PUBLISHER: The Business Research Company | PRODUCT CODE: 1392833
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392833
“Podcasting Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on podcasting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for podcasting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The podcasting market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Podcasting refers to an audio series program available in digital format for download or streaming over the Internet. It provides users with easy and free access to a variety of genres, including news, education, health, fitness, comedy, fiction, as well as industry updates and breakdowns that can be downloaded or streamed online.
The primary genres in podcasting include news and politics, society and culture, comedy, sports, and others. News and politics podcasts aim to keep listeners informed about local, national, or global news and politics, often focusing on specific topics using existing media sources like newspapers or magazines. These podcasts are designed to entertain, inform, or advocate for a cause, catering to audiences interested in current affairs. Typically, these programs range from half an hour to an hour in length and are presented in various formats such as interviews, panels, solo discussions, repurposed content, and conversational styles.
The podcasting market research report is one of a series of new reports from The Business Research Company that provides podcasting market statistics, including podcasting industry global market size, regional shares, competitors with a podcasting market share, detailed podcasting market segments, market trends and opportunities, and any further data you may need to thrive in the podcasting industry. This podcasting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The podcasting market size has grown exponentially in recent years. It will grow from $27. 73 billion in 2023 to $36. 67 billion in 2024 at a compound annual growth rate (CAGR) of 32. 2%. The growth observed in the historical period can be attributed to the rise of on-demand content, increased internet penetration, the growing popularity of audio-on-demand services, heightened demand for personalized content, and platform diversification.
The podcasting market size is expected to see exponential growth in the next few years. It will grow to $104. 97 billion in 2028 at a compound annual growth rate (CAGR) of 30. 1%. The anticipated growth in the forecast period can be attributed to the growing adoption of voice assistants and smart speakers, an increasing demand for niche content, the rising popularity of branded podcasts, a growing adoption of programmatic advertising, and the increasing use of smartphones and other mobile devices. Key trends expected during this period include advancements in podcasting technology, the increasing popularity of serialized storytelling, the use of podcasting analytics and metrics, live podcasting events, and the emergence of short-form podcasts.
The growth of the podcasting market is significantly fueled by the increasing penetration of the internet. The rise in internet usage is attributed to factors such as enhanced access to mobile devices, the emergence of new communication channels over the internet, and other contributing elements. During the COVID-19 pandemic, a shift to online activities, including communications, entertainment, e-learning, and podcasts, was observed as people were confined to their homes due to lockdowns. The expanding reach of the internet generates substantial demand for podcasting, considering its role in online learning and entertainment. Notably, in 2022, the internet penetration rate in the USA was approximately 92. 0%, indicating a 2. 8% increase and reaching 8. 4 million internet users between 2021 and 2022. Similarly, the UK witnessed a 98. 0% internet penetration rate in 2022, reflecting a 0. 4% growth and reaching 300 thousand internet users during the same period. Consequently, the increasing penetration of the internet is poised to propel the growth of the podcasting market.
The anticipated growth of the podcasting market is further driven by the increasing penetration of smartphones. Smartphones, characterized by their handheld design, mobile communication features, and multimedia capabilities, have become integral devices for accessing podcast content. These devices offer users accessibility and convenience, enabling them to discover, subscribe to, and listen to podcasts seamlessly while on the move. The global smartphone user base is estimated to reach 5. 25 billion in 2023, representing a 4. 9% annual increase, as reported by Oberlo. In the United States, the percentage of smartphone users increased to 76. 5% in 2022, reflecting a 3. 8% rise from the previous year, according to Demand Sage. Hence, the increasing penetration of smartphones is a key driver of the podcasting market's growth.
A notable trend in the podcasting market is the integration of technological advancements. Major players in the market are actively incorporating advanced technologies, such as artificial intelligence (AI), into their podcast platforms. This integration facilitates various improvements, including programmatic podcasts, transcription, optimization, and advertising. Leveraging AI enables podcasting platforms to generate additional revenue through targeted advertisements, ensuring they reach the right audience. For example, in December 2021, HT Media Limited collaborated with AdsWizz to establish India's first programmatic podcast marketplace, combining programmatic advertising with the power of podcasts. The use of AI Transcription Technology adds an extra layer of precision by serving advertisements to podcast shows or episodes with specific thematic relevance, enhancing brand protection and providing monetization opportunities for content creators.
Leading companies in the podcasting market are embracing artificial intelligence (AI) to gain a competitive edge. This involves integrating AI-driven tools and algorithms to enhance content creation, discoverability, and personalization, ultimately elevating the overall listening experience for podcast creators and audiences alike. For instance, in May 2023, Supermix introduced an AI scaling platform to assist podcast creators in broadening their audience reach. The platform utilizes AI to transform one-hour audio podcasts into ten shorter videos optimized for social media algorithms, aiming to increase the podcasts' reach. Supermix's approach combines the efficiency of AI with human creativity, making podcast creation and promotion more accessible.
In February 2022, Spotify bolstered its position in the podcasting market through the acquisition of Chartable and Podsights. These acquisitions enhanced Spotify's capabilities in podcast advertising measurement and attribution, providing more accurate insights for advertisers and improved promotional tools for publishers. Chartable, a podcast analytics company, and Podsights, specializing in advertising tools, contribute to Spotify's efforts to foster the growth of the podcasting industry.
Major companies operating in the in the podcasting market report are Amazon Inc., Apple Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media LLC, Resonate Recordings LLC, Lemonpie Inc., Kitcaster Inc., Podfly Productions LLC, Podigy LLC, Podsworth Media LLC, The Podcast Host Limited, Ad Results Media LLC, Authentic Inc., Audioboom Limited, Blubrry a service of Rawvoice Inc., Buzzsprout a product of Limelight Inc., Castos Inc., Chartable Inc., Liberated Syndication Inc., Omny Studio Inc., Podbean Inc., Simplecast Inc., SoundCloud Limited, Spreaker Inc., Stitcher Inc., Voxnest Inc., Wondery LLC, Anchor Inc., Gimlet Media LLC, Radiotopia Inc., Earwolf LLC, Crooked Media Inc., Parcast LLC, Public Radio Exchange Inc.
North America was the largest region in the podcasting market share in 2023. The regions covered in the podcasting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the podcasting market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The podcasting market includes revenues earned by entities by non-fictional storytelling podcast and theater podcast format. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.