The Economics of Everyday Things: Episode 100 - "Podcasts"
Release Date: July 21, 2025
Host: Zachary Crockett
Produced by: Freakonomics Network & Zachary Crockett
Introduction: Listener Engagement and Milestone Celebration
In the 100th episode of The Economics of Everyday Things, host Zachary Crockett celebrates the milestone by responding to the most frequent listener request: an episode about podcasts themselves. Listeners from various locations express their enthusiasm for the show, prompting Crockett and his team to provide an insider's look into the podcasting process.
Notable Quote:
"Episode about podcast, podcast, podcast." — Listener Todd, Phillipsburg, New Jersey [00:41]
Understanding Podcast Production
Crockett delves into the intricate process of producing a professional podcast, contrasting it with the stereotypical image of two individuals casually recording in a garage. He emphasizes that creating a high-quality, scripted, and edited podcast is a meticulous endeavor requiring coordination and expertise.
Key Points:
- Production Timeline: Each episode takes approximately six weeks to produce, with six episodes concurrently in various stages of development to maintain a weekly release schedule.
- Team Coordination: Crockett collaborates closely with Sarah Lilly, the senior producer, despite being based in different cities (San Francisco and New York).
- Production Stages: The process encompasses researching topics, booking and conducting interviews, scripting, editing, fact-checking, and audio mixing.
Notable Quote:
"We take about six weeks to do it. So in order to put out a new episode every week, we're always working on six episodes at a time." — Sarah Lilly [03:36]
Research and Topic Selection
The show thrives on exploring an extensive array of everyday topics, maintaining a repository of over 500 potential subjects. Ideas often originate from listeners, personal curiosities, or the creative insights of the production team.
Key Points:
- Source of Ideas: Listener suggestions, personal interests of the team, and identifying unique angles on commonplace items.
- Selection Criteria: Topics are typically everyday, recognizable, and economically relevant, though occasionally broader subjects are explored.
- Avoiding Redundancy: The team strives to select diverse topics to prevent repetitive storytelling.
Notable Quote:
"Every now and then, we break that rule for something we just can't resist." — Gabe Tartaglia [06:56]
Interview Process and Guest Selection
Securing insightful and relevant guests is pivotal. The team prioritizes practitioners—those actively involved in the subject matter—over external experts to provide authentic perspectives.
Key Points:
- Guest Engagement: Often involves extensive communication (up to 15 emails/calls) to secure interviews.
- Interview Logistics: Interviews are typically lengthy (60-90 minutes) but are distilled into concise segments for the episode.
- Technical Setup: Utilizes high-quality audio equipment and remote recording technologies to facilitate interviews across various locations.
Notable Quote:
"We're collecting four hours of guest tape that we're going to boil down into an episode that's roughly 20 minutes." — Sarah Lilly [09:04]
Scriptwriting and Editing
Post-interview, Crockett synthesizes research and transcript material into a coherent script, followed by a rigorous editing and fact-checking process to ensure accuracy and clarity.
Key Points:
- Script Development: Takes 4-5 days to organize interview clips and write narration, resulting in a 3500-word script.
- Editing: Gabe Tartaglia refines the script to enhance conversational flow, removing overly formal or written elements.
- Fact-Checking: Daniel Moritz Rabson meticulously verifies all data and claims, often requiring additional research.
Notable Quote:
"Sometimes the transition between those cuts doesn't sound very natural, so we need to smoothen that out." — Jeremy Johnston [13:43]
Audio Engineering and Mixing
Quality audio is paramount. The engineering team ensures that recordings are seamless and professionally mixed, incorporating appropriate musical elements to enhance storytelling.
Key Points:
- Recording Infrastructure: Utilizes Pro Tools and relies on a network of over 100 studios worldwide for high-quality audio capture.
- Dynamic Mixing: Selects and integrates music from APM Music to complement the episode's mood and structure.
- Finalization: The mixed episode undergoes final reviews before being scheduled for release.
Notable Quote:
"Maybe we're moving into a new mini chapter of an episode where we're going from meeting some protagonist in our story to talking about the history of a topic." — Sarah Lilly [15:00]
Monetization Through Advertising
To sustain the podcast, advertisements play a critical role. The Freakonomics Radio Network collaborates with SiriusXM to manage ad sales, employing strategies to maximize revenue while maintaining listener experience.
Key Points:
- Ad Types: Includes host-read ads, network ads, and dynamically inserted advertisements tailored to individual listeners.
- CPM Model: Advertising costs are based on Cost Per Thousand (CPM), varying between $5 to $100 depending on the ad type and placement.
- Ad Placement: Ads are strategically placed at pre-roll, mid-roll, and post-roll positions, with pre-roll being 20% cheaper than mid-roll.
- Dynamic Ad Insertion: Allows for personalized ads based on listener demographics, enhancing relevance and effectiveness.
- Revenue Management: SiriusXM manages ad placements and dynamically adjusts revenue based on real-time data.
Notable Quotes:
"CPM stands for cost per thousand and Roman numeral M of thousand." — Gabe Tartaglia [20:04]
"We know by certain identifiers who the device owner is and we'd say, okay, this is Zach's phone or this is Gabe's computer." — Justin Tartaglia [19:35]
Ad Impact and Listener Experience
While ads are essential for financial viability, the team is conscious of maintaining a balance to ensure a pleasant listening experience.
Key Points:
- Ad Load Management: Limits the number of ads to prevent listener fatigue, typically featuring six to eight ads per episode.
- Success Metrics: Brands measure ad effectiveness through website traffic, promo codes, and advanced tracking mechanisms like tracking pixels.
- Listener Engagement: Despite the ads, the primary goal remains to engage listeners by making everyday things interesting.
Notable Quote:
"If that conceit gets into your head, then you start being interested in stuff that you might not have noticed before." — Gabe Tartaglia [24:52]
Conclusion: Celebrating Success and Future Directions
As the episode concludes, the team reflects on their journey, acknowledging the collaborative efforts that have propelled the podcast to its 100th episode. They express gratitude to listeners and contributors, reinforcing their commitment to uncovering the extraordinary within the ordinary.
Notable Quote:
"Our conceit is that anything you see is interesting." — Gabe Tartaglia [24:52]
Acknowledgments
- Production Team: Zachary Crockett, Sarah Lilly, Gabe Tartaglia, Jeremy Johnston, Daniel Moritz Rabson
- Contributors: Morgan Levy, Dalvin Abawadji, Greg Rippon, Jasmine Klinger
- Leadership: Stephen Dubner
For more insights and to explore everyday economics, listeners are encouraged to reach out with topic suggestions at Note@everydaythingsreakonomics.com.
This summary provides a comprehensive overview of Episode 100, capturing the essence of podcast production, monetization strategies, and the collaborative spirit that drives The Economics of Everyday Things. Whether you're a curious listener or an aspiring podcaster, this episode offers valuable insights into the behind-the-scenes workings of a successful podcast.