Podcasting — it’s been a hot business since Serial became a cultural phenomenon back in 2014, spurring SNL skits and inspiring satirical spinoffs on streaming networks. In the years since the true crime megahit launched, there’s been a podcasting goldrush among publishers, and for good reason.

There’s a hunger among audiences for quality audio content. More and more people are tuning into podcasts: Last year alone, nearly 100 million Americans listened to podcasts every week, according to Edison Research.

But as an increasing number of media companies, brands, and individuals have ventured into a growing sea of audio productions (there are 450 million podcasts out there in the world), the water has become rough and murky. Last year, the audio industry saw mass layoffs, canceled productions, and shrinking ad revenue. 

It’s led some to question whether podcasting itself was just a passing trend, a la the disastrous 2015 media industry “pivot to video.” Yet, as the audio industry and the publishers who create podcasts come off a “year of reckoning,” it’s clear that one brand seems to have figured out a way to build something solid from podcasting. 

A podcasting business with sustainable revenue

Slate dove into the podcasting business with the Slate Political Gabfest in 2005, back when people were still listening on iPods, which is how the medium got its namesake. Since the early aughts, the Slate Podcast Network has put out dozens of shows. Its audio catalog currently boasts more than 20 titles, including listener-loved and award-winning programs like Slow Burn, Decoder Ring, and Death, Sex, and Money. 

Today, podcasting accounts for a whopping 50% of the company’s advertising revenue. But audio isn’t only about ad sales for Slate. “We know membership is a huge part of keeping our business diversified overall, and podcasts are a big part of that,” says Heidi Strom Moon, Slate’s Director of Subscriptions. 

The Slate Plus membership program started in 2014, and podcasts have been woven into its fabric since the jump. In each of the Slate Podcast Network’s shows, podcast listeners will hear on-air hosts encouraging them to join Slate Plus, via the Slate website, or hear pre-recorded ads directing listeners to sign up.  

To support the company’s overall subscription business, “We do things like run remnant inventory ads (for Slate Plus) across the network to let people know about different shows and episodes that we’re doing,” says Strom Moon. 

When signing up for Slate Plus, a member can get a three month trial for $15.00, and a full subscription runs $119.00 per year. You might be wondering: Why, exactly, would someone stop listening to a free podcast to sign up for a paid subscription? The answer is built into Slate’s strategy. 

“Within each show, we talk a lot about what the benefits you’ll get by joining Slate Plus,” says Heidi Strom Moon. “Those include ad free (listening) benefits, extended listening, and premium episodes that you’ll get as a member. And a lot of that is what drives people to subscribe. Across many of our shows, we have exclusive episodes, extended episodes, and other kinds of bonus content, which we’ll be doing even more of in the weeks and months to come. ”

And the strategy is working. Last year, company revenue from Slate Plus increased 33%. Strom Moon says that AMICUS, Slate’s podcast on jurisprudence and the law, is one of the Slate Plus’ stand-out success stories. 

Using podcasting exclusivity to drive paid subscriptions

“AMICUS is one of our big drivers of membership,” she says. “They do weekly standalone bonus episodes for members. So (on air), they’ll talk about what members can get in their bonus episodes each week.”

When listening to AMICUS, the benefits of the Slate Plus membership program are touted, and some of those benefits are intrinsically tied to content strategy. As the Supreme Court reached the end of its term this year and dropped major, bombshell decisions every week of June, AMICUS hopped into action to cover and dissect the rulings in weekly emergency podcast episodes — unscheduled content designed to react to the breaking news — and integrated Slate Plus into the strategy.

“For example, just going into that regular weekly cadence of having a standalone Slate Plus exclusive episode, especially when we do the emergency drops, we’ve seen a 146% increase in (Slate Plus) conversion since we’ve gotten to that regular weekly cadence (covering new Supreme Court decisions),” Strom Moon says. 

So how does Slate Plus work from a technical standpoint? When members sign up on the Slate website, Slate Plus listeners get exclusive podcast feeds — the place where new episodes appear and live within a listening app ecosystem. The exclusive feeds can be accessed through the Slate mobile app, or anywhere listeners are already getting their audio content.

“Slate Plus members can subscribe directly on the Slate website, and from there if you’re already using a podcast app that you love and you wanna continue using, you can go ahead and add your premium feeds to any of those apps,” Strom Moon says. “We have partnerships with platforms like Spotify and Apple Podcasts to make it easier for people to subscribe on those platforms, if that’s where they’re listening and subscribing. We offer all of those options so that people can pick and choose what works best for them.” 

While AMICUS may be offering listeners something immediate — quick reaction to what’s going on with Supreme Court rulings on a given day — Slate Plus is also tapping its audio back catalog to drive subscriptions.

“One thing we recently did is we resurfaced an evergreen series that we had done a few years back, called The Queen,” Strom Moon says. “We decided that was really good content that people would be interested in again. So we resurfaced that, and that has led to new conversions as people rediscovered this really interesting story.”

Gaining control of your audience through podcasting

While podcasts are a huge driver for Slate Plus, audio is only part of the success story.

“So it’s a combination of benefits for both listeners and readers,” Strom Moon says. “So on the written side, because of the metered paywall (on the Slate website), Slate Plus members get unlimited access to everything Slate — hundreds of articles a month, plus our extensive written archive of almost 25 years of content. We also have member exclusive advice columns. So if you’re an advice fan, and a lot of our readers are, you get even more advice as a Slate Plus member. We also have a member newsletter and a Facebook group.” 

For Slate, it’s all about creating multiple touch points and offerings to get audiences to sign up.

“Slate Plus continues to be a big priority because we do think there’s a lot of opportunity for growth there,” Strom Moon says. “It’s the line of business we have the most control over.”