New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- The global podcasting market is demonstrating notable revenue growth in the next few years. The increasing usage and emerging social media platforms would drive market growth. According to Market Research Future (MRFR), the global podcasting market was valued at USD 132.45 Billion by 2032, which will escalate further at a considerable 21.15% CAGR during the assessment period (2023-2032).
Podcasting refers to the creating, distributing, and monetizing of audio/video content delivered through digital audio files. Podcasts cover various topics, including news, politics, entertainment, sports, and education. Podcasting is broadcasted in the form of episodes easily downloadable or streamed over the internet. Podcasters create and distribute audio and video programs.
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Competitive Analysis:
Leading podcasting market players include
- Spotify (Sweden)
- Acast (Sweden)
- Apple Inc. (US)
- iHeartMedia (US)
- Google Podcasts (US)
- Amazon Music (US)
- Stitcher (US)
- Audioboom (UK)
- Pandora (US)
- Luminary (US)
- Megaphone (US)
- Wondery (US)
- Anchor (US)
Scope of the Report - Podcasting Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 132.45 Billion |
| CAGR during 2023-2032 | 21.15% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends. |
| Regions Covered | North America, Europe, Asia Pacific, and Rest of the World |
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It helps brands to reach a broad audience cost-effectively and build listener loyalty, increasing revenue streams. Podcasting has become an emerging trend in the media and entertainment industry, with many companies using it to distribute and monetize content. The podcasting industry is undergoing rapid changes, with several new industry developments.
Podcasting companies are increasingly focusing on podcasts that are monetized for the long term. Additionally, more companies are investing in technology to create more personalized and engaging experiences for podcast listeners. Furthermore, several industry collaborations are taking place to provide more content and improve the industry. An increasing number of people are creating and listening to podcasts.
Several trends, such as the emergence of artificial intelligence-driven services and monetized podcasts, boost the market size. Additionally, the market's competitive landscape is highly fragmented, with several key players competing for market share. Overall, the podcasting industry is set for a period of accelerated growth.
Industry Trends:
Several trends are shaping the podcasting industry, and growing numbers of people are creating and listening to podcasts. Over recent years, podcasts have become increasingly popular, with a growing number of listeners and viewers. As a result, podcasting platforms, such as Apple Podcasts, Stitcher, and Spotify, are now some of the most popular ways to access and distribute content.
The growing support for podcasting by leading companies and organizations is one of the major drivers for the growth of the podcasting industry. Additionally, an increasing number of people are turning to podcasts for entertainment, information, and education, another factor contributing to the market's growth.
Another key trend expected to drive growth in the podcasting market is the emergence of artificial intelligence-driven services. These services can help podcast creators to create personalized content, which can be tailored to individual listener needs. This could result in a more interactive listening experience, which could contribute to the growth of the podcasting market.
Segments:
The podcasting market is segmented according to types, platforms, applications, and regions. The type segment is further divided into audio and video. Audio podcasting accounts for the largest share of the market and is likely to witness substantial growth over the forecast period. Easier to access and create, audio podcasting is quite popular. On the other hand, the video podcasting segment is also poised to witness significant growth as it provides a more immersive listening experience.
The platform segment is divided into interviews, conversations, monologues, storytelling, and other podcasts. The growing popularity of these platforms allows podcast creators to reach large audiences, enabling them to monetize their content. The application segment is further divided into advertisement, subscription-based, and others.
Regional Analysis:
North America dominates the podcasting market due to the large number of podcast creators and listeners and the availability of advanced technology. On the other hand, the Asia-Pacific region witnesses a rapid growth rate, headed by the rising popularity of podcasts in countries such as India and China.
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Competitive Analysis:
The competitive landscape of the podcasting market is highly fragmented, with many players competing for market share. These players are focused on innovative strategies to gain a competitive edge in the market. These companies have built a strong presence in the market through their extensive product portfolios that have helped brands establish themselves as leading players in their respective industries.
Leading podcasters collaborate with others to enhance customer experience and cloud-based CRM to expand their offerings and reach a larger customer base, thus strengthening their competitive position in the global market. These strategies enable companies to gain a competitive edge by providing exclusive content to their subscribers and gaining a larger competitive advantage in the market.
For instance, on May 16, 2023, Rumble, a popular video-sharing platform, announced the acquisition of a San Francisco-based podcasting and live-streaming platform, CallIn. The acquisition will enable Rumble to create beneficial synergies and improve customer experience using CallIn’s user-friendly app & post-production tools.
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