On Wednesday of this week eMarketer released data indicating, as they trumpeted, “Podcasting Not Too Profitable.” A headline that got my attention, as it would anyone who is dedicated to monetizing any kind of downloadable media. The last thing we want to hear is that money isn’t being made by people generating incredible content. I mean, really, who wants to go after a piece of pie that represents “less than 0.2% of Zenith’s projection for the total online advertising space.”?

However, once you look past the “glass half empty” headline you’ll see real opportunity. Opportunity to do so much better. Opportunity that was really the reason a group of forward thinking people decided to form the Association for Downloadable Media.  How about, “Podcasting Not Too Profitable…Yet!”

First, let’s look at some of the facts about podcasting consumption. After all, you can’t make money on a product or service unless there are people using it, right? Well podcasting is being used…alot. This fact will be reinforced by data to be presented during our May 21st webcast with Edison Research’s Tom Webster and that same fact was noted in data the aforementioned eMarketer have themselves touted as recently as March 9th of this year. “As a percentage of Internet users, podcast downloaders will grow from 9% in 2008 to 17% in 2013.”

To be clear, when eMarketer states that “The appetite for podcasts is fairly light” they are referencing the appetite of media buyers, not podcast users. So, it’s not a matter of finding audience, it’s a matter of increasing the appetite of advertisers for, or even making them aware of the existence of, that audience.

We must seize the opportunity. Or as Tom Webster says in his Infinite Dial post, “Projections generally describe a possible future–perhaps even a probable future–but not the only future. The key is, what are podcasters going to do to change it?” Downloadable media producers (in this case podcasters, must work harder, whether it’s  an organized manner through the ADM, or by individually approaching advertisers to sing the praises of reaching consumers through this new and highly personal medium.

While eMarketer* “projects” ad spending will increase to $43 million in 2013, we will continue to champion a medium that is growing in appeal and audience to those that seek to reach that audience. Enough so that the current projection looks like chump change when we look back at it.

(*Update: As noted below the “projection” was that of Zenith Optimedia rather than eMarketer’s.)