Income Report: February 2019

Introduction

Welcome to my February 2019 income report. My income reports are designed to provide transparency for the work I am doing and also help others who are looking to set up a business or side gig. There are two podcasts I have used for guidance on how to create a sustainable income: Fire Nation and Smart Passive Income, both provide income reports.

Summary

February was another great month for the podcast, and this income report includes a fundamental change. Previously I have reported advertising income net of network fees, but I felt this gives a distorted picture of performance; therefore I will now report gross advertising income.

February was a record month with 148,109 downloads with bonus shows for Venezuela and Mt. Gox mostly responsible for this and I, therefore, expect March to drop back. Revenue was significantly up for the month but as were expenses. The cost for the Japan trip to interview Mark Karpelès, including camera crew and post-production was $5,859.96. This trip operated at a loss, yet I felt for the overall profile of the show it was worth doing.

The increase in revenue and profits has allowed me to recruit freelance support for show engineering and show transcriptions. This should give me 40-50 hours more time a month to focus on the show. I am also considering an assistant to help me manage the website and fight the volume of incoming email enquiries.

  • Show downloads: 148,109

  • Income: $29,284.65

  • Network fees: -$5,369.47

  • Expenses: -$8,882.49

  • Profit: $15,032.69


February 2019 Stats

The February stats report is available for download here, it includes:

  • Downloads by per month total & by platform

  • Downloads by show total & by platform

  • Channel growth

What Bitcoin Did.png

February Downloads:

  • Libsyn: 120,245

  • YouTube: 21,900

  • SoundCloud: 1,794

  • Spotify: 4,170

  • Total: 148,109 (+22.1% from Jan - previous record month)

Note: Libsyn is my podcast hosting provider which is the stats for downloads on iTunes and the majority of other podcast applications.

Other Stats:

Notes:

  • Total growth was driven primarily by +4 extra shows in the schedule (Venezuela + Mt. Gox).
    Note: I expect this to drop in March as there will be less shows. I also expect a drop in the 60 day average as the Mt. Gox daily shows saw a drop in the average number of listens (a daily show is too much for some people).

  • YouTube continues to grow (+25.9% on Jan ‘19).

  • Spotify also continues to grow (+18.5% on Jan ‘19).

  • Guest profile continues to highlight how important it is to attract high profile guests. The Peter Todd interview is already the 4th most downloaded show.

  • 60 day average is pretty steady but as noted, I expect this to drop in March as the Mt. Gox shows will naturally see a lower number of listens as subscribers struggled to make time for each show.

  • Specials such as Mt. Gox are great for the profile of the podcast and can lead to a temporary spike in traffic. See the chart below which highlights downloads by week and notice the spike for Mt. Gox. Including other platforms, there were over 50,000 downloads for that week.

What Bitcoin Did.png

Platform Stats:

  • Website page views: 38,812 (+6.9% from Jan ‘19)

  • Email subscribers: 2,758 (+0.5%)

  • YouTube followers: 2,918 (+13.7%)

  • Twitter followers: 48,100 (+3.2%)

  • Facebook page: 125 (+1.6%)

  • Medium: 2,400 (no growth)

Note: The Facebook page has had very little attention due to work load.

Notes:

  • Twitter follower numbers continue to grow but significantly more difficult than during the bull market:

    • Significant positive engagement regarding Mt. Gox specials

  • YouTube nice +13.7% growth month on month:

    • Video the first video interview in a while helped here, I would like to do more but they are expensive

  • Website views also grew but this is likely a reflection of the additional shows this month

  • All other channels need some work (same notes as last month):

    • Facebook I see little benefit to expending significant time yet (requires a strategy)

    • Medium I need more time to write but I don’t have that at the moment

    • Email subscribers would likely grow with unique content but there are already lots of good newsletters out there


Income Report

Summary:

  • Income: $29,284.65

  • Network fees: -$5,369.47

  • Expenses: -$8,882.49

  • Profit: $15,032.69

Gross income - $29,284.65

  • Sponsorship: $26,701.50

  • Patrons: $1,250.43

  • Podcast subscription (BTC): $60

  • Tipjar: $1,332.72

    • Bitcoin: $869.53
      0.305792 BTC

    • Bitcoin SegWit: $131.99
      0.04641943 BTC

    • Lightning: $141.60
      3685640 Sats

    • ZCash: $167.44
      3.213 ZEC

    • Monero: $22.16
      0.4516 XMR

    • Ethereum: $0.00

    • Ripplecoin: hahaha piss off

  • BAT payments: $0.00

Network fees: -$5,369.47

Expenses - $8,882.49

  • Travel: $3,963.06

    • Flight home from us trip: $268.17

    • Tokyo for Karpelès: $3,694.89

  • Entertainment: $276.38

  • Computer and software: $1,185.32

    • Google GSuite: $28.38

    • Squarespace: $31.86

    • Zoom: $189.92

    • Dashlane: $40.85

    • Mailchimp: $61.29

    • Repurpose: $5.73

    • Accusonus: $408.46

    • Underground Wifi: $2.64

    • MacFly Pro: $147.80

    • Squarespace: $8.55

    • Backblaze: $59.70

    • Webinar Ninja: $94.54

    • Dropbox: $10.55

    • Office Wifi: $95.04

  • Banking fees: $0.26

  • Podcast costs: $2,765.14

    • Rev.com translations: $498.27

    • Gift: $101.80

    • Karpelès crew + post production: $2,165.07

  • Community support: $692.32

    • Casa Node giveaway: $344.32

    • Patreon - Noded: $12.00

    • Patreon - Popular Front: $36.00

    • Patreon - Saifedean: $60.00

    • Patreon - Luke Dash Jr: $24.00

    • Patreon - Stephan Livera: $12.00

    • Patreon - Rekt Podcast: $30.00

Note:

  • While income was up by +$17,129.06 (+140.9%), figures now include network fees. Still, even without this income would be up by $11,759.59.

  • Expenses were significantly up, primarily due to the $5,859.96 spent travelling to Tokyo. Without this, expenses would have been at $3,022.53, close to 50% lower than January.

  • Income growth was primarily driven by a new long-term sponsorship deal with Kraken and a short-tern deal with CashApp supporting the Mt. Gox series.

  • The trip to Tokyo ran at an operational loss as well as the time lost to go there, still I invested in this because:

    • I felt that an interview with Mark Karpelès would be of higher quality in person

    • The video interview increased the profile of the show

    • The video also provided a case study for future video interviews

  • Patreon contribution also dropped, primarily due to one less top tier $500 a month patron. This may drop again in March but overall patron subscribers are up.

  • Tips were significantly up, supported by a single BTC tip of 0.25 BTC and the introduction of Lightning tips with Tippin.me.


Income Breakdown

Sponsors:

  • Clients: 5

  • Show sponsored by: 1 booking (new lead show sponsor slot added to inventory for Kraken)

  • Preroll + midroll combo: 1 booking

  • Preroll only: 1 booking

  • Midroll only: 2 bookings

  • Preroll / midroll mix: 1 booking

Inventory:

  • Available shows: 11 (No ads were made available for the Venezuela show)

  • Available video shows: 1

  • Available slots per show: 6

  • Available slots per video show: 2

  • Total available slots: 68

  • Slots sold: 38

  • Inventory sold: 55.9%

  • Show CPM value: $180.41

    • Average ad CPM rate: $52.29


Key lessons

To take forward:

  • Special productions such as the Mt. Gox series increase the profile of the show and attract advertisers

  • Tips + patrons are contributing significantly towards income

  • Should close a higher % of enquiries

  • The Crypto podcast space is very competitive (ensure the best show possible with best guests and consistency)

  • Stop trolling people on Twitter - it is unprofessional

  • Keep trolling people on Twitter - it is really funny


February Objectives Audit

Reduce costs:

  • COMPLETE Close office (unnecessary): monitor expenses for the month closely, avoid unnecessary spend

Revenue growth:

  • NOT COMPLETE Inventory: continue building relationships to sell higher % of inventory (target +75%)

  • COMPLETE Inventory: consider special shows for new inventory & sponsor interest

  • COMPLETE Patrons: continue to push benefits of patron support (review engagement)

  • COMPLETE Tipjar: increase prominence on the website

New revenue opportunities:

  • ON HOLD Other ideas: continue to develop book idea

Marketing:

  • NOT COMPLETE Continue to optimise website for search

  • NOT COMPLETE Complete the rewrite of the online course to support search

  • NOT COMPLETE Finish review of content on site and ensure it reflects personal opinion

  • COMPLETE Continue to target high quality guests/unique subjects

March Objectives

Reduce costs:

  • Costs under control - not too worried here

Efficient operations:

  • Engineering: outsource engineering of podcast (added benefit of higher sound quality)

  • Transcriptions: outsource to freelance, take away from Rev.com (added benefit of working directly with transcriber)

  • Assistant: consider an assistant to support website management, show bookings and email enquiries

Revenue growth:

  • Inventory: continue building relationships to sell higher % of inventory (target +75%)

  • Video: find a sponsor to support a monthly video interview

  • Lightning Special: prepare for April Lightning month

  • Other specials: consider other special shows / weeks

  • Patrons: continue to push benefits of patron support (review engagement)

  • Subs: push subs by crypto and Lightning option for ad free show

New revenue opportunities:

  • On hold for now, busy enough with everything else

Marketing:

  • Continue to optimise website for search

  • Complete the rewrite of the online course to support search

  • Finish review of content on site and ensure it reflects personal opinion

  • Continue to target high quality guests/unique subjects


Goals

Short-term:

  • Achieve +$10,000 profit per month (achieved for Feb, keep focus)

  • Consistent revenues to recruit assistant (on target)

Long-term:

  1. Achieve £1m of cleared profit

  2. Buy Lambo

  3. Buy Bedford Town and get them in the football league

  4. Be crowned King of Bedford

If you read this income report and you have any questions then please feel free to reach out to me.