DUBLIN--(BUSINESS WIRE)--The "Podcasting Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The podcasting market will grow from $27.73 billion in 2023 to $36.67 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The podcasting market size is expected to see exponential growth in the next few years. It will grow to $104.97 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%.
The growth observed in the historical period can be attributed to the rise of on-demand content, increased internet penetration, the growing popularity of audio-on-demand services, heightened demand for personalized content, and platform diversification.
The anticipated growth in the forecast period can be attributed to the growing adoption of voice assistants and smart speakers, an increasing demand for niche content, the rising popularity of branded podcasts, a growing adoption of programmatic advertising, and the increasing use of smartphones and other mobile devices. Key trends expected during this period include advancements in podcasting technology, the increasing popularity of serialized storytelling, the use of podcasting analytics and metrics, live podcasting events, and the emergence of short-form podcasts.
The growth of the podcasting market is significantly fueled by the increasing penetration of the internet. The rise in internet usage is attributed to factors such as enhanced access to mobile devices, the emergence of new communication channels over the internet, and other contributing elements. During the COVID-19 pandemic, a shift to online activities, including communications, entertainment, e-learning, and podcasts, was observed as people were confined to their homes due to lockdowns.
The expanding reach of the internet generates substantial demand for podcasting, considering its role in online learning and entertainment. Notably, in 2022, the internet penetration rate in the USA was approximately 92.0%, indicating a 2.8% increase and reaching 8.4 million internet users between 2021 and 2022. Similarly, the UK witnessed a 98.0% internet penetration rate in 2022, reflecting a 0.4% growth and reaching 300 thousand internet users during the same period. Consequently, the increasing penetration of the internet is poised to propel the growth of the podcasting market.
The anticipated growth of the podcasting market is further driven by the increasing penetration of smartphones. Smartphones, characterized by their handheld design, mobile communication features, and multimedia capabilities, have become integral devices for accessing podcast content. These devices offer users accessibility and convenience, enabling them to discover, subscribe to, and listen to podcasts seamlessly while on the move.
The global smartphone user base is estimated to reach 5.25 billion in 2023, representing a 4.9% annual increase, as reported by Oberlo. In the United States, the percentage of smartphone users increased to 76.5% in 2022, reflecting a 3.8% rise from the previous year, according to Demand Sage. Hence, the increasing penetration of smartphones is a key driver of the podcasting market's growth.
A notable trend in the podcasting market is the integration of technological advancements. Major players in the market are actively incorporating advanced technologies, such as artificial intelligence (AI), into their podcast platforms. This integration facilitates various improvements, including programmatic podcasts, transcription, optimization, and advertising.
Leveraging AI enables podcasting platforms to generate additional revenue through targeted advertisements, ensuring they reach the right audience. For example, in December 2021, HT Media Limited collaborated with AdsWizz to establish India's first programmatic podcast marketplace, combining programmatic advertising with the power of podcasts. The use of AI Transcription Technology adds an extra layer of precision by serving advertisements to podcast shows or episodes with specific thematic relevance, enhancing brand protection and providing monetization opportunities for content creators.
Leading companies in the podcasting market are embracing artificial intelligence (AI) to gain a competitive edge. This involves integrating AI-driven tools and algorithms to enhance content creation, discoverability, and personalization, ultimately elevating the overall listening experience for podcast creators and audiences alike.
For instance, in May 2023, Supermix introduced an AI scaling platform to assist podcast creators in broadening their audience reach. The platform utilizes AI to transform one-hour audio podcasts into ten shorter videos optimized for social media algorithms, aiming to increase the podcasts' reach. Supermix's approach combines the efficiency of AI with human creativity, making podcast creation and promotion more accessible.
In February 2022, Spotify bolstered its position in the podcasting market through the acquisition of Chartable and Podsights. These acquisitions enhanced Spotify's capabilities in podcast advertising measurement and attribution, providing more accurate insights for advertisers and improved promotional tools for publishers. Chartable, a podcast analytics company, and Podsights, specializing in advertising tools, contribute to Spotify's efforts to foster the growth of the podcasting industry.
North America was the largest region in the podcasting market share in 2023. The countries covered in the podcasting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Key Topics Covered:
1. Executive Summary
2. Podcasting Market Characteristics
3. Podcasting Market Trends And Strategies
4. Podcasting Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Podcasting Market Size and Growth
5.1. Global Podcasting Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Podcasting Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Podcasting Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Podcasting Market Segmentation
6.1. Global Podcasting Market, Segmentation By Genre, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- News And Politics
- Society And Culture
- Comedy
- Sports
- Other Genres
6.2. Global Podcasting Market, Segmentation By Format, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Interviews
- Panels
- Solo
- Repurposed Content
- Conversational
7. Podcasting Market Regional And Country Analysis
7.1. Global Podcasting Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Podcasting Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- Amazon Inc.
- Apple Inc.
- iHeartMedia Inc.
- Megaphone LLC
- Pandora Media LLC
- Resonate Recordings LLC
- Lemonpie Inc.
- Kitcaster Inc.
- Podfly Productions LLC
- Podigy LLC
- Podsworth Media LLC
- The Podcast Host Limited
- Ad Results Media LLC
- Authentic Inc.
- Audioboom Limited
- Blubrry a service of Rawvoice Inc.
- Buzzsprout a product of Limelight Inc.
- Castos Inc.
- Chartable Inc.
- Liberated Syndication Inc.
- Omny Studio Inc.
- Podbean Inc.
- Simplecast Inc.
- SoundCloud Limited
- Spreaker Inc.
- Stitcher Inc.
- Voxnest Inc.
- Wondery LLC
- Anchor Inc.
- Gimlet Media LLC
- Radiotopia Inc.
- Earwolf LLC
- Crooked Media Inc.
- Parcast LLC
- Public Radio Exchange Inc.
For more information about this report visit https://www.researchandmarkets.com/r/853bwd
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