The global podcasting market size was valued at USD 11.06 billion in 2020 and is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. Availability of podcasts on various topics such as planting, cleaning, strolling, fitness, and work outs 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.
In the past decade, the market has grown rapidly, in terms of consumption and production volume. As per a report named epicenter of 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 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.
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.
|Report Title||Podcasting Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Genre (News & Politics, Society & Culture, Comedy, Sports, and Repurposed Content) and Formats (Interviews, Panels, Solo, and Conversational)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered in the Report||Amazon.com, Inc., Apple, Inc., iHeartMedia, Inc., Pandora Media, Inc., Soundcloud Limited, Spotify AB,The Adecco Group, Megaphone LLC, Radio.com, and TuneIn, Inc.|
Sports segment to grow at a rapid pace
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 joining 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. Popularity of sports podcasts is rising due to increasing number of sports fans worldwide. Sports podcasts provides daily topics and conversational content of sports industry by inviting famous personalities to engage the listeners. The repurposed content segment is estimated to market growth from 2020 to 2027. Reworking, reformatting, and editing of content to reach more number of audience is done in repurposed content podcasts. Moreover, these audio casts attract audience to re-watch available videos.
Interview segment to dominate the market
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 market with microphone and basic, simple, and free editing software, thus fueling the segment
Latin America region to account for a key share
On 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 podcast market in the region. 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, initial focus was on the English language; however, currently content providers focus on untapped potential market in the non-native English-speaking countries.
Segments Covered in the Report
The global podcasting market has been segmented on the basis of
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 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.
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