The Next Phase of Social? Listen Closely

The Next Phase of Social? Listen Closely

The rise of audio apps in recent years has been undeniable. For podcast and music enthusiasts, the ease and personal nature of listening to someone's voice is a draw that traditional formats can't compete with. Audio startups have also found themselves in a less crowded and less competitive landscape compared to other forms of media.

What sets audio apart is its emphasis on ideas rather than visuals. Listening to unedited audio can provide a deeper and more intellectually stimulating experience. The emotional connection that audio can create, whether it's the swell of a concert or the roar of a stadium crowd, is inherently social. This is why audio apps like Clubhouse have gained popularity. Clubhouse offers an experience that is a mix between a conference call, a podcast, and a live talk show. It's ephemeral like a phone call but also a horizontal and public platform, similar to live podcasting.

The potential for innovation in social audio experiences is vast. By mixing and matching different attributes, new and cohesive products can be created. Whether it's a long-form audio app focused on high-quality educational content or short stories from prominent authors, the possibilities are endless.

But innovation doesn't stop at content format. The evolution of the business model is also a key theme in the future of social audio. Creators have often under-monetized their audiences in an ad-driven world. However, there is a shift happening where fans are willing to pay more for content they love. Truly native social audio monetization is on the horizon, unlocking the next generation of social companies.

The growing ubiquity of audio is another trend to watch. Just like previous waves of innovation in history, the demand for faster, voice-enabled, and portable technology has led to the invention of the telephone, the steam-powered printing press, and typewriters. The next decade of audio innovation promises to be as productive and valuable as messaging, video, and other media to date.

To ensure success in the world of social audio, there are three actionable pieces of advice to consider:

1. Measure product/market fit: Just ask users how they would feel if they could no longer use the product. The magic number to aim for is 40% of users answering "very disappointed." This indicator shows that your product is resonating with its audience.

2. Narrow down your target audience: Use the high-expectation customer framework to identify the most discerning individuals within your target demographic. This will help you build something that a small number of people want a large amount.

3. Balance user feedback: Focus on both what users love and what holds them back. Spend half your time doubling down on what users already love and the other half addressing their pain points. This will increase your product/market fit score and keep you ahead of the competition.

In conclusion, the next phase of social is centered around social audio experiences. The ease and personal nature of audio apps have captured the attention of podcast and music enthusiasts. With innovation in content format, the evolution of the business model, and the growing ubiquity of audio, the future of social audio is bright. By following the actionable advice mentioned above, startups in this space can find their product/market fit and launch successfully. Investors should also prioritize product/market fit over premature growth to avoid disaster. As the industry grows and evolves, tracking the product/market fit score will continue to be a valuable metric for startups.