by Podcasting allows listeners to personalize their experience by allowing them to choose episodes that appeal to their interests and listen on their schedule. Podcasts cover an extensive range of genres including news, entertainment, sports, music, education, and more. Listeners can bookmark favorite shows and subscribe to new podcasts through simple aggregation platforms. Podcasting has seen tremendous growth with more creators and listeners embracing the on-demand and flexible format. The global access to mobile networks and devices has further increased the popularity of podcasting.
The podcasting industry comprises audio content creators, aggregation platforms, consumer electronics manufacturers, and advertisers. Podcast hosts create episodic series on diverse topics and publish through aggregators. Popular platforms include Apple Podcasts, Spotify, and Pandora that allow users to browse, subscribe and download shows. Podcast listeners use a wide variety of devices including smartphones, laptops, smart speakers, and tablets to access audio content. Podcasting provides advertisers with targeted reach to engaged audiences.
The Global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the podcasting market is growing smartphone and mobile internet penetration. According to a recent survey, over 80% of podcast listeners access shows via a mobile device. As mobile networks expand to remote areas worldwide and affordable Android and iOS devices become ubiquitous, more people can enjoy podcasts on-the-go. Podcast creators are optimizing audio production and publishing for mobile consumption. Leading platforms are also enhancing discovery, playlists and personalized recommendations on their mobile apps. This shift towards mobile is a defining trend fueling the global expansion of the podcasting industry.
Porter’s Analysis
Threat of new entrants: The threat is moderate as there is moderate capital requirement and technology involved. However, the market is dominated by few major players having strong brand value.
Bargaining power of buyers: The bargaining power is high as there are many players providing similar services and buyers can switch between them easily.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many content suppliers and producers.
Threat of new substitutes: The threat of new substitutes is moderate as there are options like online radio but they are not strong substitutes.
Competitive rivalry: The competition is intense as major players compete on the basis of quality, features and personalized content.
Key Takeaways
The global Podcasting Market Growth is expected to witness high growth. The Global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the podcasting market currently due to high adoption among individuals. However, Asia Pacific is expected to witness fastest growth due to rising youth population and growing awareness in the region.
Key players operating in the podcasting market are Acuity Brands Lighting Inc.,Cree Lighting,Dialight,Digital Lumens Inc.,Hubbell,LSI Industries Inc.,LumiGrow,Panasonic Corporation,Siteco GmbH,Signify Holding,Semiconductor Co. Ltd.,Zumtobel Group Ag. Key players are focusing on enhancing user experience through personalized recommendations and exclusive content partnerships. They are also investing in technology to automate various processes.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
