YouTube is out there to woo podcasters with up to $300K grants. The online video sharing platform is making a debut in the podcasting market with the new strategy to attract podcasters.
A report issued by Bloomberg revealed that the “$300K” grants were meant to convince podcasters to launch video versions of their episodes on YouTube. The information explained that YouTube was ready to extend $50,000 for individual podcast shows and between $200K and $300K to podcast networks.
The ‘grants’ are meant to help content producers in the podcasting industry create video versions of their podcasts on the video-sharing site.
Youtube Is Still a Leader in Content Delivery
In essence, the Alphabet Inc.-owned video streaming platform could use this deal to attract substantial programming as it plans to bulk up its podcast lineup. Remember, YouTube has maintained its position as one of the most powerful podcasting platforms even without devoting such an investment to the format.
Major stars in the podcasting industry like the H3 Team and Joe Rogan have grown their followings and views from YouTube, thanks to the streaming platform’s discovery algorithm. According to the report released by Edison Research, the two have broken obstacles to become some of the most sought-after and high-ranking podcasters in the United States.
However, one has to spend a fortune to build a sound studio, develop a fully functional pipeline for publishing videos, and hire professional video and audio editors. Ideally, any failure in these elements could deter podcasting shows and platforms from adopting the platform.
Youtube Seeks To Cement Its Position in The Industry
Similarly, it has made several leaps to suggest its seriousness and growing interests in the podcasting niche. For instance, the video streaming platform appointed its long-time executive, Kai Chuk, to manage its podcasting efforts.
Similarly, YouTube stopped charging its Canada-based users for a previously ” Premium-rated feature,” which gives users the ability to continue listening while attending to other errands on their devices.
There is a real notion that YouTube could be using these new grants as the first step to implement its full-fledged strategy to counterattack Spotify’s endless efforts to dominate the world’s podcasting market. Remember, Spotify has remained aggressive to dominate the industry by doubling down on exclusive content and acquiring startups in the niche.