Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 19 billion in 2022 global podcasting market will reach USD 224.3 billion in 2032. Podcasting is a service that lets customers broadcast files online as part of a subscription or easily download them to portable devices like a PDA or portable music player (PMP). It is convenient to use anytime, anyplace, for various activities, such as walking, gardening, cleaning, working out, and cleaning. It provides flexible distribution of audio learning resources and enhances user experience and interactive content to attract a sizable client base. Additionally, it improves people's mental health while offering better entertainment, education, and fun. As a result, the banking, financial services, insurance (BFSI), energy and utilities, telecommunications, automotive, and healthcare industries use podcasting extensively globally. Important factors driving the market expansion throughout the projection period include the growing popularity of podcasting and the accessibility of local content on these platforms.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 19.0 Billion |
| Market Size in 2032 | USD 224.3 Billion |
| CAGR | 28% |
| No. of Pages in Report | 236 |
| Segments Covered | Genre, Format |
| Drivers | Technological Development |
| Opportunities | Use of AI |
| Restraints | Internet Issues |
Key Insight of the Global Podcasting Market
North America will dominate the market during the forecast period.
The region's customer base and rapid adoption of new technology are responsible for its dominance. In the Canadian market, audience numbers and engagement are also increasing. Publishers concentrate on improving their advertising services while companies incorporate the audio-on-demand podcast strategy into their platforms. The increasing popularity and accessibility of podcast content, along with the growing use of digital devices, have propelled the growth of the regional industry.
The news & politics segment dominated the market, with a market share of around 37% in 2022.
The genre segment is divided into news & politics, comedy, sports, society & culture, and others. The news & politics segment dominated the market, with a market share of around 37% in 2022.
The interviews segment dominated the market, with a market share of around 43% in 2022.
The format segment is divided into interviews, panels, solo, conversational and repurposed content. The interviews segment dominated the market, with a market share of around 43% in 2022.
Advancement in market
Ideabrew Studios, the largest audio network in India, and Internet Lifestyle Hub (ILH), the country's largest online coaching and training community with 26,000 members, will transform how information is distributed through communities. Through this partnership, ILH's vibrant community and Ideabrew's wide reach will be combined to provide informative and varied material to a wider audience. The agreement gives ILH Diamond Members a special opportunity for eight podcasts per month to publish two podcast episodes per week on any subject relevant to their specialisation. Every podcast will display the coveted ILH Stamp and have backlinks to the funnel and website, encouraging community-driven content sharing and assisting in the spread of wisdom. Ideabrew provides a robust content management system (CMS) that can be used to create and distribute podcasts on more than 100 platforms, expanding their audience reach.
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Market Dynamics
Driver: Technological Development.
The industry has changed significantly in the last several decades due to several factors, including the growing levels of disposable income and the widespread deployment of the Internet of Things (IoT), machine learning (ML), and artificial intelligence (AI) across various channels. The ubiquity of mobile devices, the decreasing cost of data, and the advancements in AI and ML have made the climate ideal for streaming players to thrive. Currently, a small number of businesses dominate the music streaming industry. With the use of state-of-the-art technology, they provide listeners with an almost limitless selection of songs from artists all over the world. This helps the music industry, which has long suffered from internet piracy and declining revenue.
Restraints: Internet-related Problems.
Since podcasts require access to the internet, it is challenging to reach a wider audience without it. Large portions of the populace in developing and growing countries still require internet access.
Opportunities: AI Use is increasing in the podcasting industry.
Songwriting teams and music producers can use AI and ML to share their work. AI collects many user data to understand music lovers. Numerous AI and machine learning solutions are available for online music streaming and production. Furthermore, advancements in content-based technology, such as "Autonomous Sensory Meridian Response" (ASMR), state-of-the-art transcription methods, and live-streaming podcasting events, are expected to boost the sector. Global consumer spending growth and high disposable income are key drivers of the podcasting industry's expansion.
Challenges: the intensive competition.
The growing number of podcasting channels or podcasters leads to a saturated market and increasing competition. It is getting difficult to build a strong brand and stand out from others to reach more customers. There is too much out there, cancelling potential growth for all market players by restricting their ability to expand their reach. Therefore, the intensive competition will lead to saturation and challenge the market's growth.
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Some of the major players operating in the global podcasting market are:
• Amazon.com, Inc.
• Apple, Inc.
• iHeartMedia Inc.
• Megaphone LLC
• Pandora Media, LLC
• Tune In, Inc.
• Audacy, Inc.
• Sound Cloud Limited
• Spotify AB
• Stitcher
Key Segments covered in the market:
By Genre
• News & Politics
• Comedy
• Sports
• Society & Culture
• Others
By Format
• Interviews
• Panels
• Solo
• Conversational
• Repurposed Content
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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