The global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Podcasting involves the distribution of audio on demand where listeners can choose what programs they want to listen to and when. Podcasting has witnessed tremendous growth in the last few years owing to increasing proliferation of smartphones and ease of access.
Market key trends:
One of the major trends witnessed in the podcasting market is growing focus on podcast advertising. Advertisers are increasingly preferring podcast advertising over traditional radio advertising as it allows targeted campaigns and offers better tracking of return on investment. Podcast advertising is leveraged to reach niche audiences through engaging and informative content. Measurement standards are evolving to quantify campaign effectiveness, which is encouraging advertisers to allocate higher budgets to this medium. Expanding inventory of advertising slots is another growth driver for podcast monetization through advertising.
Strength: Podcasting allows creation of audio content with relatively low barriers to entry. One can easily start a podcast with a smartphone and sharing platform.
Weakness: Lack of centralized directory or platform makes it difficult for listeners to discover new podcasts. Podcasting also requires regular publishing of audio content which can be time consuming.
Opportunity: Growing popularity of on-demand audio streaming provides an opportunity for podcast publishers to reach wider audience. Podcast advertising is also gaining traction as brands are allocating more portion of their digital ad budgets on podcasts.
Threats: Stiff competition from other audio streaming platforms like Spotify, Apple Music, etc for listeners attention. Regulations around podcast monetization and revenue sharing can impact podcast publishers and platforms.
Global Podcasting Market Demand is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing media consumption through digital audio platforms. Podcasts provide personalized audio content experience to listeners throughout their daily commute and other occasions.
Regional analysis: North America dominates the global podcasting market and is expected to continue its dominance during the forecast period. U.S accounts for more than 60% share of the podcast listeners worldwide. However, Asia Pacific podcasting market is witnessing fastest growth owing to increasing adoption of smartphones and high-speed mobile internet in countries like India and China.
Key players operating in the podcasting market are Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc. In recent times, streaming platforms like Spotify are investing heavily in podcast content and technology acquisitions to strengthen their podcast libraries and distribution capabilities. Exclusive podcast content deals with publishers and creators are the key strategies adopted by these players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it