The Influence of Relationships On Podcasts' Opportunities To Maximize Revenue

The Influence of Relationships on Podcasts’
Opportunities to Maximize Revenue
A qualitative study exploring podcasts’ opportunities to maximize

revenue depending on the relationship to and characteristics of their
audiences within Generation Y
BACHELOR
THESIS WITHIN: Business and Administration
NUMBER OF CREDITS: 15 HP
PROGRAMME OF STUDY: Marketing Management
AUTHOR: Julia Götborg,
Ellen Schönbeck
Alexandra Lindhoff Hankers
TUTOR: MaxMikael Wilde Björling
JÖNKÖPING May 2019
Acknowledgements
We would like to express our gratitude to those who have been involved in the process
of developing this thesis by supporting, inspiring and participating.
Firstly, we would like to express gratitude to our tutor MaxMikael Wilde Björling who
provided us with continuous support, constructive feedback and guidance throughout
this process.
Secondly, we would like to express our gratitude to the individuals who agreed to
participate in our interviews. The valuable information, meaningful insights and
detailed reasoning you provided us with enabled us to fulfill the purpose of this study.
Finally, we would like to acknowledge Anders Melander, the course examiner, for
providing us with valuable support and instructions throughout the process of writing
this thesis.
Julia Götborg Alexandra Lindhoff Hankers Ellen Schönbeck
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Bachelor Thesis in Business Administration
Title: The Influence of Relationships on Podcasts’ Opportunities to Maximize Revenue
Authors: Julia Götborg, Alexandra Lindhoff Hankers & Ellen Schönbeck
Tutor: MaxMikael Wilde Björling
Date: May 2019
Keywords: Podcasts, Form of Monetization, Pre-recorded Advertisement, Sponsorship,
Subscription Model, Crowdfunding, Live Podcasts, Merchandise, Relationships, Generation Y.
Background
Companies realization of the possibility to target specific audiences in an intimate setting
through podcasts, has created a significant expansion of the podcast industry during the last
decade. This development has created possibilities for independent podcast hosts to earn
revenue. Today, investments towards marketing in the medium is projected to continue to grow
substantially.
Problem
Since podcasts are consumer controlled and categorized as a pull-medium, listeners’ attitudes
and preferences are critical for podcast hosts to consider when monetizing their content. The
largest audience of podcasts is found within Generation Y, which increases the importance of
accounting for these attitudes and preferences, since they are assumed to be a particularly
challenging consumer segment to target.
Purpose
The purpose of this thesis is to explore the relationships that Generation Y have to hosts in
different type of podcast categories. Following, the research aims to investigate how these
relationships influence the podcasts’ possible opportunities to maximize their revenue.
Method
This qualitative research was conducted through semi-structured interviews with individuals
from Generation Y. The empirical data was analyzed according to the conceptual framework
developed through existing literature within the field of study.
Result
The findings of this research enabled the authors to provide recommendations regarding
preferable forms of monetization for the four identified podcast categories. The sponsorship
approach was identified as the preferable primary form of monetization for Category 1, 3 and 4.
Whereas the Subscription Model was recommended for Category 2. The authors further
suggested the most beneficial supplementary forms of monetization for each podcast category as
well as general recommendations for all.
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Table of Contents
1. Introduction ......................................................................................... 1
1.1 Background ................................................................................................................. 1
1.2 Problematization ......................................................................................................... 3
1.3 Purpose Statement....................................................................................................... 4
1.4 Research Question ...................................................................................................... 4
1.5 Delimitations ............................................................................................................... 5
2. Frame of Reference ............................................................................. 6
2.1 Theoretical Framework ............................................................................................... 6
2.1.1 Process of Conducting the Literature Review ......................................................... 6
2.1.2 Podcasts ................................................................................................................... 7
2.1.2.1 The Development of the Podcast Medium ........................................................................................ 7
2.1.2.2 Types of Podcast Hosts ..................................................................................................................... 7
2.1.2.3 Podcast as a Marketing Channel ....................................................................................................... 8
2.1.3 Podcasts & Their Audiences .................................................................................... 8
2.1.3.1 Interactivity ....................................................................................................................................... 8
2.1.3.2 Demassification ................................................................................................................................. 9
2.1.3.3 Asynchronicity .................................................................................................................................. 9
2.1.4 Generation Y .......................................................................................................... 10
2.1.4.1 Willingness to Avoid Advertising ................................................................................................... 11
2.1.4.2 Willingness to Pay ........................................................................................................................... 12
2.1.5 Forms of Monetization........................................................................................... 12
2.1.5.1 Pre-Recorded Advertisements ......................................................................................................... 12
2.1.5.2 Sponsorships.................................................................................................................................... 13
2.1.5.3 Subscription Models ........................................................................................................................ 14
2.1.5.4 Crowdfunding.................................................................................................................................. 15
2.1.5.5 Merchandise .................................................................................................................................... 16
2.1.5.6 Live Podcasts................................................................................................................................... 16
2.2 Conceptual Framework ............................................................................................. 17
3. Methodology & Method ....................................................................... 19
3.1 Methodology ............................................................................................................. 19
3.1.1 Research Philosophy .............................................................................................. 19
3.1.2 Research Approach ................................................................................................ 20
3.1.3 Research Strategy .................................................................................................. 20
3.1.4 Research Purpose ................................................................................................... 21
3.1.5 Time Horizon ......................................................................................................... 21
3.2 Method ...................................................................................................................... 21
3.2.1 Data Collection ...................................................................................................... 21
3.2.1.1 Secondary Data ............................................................................................................................... 21
3.2.1.2 Primary Data ................................................................................................................................... 22
3.2.1.2.1 Data Quality .................................................................................................................................................... 22
3.2.1.2.2 Sampling Method ............................................................................................................................................ 24
3.2.1.2.3 Participants...................................................................................................................................................... 24
3.2.1.2.4 Question Design & Formulation ..................................................................................................................... 25
3.2.1.2.5 Interviews........................................................................................................................................................ 25
3.2.1.2.6 Data Analysis .................................................................................................................................................. 25
3.2.2 Trustworthiness of Research .................................................................................. 26
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4. Empirical Findings and Analysis ..................................................... 27
4.1 Category 1 ................................................................................................................. 27
4.2 Category 2 ................................................................................................................. 32
4.3 Category 3 ................................................................................................................. 37
4.4 Category 4 ................................................................................................................. 40
4.5 General Findings ....................................................................................................... 45
5. Conclusion ............................................................................................. 48
5.1 Category 1 ................................................................................................................. 48
5.2 Category 2 ................................................................................................................. 48
5.3 Category 3 ................................................................................................................. 49
5.4 Category 4 ................................................................................................................. 49
6. Discussion .............................................................................................. 51
6.1 Contributions ............................................................................................................ 51
6.2 Limitations of Study ................................................................................................. 51
6.3 Future Research ........................................................................................................ 52
References.................................................................................................. 54
Appendix.................................................................................................... 62
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1. Introduction
In this section, the authors will introduce the establishment and development of the podcast
medium, the existing forms of monetization and the primary audience of podcasts. A research
gap is identified concerning which forms of monetization podcasts should employ in order to
maximize revenue. Problem and purpose will explain why this problem is worth studying.
Further, the research question is presented followed by delimitations.
1.1 Background
In the rapidly developing media landscape of our digital world, new media channels are
constantly establishing strong positions in the market. The establishment of new media has
shifted power from producer to consumer. The emergence of Web 2.0 provided consumers with
the tools to shape their media consumption according to their own preferences regarding
content, time and location (Chipp & Chakravorty, 2016). However, few new media innovations
have seen the same success as podcasts.
Podcasts are defined as digital audio files made available for downloading to a computer or
mobile device via the Internet, most often released in the form of series through media players
which allow subscribers to receive new episodes automatically (Haygood, 2007; Potter, 2006).
The success of podcasts depends on several factors, including the creation of an innovative
format, the enablement of flexible listening and new possibilities for independent podcast hosts
to earn revenue (Berry, 2016; Harris & Park 2008; Potter, 2006).
Further, podcasting as a medium is diverse in the sense that style, content, and type of hosts
vary significantly between different types of podcasts (Corbett, 2018). These differences enable
each podcast to target an audience with a very specific profile, which increases the
responsiveness of the chosen audience. Companies realized this opportunity to reach a specific
audience in an intimate setting and therefore started to market themselves through advertising
and sponsoring podcasts (Haygood, 2007). This has shown to be a successful marketing tool for
brands (Geoghegan & Cangialosi, 2008) as exposure in podcasts have proven to raise brand
awareness, compromising brand associations and brand recall (Riismandel, 2018).
Hence, podcasts have grown to become one of the major media channels for marketing of
brands. Investments towards marketing in this media channel are predicted to increase by
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approximately 30 percent between 2018 and 2020 (PWC, 2019). Accordingly, an opportunity
arose for podcasts to earn revenue by offering exposure for brands in their content. However,
there are several options for podcasts to evaluate in attempting to maximize their revenue.
Currently, there are six forms of monetization that podcasters primarily employ, either
exclusively or in combinations. Two of these follow a traditional form where brands purchase
time in the podcast to air commercial messages. The first form is traditional pre-recorded
advertisements that are broadcasted during interruptions from the podcast’s regular content
(Haygood, 2007). Secondly, sponsorships are highly frequent in podcasts. The host of the
podcast presents a branded message, either by reading a prepared manuscript from the sponsor
or by integrating the sponsored brand in the regular content in an authentic manner (Wojdynski
& Golan, 2016).
The additional three forms of monetization are characterized by the need for a financial
commitment from the consumer. Firstly, a fairly recent development in the podcast industry,
mainly existent in the US, are subscription services. These platforms provide subscribers with
either exclusive, bonus or ad-free content from the podcasts. Secondly, crowdfunding is a
practice which has grown in popularity with the development of new media, especially within
the podcast community (Sande & Gallego, 2015). Crowdfunding may be defined as members of
a large audience voluntarily deciding to finance some form of project in response to an open call
(Kuti & Madarász, 2014). Thirdly, some podcasts hosts have managed to create additional
forms of monetization from advertising by selling merchandise and performing live podcasts
(Cramer, 2017).
The podcast phenomena did not establish a strong position in the Swedish market until 2006.
However, the medium has grown steadily ever since and both the number of podcasts available
and the number of listeners is still increasing. The percentage of Swedish internet users
occasionally listening to podcasts has increased from 29 percent in 2015 to 51 percent in 2018
(Davidsson, Palm & Mandre, 2018). The number of listeners that consume podcasts on a regular
basis, either daily or weekly, have nearly doubled since the year of 2015, from 10 percent to 20
percent in 2018 (Davidsson et al., 2018). The podcast medium has steadily increased in
popularity amongst people of different ages. However, the largest audience, based on
demographic segmentation of age, consists of individuals born between 1981-2000 (Mc Crindle,
2003; Crampton & Hodge, 2006) where 16 percent listens to podcasts daily (Davidsson et al.,
2018). This age group is usually characterized as Generation Y, however, the age span differs
depending on the reference (Crampton & Hodge, 2006).
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According to Branigan and Mitsis (2014), Generation Y accounts for approximately 25 percent
of the world's population. Due to this groups' large number of representatives (Bush, Martin &
Bush, 2004) and their ever-increasing buying power, it has been stated that Generation Y is
slowly becoming the largest consumer segment in history (Bucuta, 2015) which increases the
attractiveness of this group as a target for advertising.
Keywords: Podcasts, Form of Monetization, Pre-recorded Advertisement, Sponsorship,

Subscription Model, Crowdfunding, Live Podcasts, Merchandise, Relationships, Generation Y.
1.2 Problematization
New media is often characterized by the shift of power from producer to consumer (Chipp &
Chakravorty, 2016). This is especially true for the podcast medium. Unlike traditional audio-
media channels such as broadcasting, podcasting as a medium is independent and therefore
controlled completely by listeners, intermediaries, and producers (Berry, 2016). The listener can
both place-shift and time-shift their point of consumption (Haygood, 2007) and therefore,
podcasts are characterized as a “pull” medium (Murray 2009; McClung & Johnson 2010). As a
result, podcasts are essentially content that entails a strong element of consumer control
(Haygood, 2007).
Another way that podcast differs from traditional media is the relationship that the audience
establishes to the medium in general and to the hosts of their most favored podcasts in
particular. Unlike traditional radio broadcasting, the audience has a consistent voice and
person(s) to relate the content to and thereby more easily develops a relationship toward that
podcast. This contributes to the unique intimacy factor the medium has (Matejko, 2015).
The characteristics of the audience’s relationship to the podcast hosts and their preferred form of
monetization is important to consider when monetizing content in the democratized media
landscape of our time. Pricing preferences amongst consumers relative to the amount of
advertising they are willing to listen to are heterogeneous (Berman, Battion & Feldman, 2011).
These conditions are especially true for Generation Y (Dawn & Powers, 2013), the primary
audience of podcasts, which means that podcasts must carefully consider this when choosing
forms of monetization to maximize their revenue.
Generation Y grew up during the revolutionary technological development (Fregert & Jonung,
2016) into a media-saturated, brand-conscious world of direct communication (Dembo &
3
Gentile, 2000). As a result, this generation has proven to be increasingly sensitive to what type
of messages they choose to pay attention to (Dawn & Powers, 2013). Consequently, messages
aimed at this group must be as customized and personal as possible (Talbott, 2012). Further,
Bush et al. (2004) states that several individuals within Generation Y display distrust against
large corporations and Morton (2002) points out that they might also be mistrustful of mass
media, which increases the difficulty for companies to successfully target this group.
These characteristics define Generation Y as not only one of the largest, but also one of the most
challenging consumer segments to target in marketing (Bucuta, 2015). However, several
scholars have identified the inherent value of considering and act according to the diverse
preferences amongst Generation Y. In order for companies to successfully gain this generation’s
trust and loyalty, they need to develop an authentic relationship with them (Pine & Gilmore,
2008). Due to Generation Y’s increased awareness of marketers’ tactics, the employed
marketing strategies must be perceived positively by this target audience in order to be accepted
(Pitta, 2012). If companies manage to create such a positive perception, they are presented with
substantial opportunities to gain a larger market share by using digital marketing, aimed at
Generation Y (Pitta, 2012). A highly relevant channel which could be employed to achieve this
goal is podcasts.
In order for podcasts to maximize their revenue, it is for them crucial to be aware of the
preferences and attitudes that their audience display towards the different forms of
monetization. Little attention has been devoted towards exploring what forms of monetization
different types of podcasts should employ in order to maximize their revenue. Hence, a research
gap was identified. Further, when reviewing the existing literature on the topic of Generation
Y’s relationship to podcasts, in the specific context of revenue maximization, the authors of this
thesis have identified an additional gap in the literature. Therefore, the purpose of this study is
formulated as follows.
1.3 Purpose Statement

The purpose of this thesis is to explore the relationships that Generation Y have to hosts in
different types of podcast categories. Following, this research aims to investigate how these
relationships influence the podcasts’ possible opportunities to maximize their revenue.
1.4 Research Question

In order to fulfill the purpose of this study, the following research question was formulated:
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How does the audience’s relationship to the podcast hosts influence the podcast’s opportunities
to maximize revenue?
Sub-questions were formulated in order to help the authors properly understand the subject,
limit the scope of the research and answer the research question.
How can the audience’s relationship to the podcast hosts be interpreted through the five
dimensions outlined in the conceptual framework?
Are there any identifiable patterns between category of podcast, the relationship between hosts
and audience, and the audience’s preferred form of monetization?
How should these patterns be utilized in order for podcast hosts to maximize their revenue?
1.5 Delimitations
This study aims to explore the relationship that podcast audiences within Generation Y have to
different types of podcast hosts. The authors of this thesis have chosen to exclude interview
podcasts from the research. Although these kinds of podcasts often have the same host or hosts
every week, the interviewees or guests vary from episode to episode, not allowing the audience
to develop a continuous relationship to them.
Further, this research aims to explore the audiences’ attitudes towards and preferences of forms
of monetization employed by podcasts. Therefore, podcasts produced by SR (Swedish National
Radio) were excluded since these are produced by the use of governmental funds, eliminating
the possibility to make a profit.
This study will solely focus on the Swedish podcast industry and therefore the collection of
primary data will be restricted to Swedish respondents.
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2. Frame of Reference
The first part of this chapter will present the theoretical framework for this research. Initially,
the process of conducting the literature review will be outlined, followed by sections examining
the currently available literature regarding the most important aspects of this topic. These
include the development of the podcast medium, the relationship between audience and hosts,
Generation Y and current forms of monetization. In the final section, the conceptual framework
will be developed, elaborating on the “Three Dimensions of New Media” by Williams, Rice and
Roger (1988).
2.1 Theoretical Framework
2.1.1 Process of Conducting the Literature Review

The purpose of a literature review is to review the current state of knowledge within the
specified field of research and identify existing gaps in the literature (Saunders, Lewis &
Thornhill, 2012). The process began with establishing a research question that was sufficiently
specified to serve as a guide in the search for relevant literature. The following keywords were
identified; Podcasts, Pre-recorded Advertisement, Sponsorship, Subscription Model,
Crowdfunding, Live Podcasts, Merchandise, Consumer Control, Relationship (between podcast
hosts and audience) and Generation Y. These words were used either combined or separately in
the search for peer-reviewed articles on the online platforms Google Scholar and Primo (JU
school library) as well as relevant theses on DIVA. Moreover, useful peer-reviewed references
within previously reviewed articles were used to investigate the topic further.
The authors aimed to include articles with the highest citation mark available, in order to find
the most reliable sources. However, since podcasts is a relatively new phenomena, the academic
research available was limited, which resulted in the use of some articles with a lower citation
mark. Additionally, the limited amount of research available concerning certain aspects of this
research, specifically in the context of podcasts, restricted the available selection of literature.
This required the authors to incorporate some references, articles, and theories from related
phenomenon.
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2.1.2 Podcasts
2.1.2.1 The Development of the Podcast Medium
The emergence of new technology in the last decade has shaped a new marketing communication
landscape. This shift in the market enable marketers to communicate with consumers who are
exercising their power to consume media of their own choice (Parment, 2012), possible due to
the inherent element of demassification in new media (Williams, Rice & Rogers, 1988). Podcasts
are a highly relevant example of such a new medium and has grown to become a substantial
channel for marketing investments since it was first introduced in 2000 (Haygood, 2007). The
medium has been able to establish this position in the media landscape due to the innovative
format in combination with the enablement of flexible listening, as well as the creation of new
possibilities for both companies and podcast hosts to earn revenue (Berry, 2006).
Podcasts are defined as audio files which can be downloaded to a media player or a computer,
and later be played whenever and wherever the user wishes (Harris & Park 2008; Potter, 2006).
Podcasting was initially developed by former MTV-VJ Adam Curry and Dave Winer in the year
of 2000 (Haygood, 2007). In response to a request from Curry, Winer created the Really Simple
Syndication-feed, referred to as RSS (Bottomley, 2015). The RSS-feed allow subscribers to
access new podcast episodes automatically (Potter, 2006), which was the technical aspect
distinguishing podcasting from the other forms of streaming services and downloadable audio
media files online available at the time (Bottomley, 2015). The term podcast, a neologism
combining the words broadcast and iPod, was first coined in 2004 (McClung & Johnson, 2010).
2.1.2.2 Types of Podcast Hosts

Initially, most podcasts were produced by former radio hosts and the number of listeners was
fairly small due to limited awareness of the medium (Haygood, 2007). However, in the year of
2005 the podcast industry saw a major shift as comedians began producing podcast shows,
following Ricky Gervais launch of a podcast-series in collaboration with The Guardian
Newspaper. As fans of these comedians began discovering the podcast medium, the number of
listeners grew substantially (Berry, 2016).
As podcasts in general and the simplicity of the production and distribution processes in specific
became publicly known, people who did not yet enjoy public recognition began producing their
own podcasts (Berry, 2006). This democratization of media production tools and distribution
channels created what is referred to as “The Long Tail” in the podcast industry (Anderson, 2006),
which still remains intact today (Berry, 2016). “The Long Tail” refers to the distribution of
podcasts divided by the number of listeners. There is a relatively small number of dominant
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podcasts but an extended tail of shows with narrow, limited audiences covering more specific
subjects (Anderson, 2006).
2.1.2.3 Podcast as a Marketing Channel

In contrast to the initial predictions, podcast listening did not reach the anticipated high levels at
the beginning of the 21st century (Haygood, 2007). Instead, the industry first experienced a
number of listeners matching the predicted levels in 2014 (Berry, 2016). As a consequence,
producing podcasts became financially viable at this point in time (Columbia Journalism
Review, 2015). Several large brands had shifted their focus from mass-marketing channels
towards more targeted, cost-effective, interactive and engaging media (Parment, 2012). The
podcast medium’s ability to reach a highly engaged (Columbia Journalism Review, 2015), niche
target audience (Berry, 2016) through a distribution system well suited to the new mobile, on-
demand media world inspired marketers to include podcasts in their media planning (Columbia
Journalism Review, 2015).
Commercial brands continue to dedicate investments towards marketing in podcasts to date, as

demonstrated by PWC's Global Entertainment & Media Outlook 2018, concluding that revenue
in podcast advertisement is predicted to grow by nearly 30 percent between 2018 and 2020.
However, when advertising in podcasts, the audience's attitudes and preferences must be
carefully considered due to the high level of consumer control inherent in the media channel.
Otherwise, the brands face a risk that the audience will gravitate towards other media (Haygood,
2007). Hence, podcast hosts continue to seek new approaches to monetize their content,
compliant to the preferences of their target audiences, to enable a sustainable revenue source
from producing their podcasts (Markman & Sawyer, 2014).
2.1.3 Podcasts & Their Audiences

The typical characteristics of podcast users and their relationship to the podcast hosts might be
explained through the “Three Dimensions of New Media”, defined by Williams, Rice and Rogers
in 1988.
2.1.3.1 Interactivity
The first dimension is defined as interactivity, referring to “the degree to which participants in a
communication process have control over, and can exchange roles in, their mutual discourse”
(Williams et al., 1988, p.10). For podcast users, this might be correlated to their ability to contact
and hence connect with the podcast hosts, for example via social media (Boling & Hull, 2018).
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Matejko (2015) argues that the connection between podcast hosts and their audiences is further
enhanced by the fact that audio media has a unique intimacy-factor. This contributes to building
a rare kind of relationship with the audience, which cannot be established through neither print
nor other digital media. Further, since podcasts put a name and voice behind the publication as
opposed to traditional radio broadcasting, the contact and hence the relationships between
podcast hosts and their audiences are more easily personalized (Matejko, 2015).
Several scholars have pointed out that podcast hosts are highly engaged with their audiences
(Markman & Sawyer, 2014; Matejko, 2015; Berry, 2016). Podcast hosts connect with their
audiences continuously within predetermined time-intervals, which might create a high level of
engagement from the listener's perspective as well (Matejko, 2105). High engagement may
further have purely financial implications for the podcasts, as some highly engaged fans are even
willing to make a financial commitment to their most appreciated podcasts (Berry, 2016).
2.1.3.2 Demassification
The second dimension is defined as demassification and refers to the user’s ability to decide what
portions of the available media to consume and which to ignore (Williams et al., 1988). This
aspect of consumer behavior is unambiguous in the podcast medium, where an extensive amount
of content is available for consumption free of charge via easily accessible feeds (Castelluccio,
2006). Defined, podcast users are inherently active due to the process of selecting, downloading
and deciding to press play when consuming an episode (Boling & Hull, 2018), which entails that
podcasts can be characterized as a pull-medium (Murray 2009; McClung & Johnson 2010).
This level of consumer control and the selective nature of the medium allows marketers to target
narrow segments of potential customers via podcasts (Berry, 2016; Chang & Cevher, 2007).
Berry (2016) argues that podcasts can captivate a niche audience by targeting a precise group
that is interested in specific topics. The listener of a podcast in which the content is limited to a
specific topic, choose podcast based on its own community of interest. However, Berry (2016)
conversely state that the decision to listen to a particular podcast might as well be a consequence
of the listeners previous relationship to the hosts, often created through social media. Today,
celebrities are using multiple channels to strengthen its own brand through brand recognition and
credibility, hence podcasts might be one of these (Johns & English, 2016).
2.1.3.3 Asynchronicity
The third dimension is referred to as asynchronicity, located one step beyond interactivity within
the three dimensions (Williams et al., 1988). Asynchronicity refers to communications that are
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created to allow for sending and receiving of messages at a time and place convenient for the
individual user, a property that is ubiquitous in podcasting (Boling & Hull, 2018). Podcasts are
one of the few media channels that allow both time- and place shifting for the consumption of
content (Haygood, 2007).
McClung and Johnson (2010) concluded that portable devices are preferred by podcast users.
Audience research conducted by RAJAR (2016) in the United Kingdom confirmed this
hypothesis and concluded that 57 percent of podcasts users listen to episodes through their
smartphones. Further, RAJAR state that at least 90 percent of the users primarily listen when
they are alone, providing evidence that podcast listening takes place in an intimate setting. Due
to the previously mentioned high level of consumer control and the typical listening habits of
podcast users, Haygood (2007) argues that the consumption of podcasts creates a deeply personal
space. Therefore, podcasts are assumed to be capable of creating a deeper level of intimacy than
comparable mediums such as broadcasting. This statement is further validated and built upon by
Berry (2016), arguing that listening to a podcast adds a new dimension to the experience, which
is more individualized, creating a form of hyper-intimacy which eventuates that the podcasters
are considered to be peers rather than media-institutions.
2.1.4 Generation Y
Within this study, Generation Y is defined as individuals born between 1981-2000, however the
exact age span differs depending on the reference (Mc Crindle, 2003; Crampton & Hodge,
2006). As stated earlier, this group accounts for approximately 25 percent of the world's
population (Branigan & Mitsis 2014) and is therefore becoming one of the largest consumer
segments in history (Bucuta, 2015). This generation have been described as confident,
independent, goal-oriented, highly informed and proficient at adapting and selecting their use of
technology depending on situation and purpose (Ashraf, Sajjad, Ridwan, Ahmed & Nazeer,
2013; Meier & Crocker, 2010; Ismail & Lu 2014; Luthfi, 2014). The reason for the latter is that
they grew up during the revolutionary technological development (Fregert & Jonung, 2016). The
technological development was initiated several decades ago, although accelerating rapidly in the
last two. As a result of this vast progress in computer-science, communication, information and
other digital technologies, a major shift has occurred regarding how individuals gather
information and communicate with their peers (Parment, 2012). This development has enabled
traditional media institutions to expand online as well as new digital media channels to emerge.
Generation Y does not only consume more media in comparison to earlier generations, but also
several medias simultaneously (Berglund & Boson 2010). One of these mediums are podcasts,
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where the largest audience based on demographic segmentation of age, is defined to be
individuals within Generation Y. Within this group, 16 percent listens to podcasts on a daily
basis (Davidsson et al., 2018).
In conclusion, the current literature regarding Generation Y show that their upbringing during the
continuous technological development, into a media-saturated, brand-conscious world of direct
communication (Dembo & Gentile, 2000), has created disparities in behavior, attitudes and traits
compared to earlier generations (Parment, 2012). Two of these traits, especially relevant in the
context of the monetization of podcast content is their willingness to avoid advertising and
willingness to pay, outlined in the following sections.
2.1.4.1 Willingness to Avoid Advertising

Parment (2012) state that the constant opportunities and choices that consumers within
Generation Y are offered by companies today, combined with their progressive use of the
information available online, have resulted in vast consumer control. Thus, individuals within
this demographic group are commonly described as demanding, conscious of their rights and
generally disloyal to brands (Parment, 2012). Correspondingly, Dawn and Powers (2013) state
that this generation has proven to be increasingly sensitive to what type of messages they choose
to pay attention to, which is supported by Talbott (2012), emphasizing that messages aimed at
this group must be as customized and personal as possible. This sensitiveness of messages aimed
at them, as well as their distrust towards corporations and mass media could explain why several
individuals within this generation practice advertising avoidance (Callius, 2015). Further, Pine
and Gilmore (2008) state that in order for companies to successfully gain Generation Y’s trust
and loyalty, they need to develop an authentic relationship with them. To accomplish this,
companies must create strong emotional ties and motivate them to support the cause of their
brand. This may be achieved through establishing a continuous dialog with the target consumers
in order to fully comprehend and adapt to their preferences (Lindgren, Lüthi, & Fürth, 2005)
Generation Y’s realization of companies only being interested in them because of their spending
power has generated ignorance of marketers’ traditional methods (Lindgren et al., 2005). For
example, the use of traditional segmenting and targeting strategies have proven to be insufficient.
Traditional consumer segments that have been used by marketers to define and reach their target
audience are therefore ineffective when targeting Generation Y. This generation do not identify
with abstract identities or properties such as “young people”, where it is assumed that they share
certain characteristics. Consequently, the preferences that this group evaluate brands according to
is challenging for marketers to predict. This difficulty is further enhanced by the fact that this
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generation has adapted a more sophisticated consumer behavior where they tend to prefer a
diverse mix of different and non-coherent brands (Lindgren et al., 2005).
2.1.4.2 Willingness to Pay

Further, Generation Y tend to be more individualized compared to earlier generations. For
instance, they tend to focus on self-reliance, their need to make their own choices, and self-
realization, by preferring to consume brands that provide them with meaning and some form of
additional value (Lindgren et al., 2005). For Generation Y, brands’, products’ and services’
intellectual, artistic and emotional aspects are equally important as the tangible aspects (Parment,
2012). Thus, they see purchasing as an act of support. An example of this can be identified
within the music industry, where consumers easily can obtain songs for free through free of
charge services such as YouTube or choose to pay for them. For Generation Y, this is not a
purely financial decision, but an evaluation is made according to their personal preferences to
determine whether the artist deserves the money or not (Lindgren et al., 2005). According to
Kotler (2011), companies are therefore encouraged to convert from cost-based pricing to value-
based pricing, as Generation Y base their purchasing decisions not depending on the financial
cost, but the value of the product or service.
Moreover, Lindgren et al. (2005) state that money no longer is the primary currency but the time
this generation dedicate to the product or service is considered to be of greater value.
2.1.5 Forms of Monetization

Podcasts entail several opportunities for the hosts to earn revenue. As the medium continues to
evolve, the hosts continuously search for new opportunities to maximize their revenue in order
to create a sustainable source of income (Markman & Sawyer, 2014). Considering the inherent
element of demassification within the medium, creating a substantial amount of consumer
control, finding a suitable balance between content and commercial messages is critical for the
podcast hosts (Boling & Hull, 2018). Further, pricing preferences amongst the audience
members, in regard to the amount of advertising they are willing to listen to, vary significantly
and should thus be cautiously considered as well (Berman et al., 2011). Currently, podcasts
mainly employ the following six forms of monetization.
2.1.5.1 Pre-Recorded Advertisements
Haygood (2007) define advertising segments in podcasts which are accompanied by a short
music piece, commonly referred to as a jingle, as pre-recorded advertisements. The content of
12
pre-recorded advertisements is concise and informative and presented by a spokesperson chosen
by the brand, not the podcast host. This form of advertisements in podcasts are very similar to
traditional radio commercials and are most often located in the beginning or end of the episode.
An advantage of these commercials is that podcasts might get the opportunity to place a
message in their program which is highly relevant for their listeners (Haygood, 2007). However,
there are cases in which the podcast platform chooses which messages to broadcast, resulting in
messages not targeted to the specific audience.
However, Huang, Reiley and Riabov (2018) argue that these advertisements are merely
annoying elements that distracts the consumer since it interrupts their consumption of content.
Similarly, Heath, Cluley and O’Malley’s study from 2017 found that consumers often
experience these kind of advertising messages as infringements upon their mental space.
Therefore, Haygood (2007) emphasize the importance of only including a limited number of
commercial messages to maintain the consistency of the podcasts content.
2.1.5.2 Sponsorships
One of the most common form of monetization currently employed by podcasts is advertisers,
usually called “Sponsors” by the podcast hosts (Haygood, 2007). This is an integrated form of
advertising where the podcast hosts talk about a sponsored product or service in a personal
manner in order to convey a more genuine, and thereby convincing, message than a regular pre-
recorded advertising message are able to (Meenaghan, 2001). This approach can be defined as
native advertising since the sponsor borrows credibility from the podcast host to deliver the
message to the listeners (Wojdynski & Golan, 2016). This approach provides the sponsors with
several benefits, for example increased customer attention and opportunities to improve their
image and/or reposition in the market (Erdogan, 1999).
When researching the topic of podcasts utilizing the sponsorship-approach, it is evident that
academic research is lacking in this field. However, several studies have been conducted on the
closely related phenomena of celebrity endorsement and testimonials (Branigan & Mitsis, 2014;
Choi & Rifon, 2012; Erdogan, 1999). A celebrity endorser may be defined as “any individual
who enjoys public recognition when they appear in the advertisement, in front of consumers”
(McCraken,1989, p. 310). The authors of this thesis argue that this definition could be applied to
podcast hosts utilizing the sponsorship approach when monetizing their podcast content and
therefore, in order to investigate this subject, the authors have chosen to apply the existing
13
research on celebrity testimonials to podcast hosts that are using sponsorship as a form of
monetization.
Reviewing the literature on this subject, there are several theories which explain how
sponsorship messages should be executed in order to have a positive effect. Following, three of
the key aspects will be outlined.
Firstly, Harmon and Kenneth (1982), as well as Sternthal, Dholakia and Leavitt (1978), argue
that in order for a celebrity testimonial to be effective, the source, in this case the podcast hosts,
must be credible.
Secondly, McGuire (1985) argues that the attractiveness of the source also impacts the effect of
celebrity testimonials. To explain this correlation, the author has developed the source
attractiveness model which states that the more similar, familiar and likable the source appears
to the receiver, the more persuasive the message will be (McGuire, 1985). Brownlow (1992), as
well as Till and Busler (1998), state that the match between the source and the receiver is a
crucial factor for the message to be successful. This is explained through the match-up
hypothesis which emphasize the need of congruence between the source and the receiver in
order to acquire effective communication (Forkan,1980; Kamins, 1990; Till & Busler, 1998).
The congruency could occur on different levels, such as the celebrity and the brand (Kamins &
Gupta, 1994; Misra & Beatty, 1990) the celebrity and the product (Friedman & Friedman 1979)
and the celebrity and the customer’s ideal self (Choi & Rifon, 2012).
However, if a sponsored message is presented in a manner which does not indicate that the
specific part of the content is commercialized, there is a risk that the content is characterized as
misleading advertisement. Consequently, the listener might develop a skepticism towards the
podcast hosts due to the difficulty of identifying which portions of the provided content
constitutes sponsored message (Smit, van Reijmersdal & Neijens, 2009).
2.1.5.3 Subscription Models
A subscription is defined as a fee-based revenue model in which consumers are charged a fee in
order to get access to content (Chyi, 2005). Numerous media content producers have in the last
decade transitioned from utilizing traditional advertising models to applying a subscription
model (Kang, Park & Lee, 2014; Chyi, 2005). Kang et al. (2014) states that the three main
factors affecting consumers’ willingness to pay for a subscription service. The first factor is
14
interactivity which refers to the responsiveness, credibility and user experience, provided
through the service. The second factor is system quality which includes the technological
system functions that creates ease of use. The final factor is media richness which is defined by
the range of choices and content available on the subscription service.
Although several studies have predicted a bright future for subscription models, the easy access
to free content on the Internet has created resistance from both consumers and content producers
towards applying this revenue model (Pauwels & Weiss, 2008). This reasoning aligns with
Chyi’s (2005) argument concerning the risk of substitution that content providers are exposed
to, when implementing a subscription model. Assuming that similar content is available through
another service free of charge, the content producer could face a huge decline in demand for
their service, following a decision to charge for content. Therefore, Chyi (2005) argues that the
risk of substitution will be significant when implementing a subscription model, unless the
content is highly specialized.
2.1.5.4 Crowdfunding
Crowdfunding, also referred to as “fan funding” (Renard, Faulk & Goodrich, 2013) is a practice
in which individuals from a large audience decide to voluntarily raise an amount of money to a
project or venture (Belleflamme, Lambert & Schwienbacher, 2013). There are several forms of
crowdfunding. Firstly, equity-based and credit-based crowdfunding are practices that focus on
investments, where the individual who contributes financially expects to receive a financial
return such as a share of the profit or even part of the ownership (Kuti & Madarász, 2014).
According to Belleflamme et al. (2013) equity-based crowdfunding is the model that tends to
generate highest amount of funds.
Secondly, reward-based and donor-based crowdfunding are practices characterized by a

supporting audience that do not expect any equity in return for their investment (Kuti &
Madarász, 2014). However, the sponsors in a reward-based crowdfunding situation expect a
product or service as a reward for their contribution, which constitutes the dissimilarity to the
donor-based model (Belleflamme et al., 2013).
Quirk (2016) explains crowdfunding by podcast hosts as a practice of using the support of loyal
listeners to secure sustainable financial contributions in a long-term perspective. Berry (2016)
argues that the proven beneficial results of using crowdfunding in podcasts is a consequence of
the highly engaged audiences that are highly likely to provide their most appreciated podcasts
15
with financial support. Researching the use of crowdfunding in the general business
environment, Kuti and Madarász (2014) found that one of the main advantages is the personal
contact and emotional attachment which is established between the funded company and its
sponsors since it motivates future interest and support.
Belleflamme et al. (2013) further highlights that the geographic distance between an investor
and entrepreneurs may be an impediment in the early stages of a fundraising process, where
longer distances decrease the possibility of the entrepreneur gaining financial support.
2.1.5.5 Merchandise
Berry (2013) defines merchandise sold by podcast hosts as a “listener-centered non-advertising

funding model”. The importance of merchandise has changed through the years (Thomson,
2013). According to Clark’s study from 1983, the sale of merchandise can determine if a tour
will be profitable or unprofitable for musicians. Whereas today, Thomson’s (2013) study
confirmed that the contribution from merchandise sales are minimal on the profit. Inexpensive,
low involvement are the typical kind of products sold as merchandise and these are used
throughout the entire entertainment industry (Clark, 1983). Merchandise in the podcast industry
are mainly used as a promotional tool and often available for purchase through the podcast’s
official website (Quirk, 2016).
2.1.5.6 Live Podcasts
Another form of monetization, also defined by Berry (2013) as a “listener-centered non-

advertising funding model” is live events performed by the podcast hosts.
In Quirk’s study from 2016, the author interviewed podcast hosts to investigate the possibilities
of implementing live events as a source of revenue. Quirk found that despite shows being sold
out, the costs related to the event often exceeded the revenue. Hence, in order for live podcasts
to serve as a viable source of revenue, the financial aspect of the events must be carefully
considered (Quirk, 2016).
Quirk (2016) highlights the positive effect which live podcasts might have on the relationship
between the audience and the podcast hosts. Further, she also confirms that live events create
opportunities for podcasts to attract new sponsors. There are cases where podcasts have become
16
financially viable through arranging live events, simply because the event attracted and
motivated companies to establish collaborations with the podcast hosts (Quirk, 2016).
Myers (2011) studied the motivations of audiences to attend live events performed by
comedians, which might be deemed relevant in the case of live podcasts as well, considering the
aim of providing entertainment to the audience. Firstly, the author discussed the importance of
intimacy that is created through the close distance between the stage and the audience, as well
as the audiences stimulating feeling of being part of the performance. Secondly, interaction
between the individuals in the audience was pointed out as an additional motivational factor.
Related to these findings, Holt’s (2010) research on live events performed by musicians point
out that these shows involve a social dimension which enhance the total experience for the
audience. This dimension is created through fans socializing with both friends and strangers due
to a shared musical interest (Holt, 2010), a practice which might be assumed to occur during
live podcasts as well.
2.2 Conceptual Framework

The conceptual framework of this study consists of two parts.
The first part is a matrix created by the authors in order to be able to divide the podcasts
discussed in the interviews into four categories. The two parameters chosen to construct the
matrix were whether the content of the podcast was related to a specific topic, and whether the
podcast hosts enjoyed public recognition prior to or post the launch of their podcast. These
parameters were identified based on the assumption that these differences have a direct impact
on the answers provided by the interviewees in relation to the research question. This
assumption was developed through the research presented in the Frame of Reference,
specifically the different kinds of podcast hosts outlined in section 2.1.2.2 and the research
conducted by Berry (2016) concerning the motivations behind podcast listening, presented in
section 2.1.3.1. Incorporating this categorization enabled the researchers to let each category
represent typical cases of podcasts. These were later used to identify patterns within each
category.
17
The second part outline the five dimensions according to which the authors analyzed the
relationship and preferences amongst the audiences. The first three were retrieved from
Williams et al. (1988) study presenting three dimensions of new media, outlined in section
2.1.3. Constructing the interviews according to these dimensions of interactivity,
demassification and asynchronicity allowed the authors to draw conclusions regarding the
audience's relationship with the podcast hosts. Further, the authors decided to elaborate on this
study by incorporating two additional dimensions, which enabled analysis of the participants’
preferences towards the six forms of monetization outlined in section 2.1.5. These dimensions
were defined as Willingness to Pay and Willingness to Avoid Advertising, based on the
previous research reviewed on Generation Y’s specific characteristics outlined in section 2.1.4.1
and 2.1.4.2.
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3. Methodology & Method
The first section of the following chapter outlines the methodology of the research by discussing
the philosophy, approach, purpose, and strategy. The second part of the chapter clarifies the
method of the study, including the collection of secondary and primary data. Further, the
process of data analysis and quality of the collected data followed by the sampling method and
the procedure of the interviews is presented. The final part of the chapter evaluates the study’s
trustworthiness.
3.1 Methodology
3.1.1 Research Philosophy

The initial step when conducting research is to identify which research philosophy will be
applied. The philosophy is defined by the ontological, epistemological and axiological
assumptions and serves as a guideline regarding how scientific research should be conducted
and underpin the chosen research strategy (Collis & Hussey, 2014). The chosen philosophy does
not only impact the design of the research but further how the authors interpret and understand
the phenomena under investigation (Saunders et al., 2012). Interpretivism is the chosen research
philosophy for this thesis.
The chosen ontological aspect of a research determines the researcher's view of the nature of
reality. This research applies the view of social constructionism, pursuant to interpretivism,
which considers reality to be a social construct and that reality is subjective. This is suitable
since this thesis aims to understand the meanings that individuals attach to social phenomena by
carefully investigating the different perceptions of these social actors and will apply the
interpretivist philosophy (Saunders et al., 2012)
Epistemology determines what constitutes acceptable knowledge within a field of study. This
research aims to investigate relationships between podcast hosts and their audiences in detail to
understand the subjective meanings of the listeners, e.g. the social actors, that result in certain
actions. Hence, the interpretivist philosophy is pursued (Collis & Hussey, 2014).
Pursuant to the axiological assumption of the interpretivist philosophy, the authors acknowledge
that this research will be value bound, meaning that the authors cannot be separated completely
19
from the research (Collis & Hussey, 2014). Consequently, the research will be subjective to
some extent. The degree of subjectivity will be kept to a minimum by applying available
measures to reduce bias and sustain objectivity (Saunders et al., 2012).
3.1.2 Research Approach

When conducting a study, outlining the relationship that the research has to theory is helpful to
guide the researchers (Saunders, Lewis & Thornhill, 2016). The relationship can be described as
either inductive or deductive. An inductive approach aims to generate theory as an outcome of
research, while the deductive approach has its starting point in theory (Bryman & Bell, 2011).
According to Saunders et al. (2012), the deductive approach, where theory guides the research
questions and purpose, guides the data analysis and can be applicable in relation to the
interpretivist philosophy. When conducting this research, the initial step was to review theory
concerning podcasts and Generation Y, which enabled the authors to develop the conceptual
framework. This was used throughout the research in order to analyze the findings and draw
conclusions. Therefore, the deductive approach was suitable to this research.
Further, since this thesis sought to explore relationships and attitudes, the suitable approach was
determined to be qualitative (Bryman & Bell, 2011). This allowed the authors to collect explicit,
broad answers with substantial information which could be analyzed from various angles. The
choice of qualitative approach also assisted the authors in examining and reflecting upon the
underlying tendencies and behaviors of social actors (Saunders et al., 2012) as well as to
contribute with contextual knowledge of the phenomenon (Byrne, 2001).
3.1.3 Research Strategy

This research was conducted through the execution of a case study, one of the most common
forms of methodologies associated with interpretivism and qualitative research. Case studies are
recommended in order to answer how-research questions (Yin, 2014), as is the case within this
research and are commonly used to explore contemporary phenomenon within predefined
contexts (Saunders et al., 2016; Yin, 2014). Hence, exploring relationships between podcast
hosts and their audiences in the context of possibilities for revenue maximization are preferably
made through a case study. Further, this thesis contains embedded case studies since the authors
study four different sub-categories of the podcasts under study (Saunders et al., 2016).
20
3.1.4 Research Purpose
As mentioned in section 1.3, the purpose of this thesis is to conduct an exploratory research
investigating how the audiences’ relationship to the podcast hosts influence the podcasts’
opportunities to maximize revenue. The objective of this research is therefore to identify
patterns between type of podcast, the audiences’ relationship to the podcast hosts and the
audiences’ preferred form of monetization. Through analyzing these possible identified patterns,
this study aims to provide recommendations on how podcast could maximize revenue. Finally,
due to limited research devoted to podcast monetization, this study aims to provide a foundation
for or inspire to future studies.
3.1.5 Time Horizon

In research planning, it is important to be aware of the time horizon during which the study will
be conducted. This research is considered to be a cross-sectional study since the authors are
investigating a particular phenomenon during a specified, limited period of five months
(Saunders et al., 2016).
3.2 Method
3.2.1 Data Collection

The collection of data began with an extensive literature review in order to establish an
overview of the current knowledge within the field. The outcome of this review resulted in the
secondary data in chapter one and the literature review in chapter two, where the arguments
between authors were compared. Due to the shallow understanding of the phenomenon in the
current literature, the gap spotting approach applied was neglect spotting. The primary data was
collected through semi-structured interviews which will be discussed further in section 3.2.1.2.
3.2.1.1 Secondary Data

According to Saunders et al. (2012, p.280), secondary data is defined as “data that have already
been collected for some other purpose, perhaps processed and subsequently stored”. In this
thesis, the authors used researched secondary data in written form as well as various types of
surveys to research the current status of the phenomenon under study. Further, secondary data
was gathered through a wide range of sources to establish a comprehensive overview,
meanwhile cover the objectives of the research. The secondary data collection was finalized by
triangulating the different sources in order to evaluate the quality and ensure consistency of the
collected data.
21
3.2.1.2 Primary Data
The exploratory purpose of this study entails that non-standardized interviews is identified as
the preferred method to collect primary data (Cooper & Schindler 2008), fulfilling the objective
to identify causal relationships and understand the participants' attitudes and opinions (Saunders
et al., 2012). This structure enabled the researchers to decide upon key questions and topics that
were aimed to be covered prior to the interview.
Furthermore, since this study adopts an interpretive epistemology, where the aim is to
understand the meanings that the participants ascribe to the research topic (Saunders et al.,
2012), the researchers chose to complement the interview with additional questions if it suited
the explorative nature of the discussion. The most suitable way to collect the data was by audio-
recording the interviews, with the knowledge and permission of the participants, as well as note
taking during specific occasions (Saunders et al., 2012).
3.2.1.2.1 Data Quality

Qualitative research always involves certain issues regarding the quality of data. Hence, during
the process of preparation and the gathering of the primary data, the authors devoted attention
towards issues of reliability, validity, generalizability, bias, as well as important ethical
considerations (Leung & Lawrence, 2015; Saunders et al., 2012).
Reliability
In contrast to quantitative research, qualitative research is by definition unable to reproduce the
exact same process and hence results (Leung & Lawrence, 2015). The underlying epistemology
of qualitative, interpretivist research provides that it is not necessary for findings to be
repeatable since they reflect the time they were derived (Saunders et al., 2012). Hence,
reliability in qualitative research is primarily focused on ensuring consistency. Two commonly
mentioned threats to reliability are observer-error and participant-error (Saunders et al., 2012).
Measures were taken to reduce these, including conducting the interviews during a convenient
time and setting for the participants, carefully structuring the interviews and prepare sub-
questions to possible questions beforehand.
Validity
In the context of qualitative research, validity refers to the extent to which the researcher has
been able to infer the meaning of the answers and truly access the interviewee’s experience and
knowledge (Saunders et al., 2012). The primary action taken by the authors to ensure validity
was to conduct interviews until the point of saturation has been reached. Following, careful
22
transcribing and triangulation of the collected data, both primary and secondary, increased the
validity of the findings.
Bias
When collecting data for qualitative research, there are two main forms of bias which should be
carefully considered; observer bias and participant bias (Saunders et al., 2012). The authors of
this thesis both engaged in preparations prior to the interviews and remained aware of possible
issues during them, in order to avoid bias.
In order to minimize participant bias, the location for the interviews was chosen and the
scheduling of them was made with consideration to the interviewee’s preferences and
availability. Opening comments introduced the subject properly without risk of impacting the
interviewees answers. The interviews were held in a calm manner and the participants were
allowed as much time as preferred to answer each question. Long and complicated answers
were summarized and read back to the interviewee in order to ensure correct understanding.
Several measures were taken to reduce observer bias. During the interviews, careful notes and a
minimum of two audio recordings were taken to ensure accurate and full data collection. The
interviewers demonstrated attentive listening skills towards the participant, for example by not
interrupting their answers. When suitable, follow-up questions on provided answers were asked.
However, the interviewers carefully avoided leading questions in order to avoid leading the
subject towards answers that could be perceived as favorable. Further, the interviewers kept a
professional and objective approach to the participants and the provided answers, considering
that inappropriate behavior by the interviewer could affect the interviewee’s answers.
Ethical Considerations of Primary Data

When collecting primary data for a qualitative study, it is of utmost importance to not infer any
discomfort or inconvenience on the research population (Saunders et al., 2012). In order to
avoid this, the participants in this study were ensured anonymity. Confidentiality was
guaranteed in order to allow the interview subjects to speak freely. Further, the participants were
informed about the purpose of the research and gave their permission for the researchers to use
their answers in pursuing that purpose. To act ethically, it is highly important not to distort the
answers given in the interviews. In order to ensure this, the interviews were audio-recorded,
with the consent from the participants, and all interviews were transcribed, avoiding the risk of
misinterpreting answers. Additionally, during the interviews, the participants tone of voice and
23
non-verbal communication was taken notes on, since such ques might change the meaning of
the message (Saunders et al., 2016).
3.2.1.2.2 Sampling Method

The sampling method used in this study was purposive sampling, which enabled the researchers
to select participants which met the two criteria established prior to the data collection. This
method was chosen in order to ensure that the data collected would be relevant to the purpose of
the research. (Saunders et al., 2016). In the selection of participants, two criteria were required.
Firstly, the audience of the study should be born within 1981-2000 (Mc Crindle, 2003;
Crampton & Hodge, 2006), to include Generation Y. Secondly, the person should be a regular
podcasts listener to be able to answer the questions. The aim was to sample participants until the
point of saturation was met. The strategy to find participants included searching in social media
channels that are connected with podcasts and via the mouth-to-mouth approach.
3.2.1.2.3 Participants
Date of Interview Gender Age Duration Podcast Category Abbreviation
2019-04-03 Female 22 21.52 Category 1 P1
2019-03-25 Male 26 31.23 Category 1 + Category 2 P2
2019-04-03 Female 24 23.10 Category 1 + Category 2 P3
2019-04-15 Female 23 25.14 Category 2 P7
2019-04-04 Male 23 27.18 Category 4 P9
2019-03-28 Male 26 25.19 Category 4 P10
24
3.2.1.2.4 Question Design & Formulation
Semi-structured interviews were identified as the preferred interview method for this research,
since the purpose of the study is explorative (Saunders et al., 2012). The questionnaire was
designed according to the five dimensions outlined in the conceptual framework with questions
formulated in order to cover all the relevant topics. Since semi-structured interviews are non-
standardized, some additional questions beyond the outlined list are allowed, in order to receive
a broader understanding of the provided answers. Additionally, the sequence of questions varied
depending on the flow of the conversation. The interviewer took suitable measures to keep the
conversation in line with the objectives of the research, without interrupting (Ghauri &
Grønhaug, 2005). Furthermore, the questions were clearly formulated without including
complex terms or concepts to simplify the interviewees understanding. The interview questions
are available in Appendix A.
3.2.1.2.5 Interviews
To gain some experience of interviewing and discover potential issues in the outlined question
design, a pilot interview was executed (Majid, Othman, Lim, & Yusof, 2017). Following this
session, the authors of this thesis found a few minor gaps in the question design which were
adjusted before the process of interviews continued. Due to the alterations made after the pilot
interview only being minor, it was included in the primary data as well.
Saunders et al. (2012) state that interviews should be conducted until data saturation is met. The
authors of this study conducted ten interviews. In six of these, two different categories of
podcasts were discussed. After these interviews were conducted, the authors recognized that the
answers provided similar findings and concluded that few new insights could derive from
additional interviews. Thereby, data saturation was assumed to be met.
The length of each interview varied from 21.52 to 32.29 minutes, which allowed flexibility
depending on the respondent’s thoroughness in the answers (Saunders et al., 2012). All
participants were from Sweden, therefore, all interviews were held in their native language in
order to avoid linguistic confusions.
3.2.1.2.6 Data Analysis

The collected data was transcribed which, according to Williamson (2002), is crucial when
conducting qualitative research. The transcripts were cross-checked with the notes taken during
the interviews. Since the interviews were held in Swedish, they were first transcribed and later
25
translated into English. In order to correctly interpret the data, Saunders et al. (2012) defines
several steps that authors should conduct. Firstly, to prevent a biased understanding of the data,
the authors interpreted the empirical findings individually before discussing them together.
Further, the authors searched for keywords from the participants within the themes of the five
dimensions outlined in the conceptual framework such as: relationship, engagement, willingness
to pay, willingness to avoid advertising. This was done in order to interpret the relationship that
the listeners have with the podcast hosts. Secondly, after analyzing each interview respectively,
the authors compared the interviews within the identified categories of podcasts and searched
for patterns in the respondents’ answers. Lastly, conclusions from the results were drawn in
order to give recommendations regarding how podcasts should maximize their revenue
depending on the listeners relationship to the hosts.
3.2.2 Trustworthiness of Research

When conducting a qualitative research, it is vital to scrutinize its trustworthiness. Validating
the quality of the research is a critical aspect since the insights one may retrieve from the study
could possibly affect future scholars (Slevitch, 2011). The perpetuation of the researchers’
objectivity throughout the research is therefore crucial in order not to misinterpret the collected
data. This encompasses not being selective in the gathering of data or purposely misinterpreting
information (Zikmund, 2000). Measures taken to ensure the quality of data is outlined in section
3.2.1.2.1. Further, the research of existing literature was selected and prioritized from peer
reviewed sources with high citation marks. Additionally, the secondary data stated in the
research was derived from sources that the authors encountered in other academic publications
which can therefore be considered reliable (Saunders et al., 2012).
26
4. Empirical Findings and Analysis
In this chapter, the authors have chosen to compound the empirical findings and analysis sections,
in order to present the results of this research to the reader in the clearest way possible.
Therefore, the findings will be divided depending on category and analyzed through the
conceptual framework, developed in the frame of reference. Finally, the general findings from
across all categories will be presented and analyzed.
4.1 Category 1
This category includes podcasts with hosts who were known to the general public prior to the
launch of their podcast, featuring content which is not bound to a specific topic.
“Most often, I have a relationship to the hosts before I start to listen to the podcast. […] I do
not want to listen to someone that I do not recognize.”
- P5
The dimension of demassification concerns the podcast listener’s ability to decide which part of
the massive amount of available content to consume (Williams et al., 1988). When analyzing
the interviewees reasoning behind the decision to start listening to this specific podcast, it was
evident that the audience choose to listen to this podcast mainly due to an interest in the hosts
rather than the content.
“I have always liked them. I have always liked what they are doing, I have always watched
everything they have done. They have always sort of been there.”
- P2
“It’s the people. Of course, I listen to what they are saying, but they can talk about boring stuff
but since they are who they are, it is fun.”
- P5
This finding aligns with the findings from Berry’s (2016) study, stating that a reason for
listening to a specific podcast could be a prior relationship with the hosts established through
other media. Further, this research confirms the claim made by Johns and English (2016) that
celebrities can use multiple channels to strengthen their own brand through recognition.
27
Intimate setting
As Boling and Hull (2018) states, asynchronicity is a property ubiquitous in podcasting and is
highly employed by the interviewees within this category. All of the respondent’s state that they
only listen to the podcast while being alone, creating an intimate setting which allows them to
fully concentrate on the content.
“I listen more attentively to this specific podcast, in comparison to others that I can listen to
when I’m out running.”
- P4
These consumption patterns align closely with Haygood’s (2007) claim that the consumption of
podcasts creates a highly privatized and deeply personal space, resulting in podcasts being
capable of delivering a deeper level of intimacy than comparable mediums. This intimate setting
could contribute to the audience development to a strong relationship towards the hosts, which
may result in perceiving the hosts as peers rather than media-institutions (Berry, 2016).
However, findings of this research only partially provide support to this claim, as the answers
varied in describing the relationship.
“They are professionals and I look up to them”

- P5
“Their podcast is like sitting down with a friend”

- P4
Therefore, it is difficult to interpret the relationship that the audience have with the podcast
hosts through the dimension of asynchronicity.
The Importance of Social Media

Interpreting the relationship is easier when considering the dimension of interactivity, which
refers to the degree participants have control over communication and can discourse with one
another (Williams et al., 1988). As previously stated, for podcast listeners this dimension is
manifested in their ability to contact and hence connect with the podcast hosts, for example via
social media (Boling & Hull, 2018).
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Findings from this research show that the relationship is enhanced and intensified by the
audience’s ability to connect with the hosts on social media, coherent with Boling and Hull’s
(2018) study. Due to the audience’s engagement in the hosts additional media channels, apart
from the podcast, they have become aware of the hosts’ personal interests and habits, as well as
their financial situation.
“I have an active relationship with the hosts and keep myself updated on everything they do.”
- P5
“It’s like... When you are following influencers, you follow them on several platforms, and you
think that you know them. I want them in my everyday life.”
- P1
“I wrote a couple of tweets to Filip and Fredrik. [...] I’ve also sent an email, which they
actually responded to!”
- P4
Willingness to Avoid Pre-recorded Advertisements

Huang et al. (2018) concluded that pre-recorded advertisements are often viewed as annoying
elements which distracts the consumer since it interrupts their consumption of content. This
claim aligns with the findings of this study, since the interviewees’ showed a high willingness to
avoid pre-recorded advertisements, stating that they skip forward when listening in order to
avoid these. Therefore, this study suggest that this category of podcasts should not employ pre-
recorded advertisements as a form of monetization.
Sponsorship Approach
However, the respondents proved willing to listen to segments featuring sponsored advertising
messages, if these were conducted in a certain way.
Firstly, since the audience have attained a high awareness of the hosts’ personal life through
following them on social media, they expressed that it would be acceptable to listen to a
sponsored segment, if the sponsored product or service was something the hosts could be
assumed to use in their personal lives. This could be explained through the match-up
hypothesis, which indicate a congruence between the source and the receiver in order to acquire
effective communications (Forkan,1980; Kamins, 1990; Till & Busler, 1998). This congruence
29
could be obtained on different levels, as for example in this case between the celebrity and the
endorsed product (Friedman & Friedman, 1979).
Further, the prevailing perception of podcast hosts being highly credible sources of information
within this category allow the sponsors to borrow credibility from the hosts, as stated by
Wojdynski and Golan (2016). This satisfies the primary requirement for a celebrity testimonial
to be successful, which according to Kenneth (1982) and Sternthal et al. (1978) is the credibility
of the source, in this case the podcast hosts.
“They really try to make it sound like the products they are advertising are such that they would
use themselves. They manage to portray that image since the brands they cooperate with are
reasonable and relevant.”
- P6
“It’s good when they promote something and use an example from their own life, telling it as a
real story. When they do that, it feels like they actually have used the product, which makes the
advertisement more trustworthy.”
- P5
Secondly, due to the high level of consumer control the audience has, it is crucial for the podcast
hosts to act in line with the audience's attitudes and preferences (Haygood, 2007). When
analyzing the findings from the interviews, it is evident that the perceived loyalty from the
podcast hosts to the sponsored company was important for the respondents. One respondent
stated that when the podcast hosts switched between sponsors, it was interpreted as unserious.
“It feels unserious when the podcast hosts tell a story about something, a brand, and then it is
just exchanged to another one next week”
- P4
Therefore, this study suggests that the podcast within this category should commit to one sponsor
over a longer period of time. This finding has not been encountered in previous research
concerning sponsorship in podcasts.
30
Thirdly, the sponsorship message should be delivered in an authentic and genuine manner. This
finding corresponds to Talbott’s (2012) study which states that messages aimed at Generation Y
must be as customized and personal as possible.
Lastly, another finding encountered was that sponsorship messages only were accepted the first
time they were heard, whereas if the exact same message was repeated, the listeners became
annoyed. This finding aligns with Dawn and Powers (2013) study, proving that Generation Y is
sensitive to what type of message they choose to pay attention to.
“When you hear the exact same sponsorship message in the next episode too, it feels like they
did not put any effort into it, like, they could have dedicated a little more time to it”
- P5
Financial Commitments
Berry (2016) states that engaged fans could be willing to make financial commitments to the
podcast. This statement does not comply with the evidence found in this research. While the
majority of the respondents could be seen as highly engaged and committed to the podcast and
the hosts, none of them were willing to contribute financially. A reason for this, discovered in
the interviews, is the previously mentioned knowledge of the hosts’ financial status, gained
from following them on social media. Therefore, podcasts included in this category should
neither use crowdfunding nor a subscription model as monetization form. However, if podcast
hosts in this category would not portray a sound financial status, this recommendation might not
be suitable.
“If I knew that their financial situation was sound, and they still asked listeners to pay up I
would lose trust.”
- P6
However, depending on the products, the respondents would be willing to purchase

merchandise. Two possible underlying motivations to purchase were identified; the product
must either be related the podcast or have a low price. The finding concerning low price confirm
Clark’s (1983) study that inexpensive and low involvement merchandise generally products
appeal to the audience. However, the finding concerning podcast related product has not been
encountered in previous research.
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“If Filip and Fredrik would do a quiz for podcast-nerds, that would have been fun. Actually,
whatever they would have done, as long as it had to do with them or their content, I would have
bought it!”.
- P4
“Yes, depending on the product - if it was something with low involvement and low price I
might do it just for fun, for example, a tote bag.”
- P3
Further, the respondents presented a positive attitude towards attending live podcasts, which is
beneficial for the hosts, considering Quirk’s (2016) conclusion that live events create
opportunities for podcasts to attract new sponsors.
“No, I have not been to a live podcast yet, but I would love to do it, why not? I think it would be
highly entertaining”
- P5
“I will go next time they do one!”

- P2
4.2 Category 2
This category concerns podcasts with content limited to a specific topic, and with hosts that
were publicly recognized before the launch of their podcast. Since both this category and
Category 1 concerns podcast with publicly recognized hosts prior to the launch, the listeners
have a similar relationship to the them. As in Category 1, it was evident that listeners chose to
consume this podcast due to interest in the hosts, which concerns the dimension of
demassification (Williams et al., 1988). Further, this category also corresponds to Berry’s
(2016) claim that the previous relationship established through social media was one of the
reasons for starting to listen to the podcast.
“First, I thought podcast content, but then I realize that I do not always listen… As long as they
are interesting to listen to, they can say almost anything, and it becomes interesting”
- P7
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Loyal Listeners
Further, the respondents state that they are continuously choosing to listen to episodes from this
category every week and thus, express continuous loyalty to these podcasts. Beyond the loyalty
of consuming episodes, a further finding is the respondents stated that they have a strong
relationship to the podcast hosts. This aspect of the relationship can be interpreted through the
dimension of interactivity (Williams et al., 1988). As in Category 1, this finding is in
accordance with Boling and Hull’s (2018) claim that the relationship is further enhanced by the
hosts presence on social media channels.
“I listen to them almost every week. I follow all… I have been on their social media profiles and
I have seen them live. So, I would say it is a strong relationship”
- P8
All of the respondents’ state that they feel a personal connection with the podcast hosts.
This research thereby confirms Matejko’s (2015) claim that the relationship between the podcast
hosts and the audience is personalized due to the recognizable name and voice behind the
publication. The findings are also aligned with Berry’s (2016) statement that the listening
becomes individualized since the audience perceive the podcast hosts as peers rather than media
institutions.
“I feel fellowship to Specialist podden, because we share everything, I think it is funny."

- P2
“I see them as friends”

- P7
Devotion to the Podcast

A prevailing perception within Generation Y is that marketers are only interested in them only
because of their spending power Lindgren et al. (2005), which has generated ignorance of
advertising (Callius, 2015). The literature is aligned with the respondent's answers concerning
advertising avoidance in general media consumption. However, the participants attitude towards
advertising changed when discussing podcast in this category.
In one of the interviews the respondent stated that if he had a previous relationship to the hosts,
he could tolerate advertisements in order for the person to get paid by the sponsors.
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“When I use the Internet, I have an adblocker on to get rid of the commercials. However, if I
really like the creator, I can take off the blocker so that they can get money for the commercial”
- P2
Another finding concerning this issue was that the listeners’ tolerance of advertisements
depends on their understanding of the podcast hosts’ financial status, where higher economic
status of hosts resulted in lower willingness to accept advertisements. These findings have not
been encountered by previous scholars concerning the topic of podcast monetization.
“I’m definitely more forgiving towards them using advertisement since I know that they do not
have that much money.”
- P8
“But if it was someone that was not famous then I could support them by listening to more
advertisements”
- P7
When analyzing the relationship according to the dimension of interactivity, the findings imply
that the utilization of sponsorships and pre-recorded advertisements as main form of
monetization might not be suitable for several reasons. Firstly, because of the audience’s
willingness to avoid advertising in general media consumption, these forms of monetization are
not preferable to this audience, since they only listen to the podcasts due to their devotion to the
hosts. Secondly, companies who invest in marketing within this category of podcast will
probably not benefit from it, since this audience is not interested in listening to any
advertisement in any media channel.
Willingness to Subscribe
As stated earlier, if listeners are highly engaged in a podcast, they may be willing to make a
financial commitment to it (Berry, 2016). Evidence from this study support this statement, since
several respondents proclaim that they would be willing to pay for the podcast if it should
convert to a subscription model and thereby terminate the use of advertisement as a
monetization form.
“I could absolutely pay like 20kr per episode”

- P8
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“If Kenza and Dani continue to be as good as they are now, I could imagine financially
supporting them”
- P7
In line with these findings, the authors of this study suggest that podcasts in this category should
utilize subscription as their main form of monetization. Chyi (2005) argue that there is a high
level of risk in implementing a subscription model unless the content is highly specialized.
However, since this category concerns podcast with a specific topic the authors consider this
recommendation suitable. Pine and Gilmore (2008) argue that in order to gain Generation Y’s
loyalty and trust, companies need to develop an authentic relationship to them. Podcasts should
employ this knowledge in order to implement the subscription model successfully, by
developing and sustaining an authentic relationship with their audience through social media
and the podcast. Further, this research confirms Kang et al. (2014) statement that in order to
preserve the audience's willingness to pay, the subscription service must provide high technical
quality.
“Yes, I have tried a subscription service, but their app was so bad, so I quit. Their solutions
were so bad. But if the service was good, I would not have any problem paying for it.”
- P2
While existing literature have discussed the issue of Generation Y being opposed advertising
due to their mistrust against corporations (Bush et al., 2004), this study suggests that an
additional reason for making a financial commitment to a podcast. One of the respondents’ state
that the sponsor of the certain podcast might impact the host's capability to express freely.
“If you want the podcast to be able to speak freely, I think it is better to let it be listener
financed (...) because it influences what they talk about”
- P2
Utilize Merchandise
An additional form of monetization that could be utilized within this category of podcasts is
merchandise. Lindgren et al. (2005) state that Generation Y perceive purchasing as an act of
support, which align with the findings of this study. Clark (1983) explains that usually,
merchandise in the entertainment industry consist of inexpensive, low involvement products.
35
Evidence from the interviews suggests that this audience would only prefer a low involvement
product if it was something that they can have actual use of in their everyday life. This align
with Kotler's (2011) claim that Generation Y do not base their buying decisions upon the
financial cost but instead depending on the value of the product.
“I would rather pay for a product than them being dependent on commercials (...). I have
bought merchandise. Anton Magnusson made a Mr. Cool shirt which I bought. It is to support,
instead of becoming a Patreon you buy something”
- P2
“Depends on the product, it has to be something that I feel a need of, and if the product meets
my standards. I would rather buy a product from the Specialist podcast because I'm closer to
them. It feels like they are more down to earth, and they want to have an honest relationship, it
feels more genuine”
- P8
“It depends on the product. If it something sensible that you can actually use, then yes. Not a
key ring or something like that”
- P7
Further, the data collected revealed that if the podcast hosts created a product in a category, they
had previous professional experience from, it would substantially enhance the perceived value
of the product. This finding is in line with the match-up hypothesis (Forkan,1980; Kamins,
1990; Till & Busler, 1998), where the congruence should occur between the celebrity and the
product (Friedman & Friedman 1979).
Therefore, this study suggests that podcast hosts which have operated in another sector
previously or simultaneously as producing the podcast, have an opportunity to maximize their
revenue by selling merchandise.
“If it was something that relates to their profession, something they have done before. If Kenza
and Dani would make clothes, then why not?”
- P7
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Varying Interest to Attend Live Podcasts
When investigating the topic of listeners willingness to attend live podcasts, the answers from
the interviews varied. Half of the respondents had attended a live podcast event and would do so
again, while the other half was skeptical towards it. Due to the varied answers from the listeners
within this category, it is difficult for the authors to draw any conclusions. Myers (2011) claim
that the interactions and intimacy between the audience and the performer are fundamental
factors that would motivate listeners to attend. Therefore, the study suggests that the podcast
hosts should confirm their audience’s willingness to attend a live podcast before arranging such
an event.
4.3 Category 3
This category includes podcasts with hosts who were unknown to the general public prior to the
launch of their podcast, and in which the content is not limited to a specific topic.
Weak Relationship to the Hosts

The intimacy-factor of podcast-listening can enhance the relationship between the audience and
podcast hosts (Matejko, 2015). However, a shared perception among the respondents within this
category was that they consider their relationship to the podcast hosts to be weak, despite stating
that they truly enjoy listening to the podcast. Analyzing the interviews, two factors were
identified which primarily shaped the participants perception of the weak relationship.
Firstly, dissimilarities in opinions were determined to have a negative effect on the relationship,
considering that they do not support the host in every standpoint. Consequently, the participants
experienced issues of relating to the hosts, hence the relationship was experienced as weak.
“I think they are more fun than what I actually care what they are saying, but I do not support
everything.”
- P8
Secondly, the participants acknowledge existence of authority in their relationship to the

podcast hosts. This finding contradicts the argument of the hyper-intimacy that is created
through consumption of podcasts which results in listeners considering the podcast hosts to be
peers (Berry, 2016). Instead, the participants consider respect to be a better description of their
connection to the hosts, rather than a strong relationship comparable to a friendship.
37
“A lot of distance. It is not like a friendship, even though it’s nice to listen to them. I guess I
look up to them as podcast hosts.”
- P4
Relevant and Honest Advertising

Findings from this category revealed a high willingness to avoid advertising amongst the
respondents, when consuming content in other media channels than podcasts.
“I know that media must use advertisement, but I think it is irritating.”

- P5
However, since the sponsored messages incorporated in the specific podcasts were considered
to be highly relevant to the target audience, the respondents presented a low willingness to
avoid advertising in this specific context. Hence, the podcasts have succeeded in producing
advertising which is aligned with Talbott’s (2012) recommendation that messages aimed at
Generation Y must be as customized and personal as possible. Further, this aligns with Berry’s
(2016) argument, that the selective nature of podcasts is beneficial because it enables marketers
to target audiences with a specific product or service based on the audience’s preferences.
“Livet på Läktaren has promotions for products they really like and therefore, it fits me because
we are in the same age.”
- P5
In addition to relevant advertising, the respondents highlighted the importance of the message
being perceived as honest. Confirmed by Meenaghan (2001), podcast hosts who integrate
sponsored messages in their content are able to produce interesting marketing communication,
conveyed in a genuine and authentic manner, which therefore is perceived as more honest than
regular advertisements.
“They talk about the collaboration without a break, which I find very good since the content of
the message is more trustworthy and feels more genuine.”
- P8
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“I like when they use stories from their own life in their advertisements, it feels like they have
actually used the product which makes it more honest.”
- P5
The participants’ demand for honest sponsorship messages is further exhibited in their
resistance towards pre-recorded advertising. The answers within this category indicate that the
participants perceive advertising as more trustworthy when the message comes from the podcast
hosts rather than directly from the companies. This finding is supported by the argument made
by Bush et al. (2004) regarding Generation Y’s distrust towards corporations. This reasoning
enables the authors to suggest that podcasts within this category should sustain the use of
integrated sponsorships.
Low Willingness to Pay

According to Berry (2016), an audience must be highly engaged in order to be willing to make
financial commitments. Due to the respondents’ perception of weak relationship to the podcast
hosts, they were neither willing to pay for merchandise nor ad-free content, complying with
Berry’s claim. Thus, subscription models and crowdfunding are ruled out as beneficiary forms
of monetization for podcasts within this category, since both of these also requires financial
commitment. This conclusion is further supported in Chyi’s (2005) reasoning regarding the risk
of implementing a subscription model for unspecialized content.
“I do not think that I would have bought a product, but I have seen that they gave away a
goodie bag with for example a mobile case at their live podcast. I probably would have used it,
but I would never pay for it.”
- P5
Additionally, throughout the interviews it was shown that the financial status of the podcast
hosts heavily impacted the willingness to pay. The respondents from this category align with the
answers from Category 1. Both these categories demonstrated a low willingness to contribute
financially to a podcast host that the listeners perceived to have strong financial status. The
argument made by Lindgren et al. (2005) regarding Generation Y’s reasoning behind financial
decision making, could be considered to support this finding. The authors suggest that
individuals from Generation Y do not solely make a purchase decision based on the cost of the
content, instead, the decision often involves whether they consider that the artist, in this case
podcast hosts, deserves the money or not. Consequently, listeners in this category do not find
that podcast hosts with strong financial status deserve their financial support.
39
“Alex and Sigge earn so much money already, so let's say that I pay 10kr/ episode, I do not
think that their appreciation towards me would have been large.
- P8
However, when considering podcast hosts with low financial status, findings from Category 3
showed that the participants were willing to pay if it enabled the hosts to continue producing the
podcast. One could argue that this finding contradicts the acknowledged weak relationship to
the hosts. Although, taking this finding to the context of Generation Y’s individualism
(Lindgren et al., 2005), this might be explained through their focus on making their own choices
and their need for self-benefit. The willingness to pay could therefore be argued to be a
consequence of the benefit they retain if the podcast can continue to be produced, rather than
actually supporting the podcast hosts.
“If Livet på Läktaren said; we need to end this podcast because we do not afford to have it. So,
either you pay 19 kr/ month, or we shut down. Then I would pay.”
- P5
Despite the low willingness to pay, evidence from this study suggest that hosting live podcasts
could be a successful form of monetization, since all of the respondents’ state that they would
be willing to attend such an event. Yet, the low level of engagement among the participants and
their low willingness to pay was reflected in this question as well, resulting in the participants
only being willing to attend such an event if it was conveniently located and if the price for the
event was low.
4.4 Category 4
The interviewees within this category were asked questions regarding podcasts in which the
content is focused on a specific topic and where the hosts did not enjoy public recognition prior
to the launch of their podcast. Some of the hosts were known to the interviewees prior to the
launch, however, not to the general public.
Credible Sources of Information

In compliance with the reasoning provided by Berry (2016), the participants within this
category state that they initially base their choice of demassification on their own community of
interest rather than a connection to the hosts of the podcast. However, the participants state that
40
in order for them to remain frequent listeners, the podcast hosts perceived credibility and
knowledge of the subject to be of high importance.
“This podcast is very interesting and thrilling… I am fascinated by creepy stories!”

- P6
“This is one of my major interests in life, and today I am a true supporter and fan of the podcast
and the hosts.”
- P9
“No strong relationship to the podcast, I just find the content interesting and thrilling.”
- P6
“I have no personal relationship to the podcast hosts.”

- P9
The large number of similar podcasts available puts pressure on the podcast hosts to deliver
some form of superior value, in order to be qualified as valuable content during the process of
demassification. If successful, this may result in the establishment of source credibility from the
audience towards the hosts due to their credibility and expertise, aligning with the source-
credibility model developed by McGuire in 1985.
Further, as stated in Category 1, sponsors can borrow credibility from the hosts due to the
perception of them being highly credible sources (Wojdynski & Golan 2016). Thereby, the
primary requirement for effective celebrity testimonials can be satisfied (Kenneth, 1982;
Sternthal et al., 1978).
“Ultimately, the content is what appeals to you depending on your own interests. However, the
hosts of this podcast are very knowledgeable, have nice voices, and are great storytellers.”
- P6
”I listen to this podcast because I am looking for new knowledge regarding this subject. If I did
not respect the podcast hosts or if I did not know that they were knowledgeable within the field,
I would not have continued to listen as frequently as I have done.”
- P9
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However, credibility is not the sole determinant of a successful message. McGuire (1985)
argues that additionally, the attractiveness of the source is important. Based on this assumption,
the source attractiveness model was developed by McGuire (1985). Relating to the classification
of podcasts as a pull-medium, meaning that the interviewees continuously make an active
choice to listen to these people, show that this source is attractive to them. Attractiveness of the
source is explained through the match-up hypothesis, defining that there must be congruence
between the source and the receiver (Forkan, 1980; Kamins, 1990; Till & Busler, 1998).
Listening Habits
As in Category 1, all of the interviewees within this category state that they listen to the specific
podcast when they are alone, which concerns the dimension of asynchronicity (Williams et al.,
1988). This allows them to fully concentrate on the content, respectively to be able to truly
enjoy it by for example laughing without inconvenience.
“This podcast is much better than other podcasts, I tend to laugh a lot while listening, so I
prefer to be alone.”
- P10
As previously stated, these consumption patterns contribute to a deeper level of intimacy

(Haygood, 2007) as well as podcast hosts being perceived as peers (Berry, 2016). However,
findings from these interviews do not align with this claim as only one participant stated that he
has a personal relationship to the podcast hosts. In addition to the view of the podcast hosts as
credible sources of information rather than peers, this might be a result of the irregular listening-
patterns displayed within this category. When asked questions regarding listening habits, the
interviewees gave highly varying answers. One person listens twice a week immediately
following the release of a new episode, another listened to a large number of episodes
occasionally and the third primarily listened to certain type of episodes. According to Matejko
(2015), a key component to establish engagement from the listener is the podcasts’ capability to
connect with their audiences continuously within predetermined time intervals. Hence, irregular
listening habits deprive the podcasts this opportunity to create engagement.
Customized Advertising
The previously mentioned findings regarding Generation Y and the practice of advertising
avoidance are validated within this category as well. In general, the interviewee’s display a high
willingness to avoid advertisements.
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“Most of the time it is a disturbing element, it feels enforced. Something you just have to skip
through in order to see the content you actually want to see.”
- P9
However, in compliance with Dawn and Powers’s (2013) and Talbott’s (2012) research, the
interviewee’s willingness to avoid advertising decreases significantly if the messages are relevant
and customized to the audience. The issue of relevance is rather uncomplicated for podcasters
within this category to solve, since they target a precise group that is interested in a specific
topic.
” The small number of sponsored messages that they incorporate are highly relevant to the
topic discussed and what the listeners are interested in.”
- P9
Sponsorships Must Provide Additional Value

Further, participants expressed a reluctance to sponsored messages that do not contribute with
some form of additional value, for example information or entertainment. This finding validates
the claim by Lindgren et al. (2005) regarding Generation Y’s need for self-realization, resulting
in them only consuming brands that provide meaning and additional value. If these conditions
are satisfied, the listeners might both accept and pay attention to the branded messages.
“I actually enjoy the sponsored segments, and these add something to the overall impression of
the podcast, they (the hosts) do one hell of a job!”
- P10
“No, I would not prefer an ad-free podcast since I actually gain knowledge from the segments
where they talk about new products coming to the market.”
- P9
This reasoning provides the authors with an opportunity to recommend the sponsorship
approach as the primary form of monetization for these podcasts, since this integrated form of
advertising allows the hosts to talk about the sponsored product or service in a personal manner,
in order to convey a genuine message (Meenaghan, 2001).
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Conditions for Sacrificing Time
Further, answers from this category validate the claim made by Lindgren et al. (2005) that money
no longer is the primary currency but the time this generation dedicate to the product or service is
of greater value. Overall, willingness to pay is low, but the participants are willing to sacrifice
their time in exchange for access to content.
“I would rather “pay” with my time or attention listening to the sponsored segments than with
actual money.”
- P10
However, not without further conditions. Firstly, findings from this category support the claim
by Boling and Hull (2018) that the balance between advertisements and regular content must be
in line with the preferences of the audience.
“The sponsored messages do not bother me. I understand that they have to include
advertisements since it is their job and primary source of income.”
- P10
Secondly, the findings show that the interviewees highly value genuineness, authenticity and
effort being put into the podcasts advertising messages. This finding is closely related to
Generation Y’s general view of companies only being interested in them due to their spending
power, as stated by Lindgren et al. (2005). This has led to ignorance of many of the traditional
marketing tactics employed by marketers today, such as pre-recorded advertisements. Thus,
these findings eliminate the possibility for podcasts within this category to incorporate pre-
recorded advertisements. This finding contradicts Haygood’s (2007) claim, that these
commercials provide podcasts with the opportunity to place a message in their program which is
specifically targeted to their listeners, hence solving the issue of relevance.
“If I listened to a podcast and I felt as if they were trying hard to sell either their own products
or brands they were sponsored by, I would find it bothering. The most important thing for me
when listening to podcasts is that everything feels genuine.”
- P9
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Utilize the Sponsorship Model
According to Berman et al. (2011), pricing preferences amongst members of Generation Y, in
regard to the amount of advertising they are willing to listen to, vary significantly and must
therefore be considered by podcast hosts. The participants within this group display a low
willingness to pay in order to avoid ads. Hence, the conclusion that a subscription model would
not be preferable can be drawn. Further, as the sponsorship approach is the primary
recommendation for this category, it would be highly beneficial for podcasts within this
category to perform live podcasts as an additional form of monetization, relating to the evidence
provided by Quirk (2016) that live events create opportunities for podcasts to attract new
sponsors.
Self-benefit Gained from Financial Contribution

However, the findings from this research indicate that willingness to pay, in the form of
crowdfunding, amongst the interviewees, increase significantly if their contributions lead to
some form of benefit other than advertising-free content. This form of crowdfunding should
then be defined as reward-based. These benefits might be self-enhancement in the form of
contribution to charity, alternatively self-benefit in the case of contributing to enable the podcast
to organize a live podcast in their city. Hence, Belleflamme et al. (2013) claim that geographic
distance between a crowdfunded party and the fundraiser might be an impediment to receiving
funds is disproven in the findings of this research. On the contrary, the findings suggest that
geographical distance might actually be a reason for receiving funds.
“I would be willing to contribute financially if I felt like it had a personal relevance for me. For
example, if they want to do a live podcast but cannot afford it, I might Swish them in return for
them visiting my hometown, then I would do it.”
- P6
“Yes, I could contribute, for example if they would have done a supercool project in a poor
country or maybe help people in wheelchairs, then I would have considered contributing.”
- P9
4.5 General Findings

Exclude Pre-Recorded Advertisements in all Categories
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As previously stated, Generation Y tends to display mistrust against corporations (Bush et al.,
2004) and mass media (Morton, 2002). Evidence from this study suggests that the podcast
medium is suitable to reach this demographic group for several reasons. Firstly, since it is not a
mass medium and secondly, due to the possibility for corporations to borrow source credibility
from the podcast hosts in order to deliver credible messages (McGuire, 1985). Thereby,
corporations have the possibility to take advantage of the relationship the audience has with the
podcast hosts. For companies that want to utilize marketing through podcasts, the match-up
hypothesis (Forkan,1980; Kamins, 1990; Till & Busler, 1998) can be used in order to find the
ideal podcast category to financially commit to. Further, due to the findings concerning
reluctance towards pre-recorded advertising by all participants in the different categories, the
authors suggest that this form of monetization should preferably not be employed by podcasts.
Exceeding the Listeners’ Tolerance of Advertisements

Another characteristic of this generation is the practicing of advertising avoidance (Callius,
2015). Within this research, all participants were paying for some kind of subscription service,
most commonly video on demand services, in order to avoid advertisements. However, when
listening to podcasts, the majority of participants stated that they did not have any problem
listening to advertisements, due to the perception that the balance between regular content and
sponsored messages was acceptable. When asked how much advertisements the participants
could tolerate, the answers varied, but the average amount was 3-5 minutes.
“Not more than five minutes at the very most, preferably not more than 3”
- P5
“I would say 5 minutes of advertisement is the maximum, if they exceeded that I would stop”
listening
- P3
When comparing how much advertisements the podcasts discussed in this study generally
include in one episode, the minutes of advertising generally exceeds what the listener’s stated
that they would tolerate. Despite this, the listeners stated that they did not consider the podcasts
to include too much advertisements. One interpretation of this finding is that the listeners might
not reflect upon how much advertising they are actually listening to.
This finding is favorable for podcast hosts, as well as for the companies that invest in marketing
through podcasts. This claim is based on the fact that listeners who regularly practice
46
advertising avoidance, and therefore would not come across the advertisement if it was
communicated in another medium, now listen to it. However, there is a risk that the listeners
eventually become aware of the actual extent of advertising they are listening to, and thereby
start practicing advertising avoidance or become reluctant to the medium.
Overall Willingness to Pay

Pauwels and Weiss (2008) state that the resistance towards subscription models from both
consumers and content producers might be a consequence of the easy access to free content on
the internet. However, this does not align with the findings from this research as respondents
state that they would be willing pay for their favorite podcast if all podcasts applied a fee-based
revenue model. Therefore, this research suggests that if the podcast hosts wish to employ
subscription model as their main form of monetization, they should encourage podcasts in the
same category to do the same, and consequently decrease the risk of substitution. Following this
recommendation further allow podcasts to avoid the risk of substitution, presented by Chyi
(2005).
47
5. Conclusion
This section provides the reader with a summary of the analysis, presenting conclusions which
specifies the recommendations made by the authors to the podcast hosts based on the evidence
found in the empirical study. These conclusions provide answers to the research questions
which ultimately fulfil the purpose of the study.
The purpose of this research was to answer the question of how the audiences’ relationship to
the podcast hosts influence the podcasts’ possible opportunities to maximize revenue. This was
achieved by analyzing the collected empirical evidence according to the conceptual framework
and compare the findings to the current knowledge outlined in the theoretical framework.
Patterns were identified between type of podcast, the audience’s relationship to the podcast
hosts and the audience’s preferred form of monetization. Building on these patterns, the authors
were able to provide recommendations on how podcasts could maximize their revenue. These
recommendations are considered to be the practical implications of this study.
5.1 Category 1
The analysis of answers within the first category of podcasts has shown that the audience has a
strong relationship to the hosts, established through various media channels, prior to the launch
of the podcast. The findings show that even though the audience is engaged in the podcast, they
are not willing to financially commit or contribute due to their insight into the hosts’ strong
financial status. Instead, evidence from this study suggest that the most beneficial form of
monetization would be the sponsorship approach. Further, the podcasts within this category
could also have the opportunity to utilize live podcasts and merchandise as additional forms of
monetization, due to the highly engaged audience. The merchandise could either be an low
involvement and inexpensive product, or something that has a connection to the podcast content
or the hosts.
5.2 Category 2
The evidence of this study suggests that listeners are generally loyal to podcasts within this
category and they consider themselves to have a personal connection to the hosts. Further, the
findings within this category might imply that listeners are practicing advertising avoidance and
are as a result possibly willing to make financial commitments. This research therefore suggests
that in order to maximize revenue, these patterns should be utilized by podcasts within this
48
category through developing a subscription model as their main form of monetization.
Additionally, this study might suggest that the podcast hosts could produce products that the
listeners can use in their everyday life as an additional form of monetization, due to the
respondents expressed willingness to purchase merchandise to support the podcast.
5.3 Category 3
Low levels of engagement and commitment are two of the distinguishing features of the
relationship that the audience display towards the podcast hosts within the third category.
Additionally, the audience generally display a low willingness to pay in order to avoid
advertisements and require promotional messages delivered in a genuine manner, with an
incorporated value-adding element in order to pay attention. Interpreting these characteristics
results in recommending the sponsorship approach as the primary form of monetization for
podcasts within this category. Further, an additional form of monetization suggested for this
category is to perform live podcast. However, due to the low willingness to pay and the low
engagement displayed by the audience, these must be conveniently located, and tickets must be
sold at a low cost.
5.4 Category 4
The relationships between podcast hosts and their audience within the fourth category are
generally not of a personal nature. Instead, the audience views the hosts as credible sources of
information. The audience displays a low willingness to avoid advertising if the messages are
genuine and relevant to the target audience. Consequently, the findings show that the audience
is unwilling to pay in order to avoid advertisements. Hence, the authors draw the conclusion that
the sponsorship approach might be the most beneficial form of monetization for podcasts within
this category. However, evidence of this study might suggest that the audience could make
financial contributions if these result in them gaining an additional value besides regular podcast
episodes, creating self-benefit or self-enhancement. Therefore, crowdfunding is suggested as a
supplementary monetization form.
49
50
6. Discussion
This chapter initially presents the contributions which this thesis will provide to the current
body of research on the topic, followed by a discussion of opportunities for further research
concerning podcasts, relationships, and forms of monetization. Ultimately, the limitations of the
research are presented.
6.1 Contributions
By answering the research question, this thesis has provided insight into the topic of podcast
monetization, as well as how Generation Y’s perceptions of forms of monetization might change
depending on their relationship to the podcast hosts. To the authors knowledge, the relationship
between these has not previously been examined in academic research and consequently, the topic
was considered important to be explored.
Two research gaps were identified when initiating this research, concerning the preferable forms
of monetization for different types of podcasts and Generation Y’s relationship to podcasts
within the context of revenue maximization for these. The findings derived from this thesis
contributed to closing these gaps in research.
By combining the “Three Dimensions of New Media” (Williams et al., 1988) with two additional
dimensions concerning two typical traits of Generation Y’s, defined as willingness to pay and
willingness to avoid advertising, the authors of this thesis constructed a conceptual framework.
This conceptual framework might serve as a guide for or be extended for use in further studies
exploring the topic of podcast monetization.
6.2 Limitations of Study

As with all approaches of qualitative research, the results of this thesis depend on the range and
the sampling method employed. The sample of this study was limited to participants born
between 1992-1996. However, Generation Y include people who were born between 1981-2000
(Mc Crindle, 2003; Crampton & Hodge, 2006). Therefore, the findings of this research are
difficult to generalize to the entire population.
The majority of the participants in this study were business students and, revealed during the
interviews, had a specific interest in marketing which might have caused biases in the
51
interviews. However, their interest might also have resulted in a greater understanding of the
underlying economic motivations for podcasts to monetize their content and thereby contributed
with valuable insights to the research. Hence, similar findings may not have been encountered if
the sample did not have an interest in the topic discussed.
All interviews were conducted in Swedish and had to be translated to English. This was
conducted by the authors of this research, and while the use of words as well as the context of
these were carefully considered, the authors cannot be certain that all of the translations were
correct. Therefore, some of the translations could possibly have been interpreted differently.
6.3 Future Research

Accounting for the findings and limitations of this thesis, several possibilities for future research
are identified in order to extend the limited current knowledge within the field of monetization
opportunities for podcasts.
This thesis explored the identified topic from the listeners’ perspective but could preferably be
extended in future research by incorporating other perspectives. Firstly, the problem could be
examined from the podcast hosts perspective to analyze the financial benefits that the various
forms of monetization could generate as well as to identify the most profitable combination of
these. Secondly, extending this study by examining the phenomena from the perspective of a
third party, for example podcast platforms or production-companies, could generate further
insights regarding how forms of monetization should be applied across the entire podcast
industry. By expanding the categorization of podcasts to include a larger number of categories,
preferably identified according to more specific criteria, and include the types of podcasts
excluded from this research, podcast platforms could receive more explicit recommendations.
Thirdly, this research could be conducted from the perspective of corporations that want to
utilize podcasts as a marketing channel. The results would be useful when identifying which
type of podcast, they should cooperate with in order to receive the most value.
Furthermore, this research could be expanded to include a larger sample. In addition to simply
including a larger number of interviews, including participants which do not study or state an
explicit interest in the topic discussed might provide different findings.
52
Future research within this field could also examine another generation of podcast listener, for
instance Generation X, following adjustments in the conceptual framework according to the
specific traits of the generation under study. Findings from such research would be especially
valuable to podcasts who identify their target audience to belong to the generation in focus.
Lastly, additional insights might also be derived from performing a longitudinal study rather
than a cross-sectional, creating the opportunity to observe changes and developments in the
audiences’ relationship to the podcasts host during a longer period of time.
53
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Appendix
Appendix A – Interview Questions
62

The Influence of Relationships On Podcasts' Opportunities To Maximize Revenue

Uploaded by

The Influence of Relationships On Podcasts' Opportunities To Maximize Revenue

Uploaded by

The Influence of Relationships on Podcasts’

Opportunities to Maximize Revenue

A qualitative study exploring podcasts’ opportunities to maximize

Julia Götborg Alexandra Lindhoff Hankers Ellen Schönbeck

3.2.2 Trustworthiness of Research .................................................................................. 26

Keywords: Podcasts, Form of Monetization, Pre-recorded Advertisement, Sponsorship,

1.3 Purpose Statement

1.4 Research Question

2.1 Theoretical Framework

2.1.1 Process of Conducting the Literature Review

2.1.2.2 Types of Podcast Hosts

2.1.2.3 Podcast as a Marketing Channel

Commercial brands continue to dedicate investments towards marketing in podcasts to date, as

2.1.3 Podcasts & Their Audiences

2.1.4.1 Willingness to Avoid Advertising

2.1.4.2 Willingness to Pay

2.1.5 Forms of Monetization

2.1.5.1 Pre-Recorded Advertisements

2.1.5.3 Subscription Models

Secondly, reward-based and donor-based crowdfunding are practices characterized by a

Berry (2013) defines merchandise sold by podcast hosts as a “listener-centered non-advertising

2.1.5.6 Live Podcasts

Another form of monetization, also defined by Berry (2013) as a “listener-centered non-

2.2 Conceptual Framework

3.1.1 Research Philosophy

3.1.2 Research Approach

3.1.3 Research Strategy

3.1.5 Time Horizon

3.2.1 Data Collection

3.2.1.1 Secondary Data

3.2.1.2.1 Data Quality

Ethical Considerations of Primary Data

3.2.1.2.2 Sampling Method

Date of Interview Gender Age Duration Podcast Category Abbreviation

2019-04-03 Female 22 21.52 Category 1 P1

2019-03-25 Male 26 31.23 Category 1 + Category 2 P2

2019-04-03 Female 24 23.10 Category 1 + Category 2 P3

2019-03-28 Male 24 32.29 Category 1 + Category 3 P4

2019-04-03 Female 23 26.20 Category 1 + Category 3 P5

2019-04-04 Female 24 28.14 Category 1 + Category 4 P6

2019-04-15 Female 23 25.14 Category 2 P7

2019-04-15 Male 24 28.54 Category 2 + Category 3 P8

2019-04-04 Male 23 27.18 Category 4 P9

2019-03-28 Male 26 25.19 Category 4 P10

3.2.1.2.6 Data Analysis

3.2.2 Trustworthiness of Research

“They are professionals and I look up to them”

“Their podcast is like sitting down with a friend”

The Importance of Social Media

Willingness to Avoid Pre-recorded Advertisements

However, depending on the products, the respondents would be willing to purchase

“I will go next time they do one!”

“I feel fellowship to Specialist podden, because we share everything, I think it is funny."

“I see them as friends”

Devotion to the Podcast

“I could absolutely pay like 20kr per episode”

Weak Relationship to the Hosts

Secondly, the participants acknowledge existence of authority in their relationship to the

Relevant and Honest Advertising

“I know that media must use advertisement, but I think it is irritating.”

Low Willingness to Pay

Credible Sources of Information

“This podcast is very interesting and thrilling… I am fascinated by creepy stories!”

“I have no personal relationship to the podcast hosts.”

As previously stated, these consumption patterns contribute to a deeper level of intimacy

Sponsorships Must Provide Additional Value

Self-benefit Gained from Financial Contribution

4.5 General Findings

Exceeding the Listeners’ Tolerance of Advertisements

Overall Willingness to Pay

6.2 Limitations of Study

6.3 Future Research

Berglund, A., & Boson, P. (2010). Hållbar marknadskommunikation. Malmö: Liber.

Berry, R. (2016). Part of the establishment: Reflecting on 10 years of podcasting as an audio

Brownlow, S. (1992), ‘Seeing is believing: Facial appearance, credibility, and attitude

Castelluccio, M. (2006). Inventing New Media-the Podcast. Strategic Finance, 87(9), 57