Here are the highlights:
- Advertisers audition to be on a particular podcast. They "bid" to show that they are the most relevant, and willing to pay the most.
- Not use the the CPM (cost per thousand) model used today by legacy radio stations.
- User-created ads that the company pays for. For instance, a person who uses Apple laptops and loves them, creates an ad for Apple, the podcasters play this ad, and Apple pays each time it is used (assuming it approves of the content, of course).
- The podcasters work more closely with the creative staff of ad agencies, rather than staying outside the process.
- The relationship between the podcast and its highly-focused audiences is extremely valuable, and advertisers should pay for the level of focus as well as the number of listeners.
- Anyone is able to advertise, big companies and small, on whatever podcasts make sense (are relevant), and pass the audition, of course. :-)
- Podcasters and audiences decide which ads are most relevant, a process that slowly weed out the annoying ads, annoying because they don't fit the audience.
I think this is a great start. What innovative ideas! Keep it up, Adam. I'm ready to see what you're going to create.