcast format is even more accessible and appealing to younger generations that may not go toward traditional print publications. Millennials and Generation Z are great podcast listeners; many business magazines cash in on that trend to stay current.

Example: Inc. Magazine

Inc., a magazine channelled around the basis of entrepreneurship and startup culture, executed podcasts just right to appeal to all those budding entrepreneurs out there. With shows like Inc. Uncensored, the magazine reveals stories behind the darkest corners of challenges, innovations, and successes within the entrepreneurial world. Podcasts of this nature create that sizable niche for a young, tech-savvy audience who are probably occupied building their next big idea or daydreaming about their next one.

On Inc. Uncensored, editors and reporters discuss hard-hitting news in entrepreneurship, dissecting trends in a casual, conversational format. This would appeal to listeners who wanted less formal and more approachable content than written articles. Inc. has realised that this new breed of business leaders wants information in an easily digestible and timely manner, and this is just what the podcast format delivers.

Source: Inc. Magazine

4. Monetisation and New Revenue Streams

Business magazines leverage podcasts not only to expand their audience reach but also to unlock new revenues. Podcasts can be monetised through sponsorships, ads, and partnerships. Some publications have also integrated premium podcast subscriptions into their overall content offerings.

Example: The Wall Street Journal (W.S.J.)

Business publication: the Wall Street Journal jumped upon the podcast bandwagon as part of its digital strategy. Two showcase examples in the daily WSJ Tech News Briefing and The Journal bring updates and insight into business, technology, and finance. WSJ made Seamless ads and sponsorships integrations in these podcasts, another revenue stream to add alongside its subscription business model.

What’s different, in the case of WSJ, though, is how it uses podcasts to acquire subscribers. Very often, listeners who enjoy podcast content are then routed to subscribe to more in-depth articles and analyses on the WSJ website. This interplay of free podcast episodes with premium written content gives your audience a complete experience while helping you maintain your reputation for great quality journalism.

Source: The Wall Street Journal

5. Community Building and Brand Loyalty

With podcasts, business magazines can also build a connection with the audience. More often than not, these listeners develop some attachment for podcast hosts, especially when the content is delivered conversationally and engagingly. This again allows magazines to foster brand loyalty and enhance their audience engagement levels.

Example: Entrepreneur Magazine

Entrepreneur Magazine has embraced podcasting through its popular show, Entrepreneur on Fire-EOFire. It hosts John Lee Dumas, who interviews successful entrepreneurs and shares down-to-earth tips on business growth, strategy, and innovation. Thus, this podcast has an inspirational tone, while with high energy in it, the listeners are inspired to understand real-life stories of entrepreneurial success.

EOFire is more community-building than just podcasting itself. Active listeners of the show regularly interact with each other online through social media groups and even at events offline. This community aspect helps set Entrepreneur Magazine as a brand where entrepreneurial minds meet and positions the magazine as one that will inspire founders of startups and small business owners.

Source: Entrepreneurs on Fire

6. Complement to Traditional Print and Digital

Rather than a substitute for traditional formats, podcasts are one layer added to the top of the print and digital offerings. More business magazines nowadays tend to regard podcasts as part of an overall content strategy for driving website visitors, increasing readership, or highlighting particular articles and interviews.

Example: Fast Company

Fast Company, a magazine known for its attention to innovation, technology, and leadership, has dipped its feet into podcasting in a manner that extends its written coverage. The Fast Company Innovation Festival Podcast highlights conversations from its annual event- a leading platform where discussions about tech, creativity, and the future of business can be held. This promotes the event and drives traffic to the magazine’s website, where similar themes are developed in more depth through articles.

Fast Company uses podcasts to create an ecosystem in which the print, digital, and audio features are inextricably linked. Listeners of a podcast are teed up for the written companion features, and vice versa. Seamless integration is why Fast Company stands out in terms of how magazines could use podcasts to amplify their content strategy.

Source: News Over Audio

7. The Future of Business Journalism in Audio

This move to podcasts is not a phase that will fade soon but is the evolution of business content consumption. With on-demand audio showing continued, relentless growth, many more business magazines will surely follow suit to their independent podcasts or partner with leading audio platforms.

We expect to see much more multimedia, with podcasts integrating video and other interactive digital formats. Business magazines might begin experimenting with podcast series offering deep dives on specific industries, feeding super-niche audiences. As AI and voice technologies advance, personalised podcast recommendations will be part of the listener experience.

Conclusion

The move from pages to podcasts does represent an exciting new chapter for business magazines. With the expansion of audio content from the likes of Harvard Business Review, Forbes, and Inc., each of these publications is not only remaining up to date with modern media consumption habits but also extending their audience base, fostering brand loyalty, and finding new ways to monetise their content. As podcasts dealing with business matters continue to grow in popularity, they reshape how business journalism is delivered and consumed and prove that audio has to be part of any vision for the future of business media.