Newark, July 13, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 19.0 billion podcasting market will reach USD 224.3 billion by 2032. A pre-recorded digital programme known as a podcast, commonly referred to as radio on demand, is one that listeners can download as a file and playback on a playback device or listen to or watch online through a subscription. The market is expanding because podcasts allow the userto listen to them while doing other things. Additionally, because podcasting allows for the simple dissemination of audio learning resources, it is widely employed in teaching and educational learning. Audio broadcasting content has also been around for almost 20 years. Earlier, podcasts were only used to broadcast radio shows and were only available on media players, computers, and iPods. The older devices' restricted features prevented mobile phone users from accessing podcast content.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential podcasting market share. This dominance is due to the area's quick adoption of new technology and sophisticated consumer base. In addition, audience size and engagement are growing in the Canadian market. Publishers modify their ad-revenue services and platforms to accommodate the ongoing audio-on-demand podcasting model. Virgin Media and Paramount signed a new multi-year distribution deal in November 2022, extending their long-standing partnership across all of Paramount's linear channels and streaming services in the UK. Due to the partnership's extension, Virgin TV will introduce Paramount+, a worldwide subscription video-on-demand (SVOD) service, in 2023.
The news & politics segment dominated the market with the most significant revenue of USD 37.19 billion.
The news & politics segment dominated the market with the most significant revenue of USD 37.19 billion. People may listen to the news whenever and everywhere instead of newspapers and television. Additionally, due to busy lifestyles and tight work schedules, there is an increase in demand for news and political podcasts. Furthermore, the segment is expanding because of the rising number of media outlets that podcast politics and news.
The interviews segment dominated the market with the most significant revenue of USD 43.19 billion.
The interviews segment dominated the market with the most significant revenue of USD 43.19 billion. Interviews, which feature a conversation between a host and a guest that offers stories and lessons for the audience, held the most significant market share, per the survey. In keeping with this, each interview episode contains unique content, novel concepts, and varied experiences that help it draw in a broad audience.
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Market Dynamics:
Drivers: Growing Use of Podcasting in Business
One key factor that positively affects the market is the growing use of podcasting in business-to-business (B2B) and business-to-commerce (B2C) firms to develop a brand image. In addition, the industry is positively impacted by the increased use of podcasting brought on by the global proliferation of smartphone users and simple access to the internet. The demand for premium podcast content to engage more listeners globally drives the market's expansion. In addition, the market is expanding as artificial intelligence (AI) is being incorporated into podcasts to improve user experience and enable podcasters to alter content easily.
Restraint: Stealing the Podcast
Preventing someone else from stealing the intellectual property or material is incredibly challenging. Anyone can copy your content, make minor changes, and publish it online. Such instances are tough to locate and manage.
Opportunity: Growing Innovative Technologies
The use of blockchain, artificial intelligence, and Internet of Things technologies has significantly impacted market expansion. Additionally, the podcasting market is anticipated to expand due to the integration of cutting-edge technologies into content like Autonomous Sensory Meridian Response (ASMR), modernized transcription technology, and paid live podcast events. For instance, advertisers can hyper-contextualize their material using Spotify AB's Spotify Ad Studio, a streaming media intelligence tool, to ensure that the relevant audience is reached with the appropriate content at the appropriate moment.
Challenge: High Cost
The high cost of some premium podcasts is one of the main issues that is anticipated to impede market expansion.
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Some of the major players operating in the 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 cover in the market:
By Genre:
● News & Politics
● Comedy
● Sports
● Society & Culture
● Others
By Format:
● Interviews
● Panels
● Solo
● Conversational
● Repurposed Content
About the report:
The global podcasting 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 offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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