Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The global podcast market will achieve an expected market value of USD 98.78 Billion with an estimated CAGR of 30.65% by 2030. Podcasts are a cheap way of advertising for small and medium-scale businesses with minimal expenses involved. The ability to transform verbal storytelling and attract listeners from across the world will immensely boost the demand for podcasting. The availability of free-trial options and budget-friendly subscription packages will maximize demand for the global podcast market.
The ability to reduce screen time and attract listeners using high-quality audio will significantly boost the growth of the global podcast market. Podcasts are a form of entertainment which is entirely eyes-free s well as hands-free thus allowing the audience to enjoy and learn whenever and wherever required. Podcasts are a great way to stimulate the human brain due to the involvement of maximized imagination rather than visual effects as in videos or television. Moreover, podcasts are an excellent medium for industry experts to address the mass community with minimum complexities or get involved with the mainstream media.
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Furthermore, the podcasts market can be classified into panels, interviews, solo, conversational and repurposed content based on the type of format. Independent publishers and industry experts make extreme use of the solo format to address the community and deliver on-demand lessons or discussions. With the involvement of simplified procedures and low costs, the global podcast market will experience immense demand during the forecast period.
Podcast Market Key players Outlook
- Sirius XM Holdings Inc.
- HeartMedia, Inc.
- NPR
- Google LLC
- Apple Inc.
- Stitcher Radio
- Pandora Media
- Spotify Technology S.A
Podcast Market Genre Outlook
- Comedy
- Society & Culture
- News & Politics
- Sports
Podcast Market Format Outlook
- Solo
- Interviews
- Repurposed Content
- Conversational
- Panels
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Likewise, the minimal investments required allow solo creators to invest and grow using various podcasting services. The sports podcast segment will also experience immense growth due to an enlarged fan-base for sports across the globe. Podcasts allow businesses to make their sales pitch without worrying about customer status. Podcasts require minimal setup but can help reach a wide range of audiences which serves as a crucial factor for the growth of the global podcast market.
British-based Goldhawk Productions was acquired by PODX Group in October 2020. A podcast network was launched for the Latino community by iHeartMedia in February 2020 with the vision to expand the creation of Latinx content globally. Gimlet Media, a podcast content-creation company was acquired by Spotify AB in February 2019. The global market growth will be driven immensely owing to the recent acquisitions made and technologies adopted globally.
The presence of a diverse set of audience including all age groups will catalyse the growth of the regional market. The adoption of advanced technology and maximization of the corporate society will significantly boost the regional podcast market. The rising demand and usage of digital services and entertainment platforms will immensely contribute to the growth of the podcast market. The expansion of podcast content creators and the presence of audio-on-demand services are major factors immensely contributing to the growth of the market. The growth of the economy and the presence of the educated and luxurious class in society will significantly drive the podcast market growth.
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