New York, May 01, 2023 (GLOBE NEWSWIRE) -- The global podcasting market will exceed USD 233.9 billion by 2032 from USD 21.4 billion in 2022, with a compounded annual growth rate (CAGR) of 27.8% between 2023 and 2032.
Podcasting is the creation & distribution of audio or video content that is typically episodic in nature & made available for download or streaming over the internet. Podcasts can cover a wide range of topics & formats, which includes interviews, news, storytelling, educational content, and comedy. Podcasts are typically hosted on platforms like Apple Podcasts, Google Podcasts, and Spotify and they can be accessed through various devices including tablets, computers, and mobile phones. Listeners can subscribe to podcasts to receive new episodes automatically, or they can download individual episodes to listen to at their convenience. Podcasting has become increasingly popular in recent years because of its convenience, ability to cater to niche audiences, and accessibility. Many individuals & organizations have started their podcasts as a way to share their expertise, connect with audiences, and build their brands.
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Key Takeaway:
- Based on genre, in 2022, the Podcasting market was dominated by the news and politics segment.
- By format, in 2022, the Interviews segment dominated the largest market share.
- In 2022, North America dominated the market with the highest revenue share of 40.6%.
- North America is expected to have the highest CAGR among all regions, owing to the adoption of AI for Podcasting and the difference in consumer mindsets.
Factors affecting the growth of the Podcasting industry
There are several factors that can have an impact on the growth of the podcasting industry including:
- Increasing awareness & adoption: As more people become aware of podcasts & discover the convenience & variety of content available, the number of podcast listeners is increasing. This is driving growth in the industry.
- Advancement in technology: Advancements in technology, like easier distribution platforms, new production tools, and better audio equipment make it easy and more affordable for individuals & organizations to create & distribute high-quality podcasts.
- Accessibility: Podcasts are easily accessible through various platforms & devices, like tablets, smart speakers, and smartphones. This makes it easy for people to discover and listen to podcasts, which is driving the growth of the industry.
- Advertisers and monetization: As the podcasting industry continues to grow, more advertisers are recognizing the potential of podcasts as a marketing platform. This is leading to more investment in the industry, which is driving the growth of the market.
- Diverse content: The wide range of topics & genres covered by podcasts is attracting a diverse range of listeners. As more podcasts are created to cater to specific niches & interests, the industry can attract a wider audience, which is driving growth.
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Top Trends in Podcasting Market
Recent trends in the podcasting industry include more people listening than ever to podcasts. This is due to increased investment in the industry and the expansion of podcast listenership worldwide. There has been a rise in original content with media companies & podcast networks investing in high-quality, professionally-produced podcasts to attract listeners & differentiate themselves from competitors. The podcasting industry has seen an increase in advertising revenue. More brands are realizing the value of podcast advertising to reach a loyal and engaged audience.
Market Growth
Podcasting has emerged as a popular business model in recent years, with the market growing rapidly. This method of retail fulfillment enables entrepreneurs to sell products without holding inventory or managing shipping logistics. Apart from that they work with suppliers who handle the inventory & shipping on their behalf. The Podcasting market has seen significant growth, as more and more people turn towards e-commerce & seek opportunities for starting their businesses. The increasing demand for convenient & affordable online shopping, with the low overhead costs & flexibility offered by Podcasting is expected to continue fuelling the growth of this market in coming years.
Regional Analysis
North America is accounted as the most dominant market in the global Podcasting market with a market share of 40.6%, during the forecasted period. North America has seen major investments in the podcasting industry, with media companies acquiring podcast networks & investing in original content. Additionally, the region's large population & high income make it an attractive market for advertisers. The region has been in the way of technological advancements which have made podcast consumption more accessible like high-speed internet & mobile devices.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 21.4 billion |
| Market Size (2032) | USD 233.9 billion |
| CAGR (from 2023 to 2032) | 27.8% |
| North America Revenue Share | 40.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Over the years, the market for streaming music has witnessed tremendous growth thanks to factors like the Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI) installation into podcasting channels, along with raising disposable income. Streaming players now benefit from cheaper data access, deeper mobile penetration, Artificial Intelligence (ML), and other cutting-edge technologies like Blockchain. Today only a handful of players can stream music worldwide using cutting-edge technology and providing an expansive library of songs by artists worldwide - providing an unmotivating win-win situation for an industry that for years has experienced online piracy issues which led to declining revenues. This is truly unique for any industry! The podcasting industry is experiencing high growth because of increasing incomes & consumer spending, specifically in emerging economies like India, Brazil, and China. These nations are witnessing unprecedented increases in their middle-class populations as well as both international and domestic investments.
Market Restraints
Though the podcasting industry offers numerous opportunities, there are also challenges the sector must contend with. Most notably, competition within this space is becoming fiercer as more podcasts are created daily. Creators now face an uphill battle to stand out and build a loyal following. Furthermore, the industry remains heavily reliant on advertising revenue which can be unpredictable or affected by economic downturns. Due to this dependence on advertising revenue, creators may feel pressured to compromise their content to attract advertisers - potentially alienating their audience.
Market Opportunities
The podcasting industry presents numerous advantages for creators, investors, and advertisers alike. Expression and creativity can be harnessed through this democratic and accessible medium, enabling creators to build loyal followings and monetize their work through advertising, sponsorships, merchandise sales, and other revenue streams. The industry has already attracted major media companies and venture capitalists, with investments made in podcast networks, original content, and advertising technology. The global podcasting market is expected to surpass $33.9 billion in revenue by 2032, offering investors a unique chance to get in on the ground floor of an expanding industry. Additionally, the podcasting industry presents advertisers with unparalleled opportunities to connect with highly engaged and loyal audiences, creating an ideal platform for brands to build awareness and increase customer acquisition. With anticipated continued growth and innovation in the years ahead, this sector is set for further success and disruption.
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Report Segmentation of the Podcasting Market
Genre Insight
The news & politics hold a significant share in the deployment segment i.e., 31.7% in 2022, and this segment drives the market in genre segment due to More people seeking to stay informed about current events, podcasts have become an essential source of news & analysis. Additionally, podcasts provide a platform for journalists, political commentators, and pundits to share their insights and views on creating a vibrant marketplace of ideas.
Format Insight
The podcasting market share is dominated by the interviews segment with a share of 30.6%, due to each episode’s guest or invitee bringing quality content, unique experience, and innovative ideas which are fascinating & engaging for the listeners. Additionally, the interview approach fosters a range of viewpoints and opinions which results in lively conversations & increased audience participation.
Recent Developments of the Podcasting Market
- In September 2021, iHeartMedia, Inc. and Interval Presents - a podcast network owned by Warner Music Group - announced an exciting multi-year agreement that will see them co-producing various shows from limited-run series to ongoing weekly podcasts.
- In May 2020, Spotify recently revealed that it is translating podcasts into different languages to reach a broader audience. Certain formats, such as daily horoscopes and crime stories, have proven popular with listeners around the world.
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Market Segmentation
Based on Genre
- News & Politics
- Society & Culture
- Comedy
- Sports
- Other Genres
Based on Format
- Interviews
- Panels
- Solo
- Repurposed Content
- Conversational
- Other Formats
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Podcasting is fragmented. There are many market players like the audio-visuals group, which provides creative content, and solo publishers, who create native podcasts in multiple markets. This report examines the participants in the digital audio platform offering content to the public. Major media companies collaborate with local publishers and artists to produce original content that will appeal to a wider audience.
Key Market Players:
Listed below are some of the most important podcasting industry players.
- Apple Inc.
- iHeartMedia Inc.
- Megaphone LLC
- Pandora Media LLC
- Tune In Inc.
- Audacy Inc.
- Sound Cloud Ltd.
- Spotify Technologies S.A.
- Stitcher Radio Inc.
- Other Key Player
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