Global Podcasting Market | A Tidal Wave of Opportunity

Podcasting Industry Overview

The global podcasting market size was valued at USD 18.52 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 27.6% from 2023 to 2030. Podcasting, also known as radio on demand, is a pre-recorded digital program that users can listen to or watch online through a subscription or download as a file on a playback device. The flexibility of listening to podcasts while doing other activities simultaneously is driving the market growth. Moreover, podcasting is widely used in teaching and educational learning as it offers an effortless delivery of audio learning resources.

In addition, the audio broadcasting content has been around for nearly two decades. Earlier, audio content was available only on media players, computers, and iPods, with mainly radio shows being broadcasted on podcasts. The traditional devices, with limited features, made podcast content inaccessible for the mobile phone users

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The unfeasible economic model is one of the main concerns for publishers offering content on media streaming platforms. Since, the introduction of podcasts advertising has been the only revenue-generating method for content creators, however, it has failed to gain traction as the audience refrain from listening to advertisements between ongoing content. Nonetheless, brands are developing innovative schemes to explore various new revenue sources. Content creators are proposing monthly subscription plans so that consumers can pay on per episode or per month basis.

The introduction of internet of things (IoT), Artificial Intelligence (AI), and blockchain technologies has significantly impacted the market growth. Moreover, the incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. For instance, Spotify AB’s Spotify Ad Studio, a streaming media intelligence technology, allows advertisers to hyper-contextualize their information, ensuring that they reach the right people with the right content at the right time.

With the help of this platform, the company aims to assist its global partners in the U.S., Canada, the U.K., Australia, and New Zealand with the most accurate ROI measurement, sales, and other conversion metrics.

During the COVID-19, the podcast industry experienced a boom as the global population was encouraged to stay indoors owing to the restrictions on traveling and visiting public places. The industry is estimated to grow further with the adoption of work-from-home policies worldwide, which has driven the demand for readily available entertainment content. News and media companies such as CNN Sans have also launched podcasts dedicated to providing timely updates on the COVID-19.

Furthermore, according to Spotify AB, content in genres such as health, lifestyle, and self-improvement, including meditation and personal wellness, has witnessed a rise in demand. The company also launched a Spotify COVID-19 hub to consolidate relevant news and information about the pandemic and its impact.

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Key Companies profiled:

• Amazon.com, Inc.

• Apple, Inc.

• iHeartMedia Inc.

• Megaphone LLC

• Pandora Media, LLC

• Audacy, Inc.

• Sound Cloud Limited

• Spotify AB

• Stitcher

• Tune In, Inc.