Luminary, a New York/Chicago-based startup, recently unveiled a revolutionary new service. Labeling themselves as the “Netflix for podcasts,” Luminary hopes to change the face of internet-based media as people understand it. Backed by a whopping $100 million in pre-launch funding, the on-demand podcasting platform is offering a smartphone app.
The app provides access to a multitude of shows exclusive to the company, which is another move that resembles Netflix. Currently, the service costs consumers $7.99 per month for all the complete features. But there will also be a free subscription for those interested in testing the waters before diving in first.
The most obvious barrier that stands in their way is that most individuals don’t normally consider paying to be able to listen to their favorite podcasts. Podcasting started roughly around 15 years ago as a not-for-profit form of media when it comes to charging listeners.
Fans of various podcasts show their support for the content creators by donating via platforms like Patreon. But these sorts of gestures are, for obvious reasons, usually not an expectation. The only real source of income for podcasters is advertising revenue, which they generally base and grant entirely on the number of listeners for each podcast.
But that means newer podcasts usually have a tougher time acquiring enough listeners to break even for their initial investment costs, such as web hosting and equipment purchases. And that means profiting is a rare bonus.
According to their website, Luminary will allow new users to try their premium services free for a month. With over 90 million Americans listening to podcasts per month, now might be a fantastic time to check out this promising platform. After all, even Netflix had to start somewhere.