Podcasting Market

The global podcasting market size was valued at nearly USD 18.52 Billion in 2022 and is anticipated to reach USD 166.07 Billion by 2031, expanding at a CAGR of 27.6% during the forecast period, 2023–2031. The availability of podcasts on various topics such as planting, cleaning, strolling, fitness, and workouts drives the market.

Podcasts are digital audio files having sequences of episodes that users can access using their devices for listening. In early the 2000s, the popularity of audio broadcasting increased. This audio content was accessible only on media players, computers, laptops, and iPods. Low storage capacity and slow Internet speed hampered its growth. Personal digital assistants advanced smartphones and high bandwidth have increased the access to post casts on a range of topics.

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In the past decade, the market has grown rapidly, in terms of consumption and production volume. As per a report named Epicenter of the podcast industry, published by the New York City legal body, New York, in 2017, there were around 43 million listeners of podcasts. The growth of the market is attributed to the high demand for entertaining and informative content.

For market participants, the unviable economic model is a major concern for offering content on media streaming channels. In the podcasts market revenue generation was only from advertisements; however, this model failed. Listeners did not support listening to promotional messages with ongoing content. On the other hand, companies were developing strategies for building financials.

The number of podcast listeners has increased across the globe due to the spread of COVID-19 and the implementation of work-from-home. This, in turn, is expected to drive the market during the forecast period. Furthermore, new podcasts were launched to provide updates on the Coronavirus outbreak.

Podcasting Market Trends, Drivers, Restraints, and Opportunities

• Ease accessibility to podcasts while multitasking during activities such as walking, cleaning, gardening, driving, and transit drive the podcast market.
• The ability to broadcast podcasts from anywhere and anytime has fueled the market.
• Rising acceptance of podcasts among young individuals propels the market.
• High penetration of high-speed internet and large storage capacity of devices enables users to download and listen to recorded or live episodes anytime anywhere.
• During the COVID-19 situation, carrying out idle household tasks and overcoming boredom have become tasks on their own, which in turn, have increased the acceptance of podcasts, thus driving the market.

Scope of Podcasting Market Report

The report on the global podcasting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Podcasting Market Segment Insights

Genre Segment Analysis

Based on genre, the global podcasting market is divided into news & politics, society & culture, comedy, sports, and repurposed content. It was observed that a majority of users listened to podcast on a daily basis. In 2019, the news & politics segment generated a key revenue share of the market.

This encourages producers to develop new styles with exclusive content to the audience on current affairs. In duration from 1-5 minutes and 5-10 minutes, a majority of listeners preferred news roundups and bulletins of daily happenings. Over a period of time, the news genre reached prominence, as the audience was joined to receive information on COVID-19 pandemic.

On the other hand, the sports segment is projected to expand at a high CAGR during the forecast period. The popularity of sports podcasts is rising due to the increasing number of sports fans worldwide. Sports podcasts provide daily topics and conversational content about the sports industry by inviting famous personalities to engage the listeners.

The repurposed content segment is estimated to market growth from 2023 to 2031. Reworking, reformatting, and editing of content to reach more audiences is done in repurposed content podcasts. Moreover, these audio casts attract the audience to re-watch available videos.

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Formats Segment Analysis

In terms of formats, the market is divided into interviews, panels, solo, and conversational. In 2019, the interviews segment accounted for a key share of the market and is anticipated to dominate the market during the forecast period. In the interview format, podcasts were conducted by hosting new guests for each episode.

The share of interview segment is recognized by originality and rawness of podcasts. In this type of podcast, each invitee and host brings fresh thoughts, contents, learning, and experience, which inspire and engage listeners.

Additionally, it puts forth various viewpoints and opinions to encourage discussion. However, the solo segment is expected to expand at a CAGR of 30.3% during the forecast period. In this format, a single person records the content who is an expert in a specific field and shares his/her experience on content. Many independent publishers are entering in the market with a microphone and basic, simple, and free editing software, thus fueling the segment

Regional Analysis

On the basis of regions, the global podcasting market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. In 2019, North America generated the highest revenue and this trend is estimated to continue during the forecast period.

The US accounts for nearly 35% shares of the podcast market in the region. The rising popularity and availability of podcast content in the Spanish language is a key factor driving the market in the region.

The demand for subscription services is high in this region. The market in this region is anticipated to create opportunities in the market. In Latin America, the initial focus was on the English language; however, currently, content providers focus on untapped potential markets in non-native English-speaking countries.

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Segments

The global podcasting market has been segmented on the basis of

Genre

• News & Politics
• Society & Culture
• Comedy
• Sports
• Repurposed Content

Formats

• Interviews
• Panels
• Solo
• Conversational

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Amazon.com, Inc.
• Apple, Inc.
• iHeartMedia, Inc.
• Pandora Media, Inc.
• Soundcloud Limited
• Spotify AB
• The Adecco Group
• Megaphone LLC
• Radio.com
• TuneIn, Inc. 

Competitive Landscape

Major players in the market include Amazon.com, Inc., Apple, Inc., iHeartMedia, Inc., Pandora Media, Inc., Soundcloud Limited, Spotify AB, The Adecco Group, Megaphone LLC, Radio.com, and TuneIn, Inc. The market is still expected to grow exponential, as more number of media companies are trying to capture a share in this market.

Players from media industries are focusing on unique content and collaborating with content providers to target more audience share, thus offering a competitive edge to the players. YouTube, Inc., the US-based video-streaming platform, allowed users to upload audio webcasts of their channel admins to increase their digital footprint in the industry. 

Key players are collaborating with independent publishers and publishing companies to attract more audience by offering unique and fresh content. For instance,

• In February 2020, Spotify AB acquired The Ringer to create podcasts for society & culture genres and sports for extending Spotify AB’s current catalog and audience engagement.