Goalhanger on making subscriber revenue growth look as easy as tap ins

Goalhanger is going from strength to strength with the podcast production company announcing in January that it had reached a major milestone — 250,000 paying subscribers across its network of shows, with estimated subscription revenue of £15m per year.

Its flagship show, The Rest is History, reportedly has a notable 120,000+ paying members.

But what is driving the conversion — talent, community, format or perhaps an amalgamation?

In an exclusive interview, The Media Leader unpicks the business strategy behind Goalhanger’s success and reveals what makes it so unique.

A unshakable foundation

For the head of commercial operations, Josh Akers and group business director, Charlotte Robbins, there’s no beating around the bush when it comes to quality content.

Akers says: “I think it stacks up, and when we then see the retention rates within the individual episodes of The Rest is History, we’ve got people consuming on average 45 minutes per episode.

“Quality content is really key for us because these are loyal fans that are listening to either individual or multiple shows, and it really does attest to the strength of the membership offering that we have across all of them.”

Memberships are live for eight of 14 Goalhanger shows, including: The Rest Is History, The Rest Is Politics, The Rest Is Politics: US, The Rest Is Entertainment, Empire, We Have Ways of Making You Talk, The Rest Is Classified, and Sherlock & Co.

“The fact that it is across so many shows rather than just one is also a testament to that repeated success that we’ve had both in the content model, but also the membership offering that we’re able to offer people,” Akers adds.

The average subscriber pays £60 per year, split roughly 50/50 between monthly and annual payments, and receives benefits such as ad-free listening, early access to shows, and bonus content. Further benefits include email newsletters, early access to live show tickets and members-only chatrooms on Discord.

Making membership matter

Goalhanger also announced in January the launch of The Rest is History Festival, a two-day, members-only takeover with the recognition that “theatre tours and meet-us were no longer enough.”

The festival will feature live recordings with guest historians, special sessions, re-enactments, music, entertainment, and food and drink. However, most importantly, Goalhanger situates this as a chance for The Rest is History community to come together.

Reflecting on this, Robbins highlights the role of exclusive content and specific series that go out only to members, such as one for The Rest is History US members spotlighting Trump’s early career: “The main change we made this year was we really doubled down on producing additional content just for members.”

How it works in tandem with advertising

Despite rising numbers of paying subscribers, advertising remains the business’s biggest revenue stream.

Robbins explains that this is a strategic asset within the business model. “Goalhanger will always have a diversified revenue model — that’s part of the strength of the business,” she says.

Akers underlines how advertising and subscriptions work together.

He states: “The advertising market can have so many external impacts on it. We want to continue building a direct relationship with our audience, and the membership offering is the best way to do that.

“There are a number of different revenue streams across the business now in both advertising and membership. Brands are looking for really engaged audiences, and those audiences are typically great places to build a membership offering.

“So the two really work hand in hand, where the vast majority of our audience consumes our content for free, and they are people that we can target with advertising products.

“But then we have a small percentage, between 1-2%, depending on the show that we can target with the membership offering.”

It seems the model feeds itself, with Robbins highlighting a clear investment still remains in the advertising side, as more brands want a piece of the Goalhanger pie.

Robbins adds: “We are very much still doubling down on growth in this area based on demand from clients and people who want access.”

What makes Goalhanger’s offering unique

While both Akers and Robbins acknowledge that the business model is well established, with the likes of the New York Times and other legacy media having also successfully implemented it, there is something special about Goalhanger’s offering.

Robbins says: “It’s not a unique model, but what is unique is the way it’s resonated in that product market bit, which is the strength of the content and people’s love for the shows.”

It’s certainly a replicable model too.

Akers echoes this: “There are so many different niches and passion points that people have in their lives, people are willing to pay a subscription to things that they’re really engaged in or really mean a lot to them.”

The opportunities of video and distribution

With video now at the forefront of progress in the podcasting space, Goalhanger was fast to the mark in implementing the sub-medium, and it has paid off.

Akers reveals that using video has enabled it to “reach people in places that we might not traditionally have appeared.”

After making the shift in 2023, Goalhanger now reaches audiences on YouTube, Spotify and Apple.

“From an advertising perspective, it allows a lot more sophisticated level of integration, product interaction, product placement, logos and branding, and we have been very active on social media as well,” Akers adds.

The main benefit of having many different touchpoints, Robbins explains, is that “rather than having to segment their media spend by a different media owner, they can essentially do everything they want to do as part of a campaign under one roof.”

What’s next?

Distribution partnerships continue to rise, and Goalhanger is no stranger to the positives they can bring.

For instance, the production company is partnering with Netflix for the FIFA World Cup this summer, during which The Rest is Football will exclusively appear on the streaming service.

Akers highlights what underpins the deal: “Netflix was looking for people to engage for long periods of time during a major tournament. The IP and the trust and loyalty of The Rest is Football audience is a perfect solution.

“It will be something we hope to replicate moving forward with all of our shows.”

On the topic of bringing Goalhanger content to a single platform, Akers and Robbins are optimistic but highlight that “it’s one that requires a lot of thought.”