Podcasting Market

Global Podcasting Market Size (2024 to 2029)

The global podcasting market is predicted to reach USD 31.26 billion in 2024 and USD 105.34 billion by 2029, growing at a CAGR of 27.5% during the forecast period.

Current Scenario of the Global Podcasting Market

Podcasts are vocable audio files downloaded via the web on playback devices. The straightforward accessibility of podcasts during transit times and multitasking like walking, gardening, exercising, or cleaning drives the market growth. The recognition of this audio broadcasting content has been a gradual process since its inception in the early 2000s. This content was available only on iPods, media players, computers, and laptops, with only radio shows being converted into podcasts. The slow internet and low storage space issues stalled this industry's growth as users struggled to stream podcasts on their mobile devices. However, the arrival of smartphones, high bandwidth, and, lately, personal digital assistants has paved the way for this industry and has transformed from niche media to mainstream music mediums. In fact, listeners now spend over six hours weekly on podcasts, consuming approximately seven episodes per week. Although the term podcasting was first devised in the year 2004, it wasn’t until the formation of the iPhone podcast app in 2012 that podcast listening captured mainstream appeal. To date, Apple has 27M monthly active podcast users within the U.S. and accounts for the bulk of podcast listening.

MARKET DRIVERS

The rapid adoption of podcast listening while travelling and multitasking is one of the major factors propelling the global podcasting market growth.

Key factors that are responsible for driving and regulating the market growth include the emergence of podcasts as a preferred and interminable source of entertainment with its easy accessibility on smartphones, smart speakers, and additional gadgets at any given point of time during commutes or multitasking. While the market remains in its nascent stage, it's seen tremendous growth in both production volume and consumption over the past decade. According to a report published by the New York City legal body, there were 42.0 million weekly listeners in 2017. Since the marketplace for podcasts is tailored to follow modern consumption patterns, it's expected to grow exponentially over the forecast period due to the high demand for readily available entertainment content. 
An unviable economic model is one of the main concerns for the market participants offering content on media streaming channels. Since the introduction of podcasts, advertisements have been the sole revenue-generating stream but didn't secure traction since the listeners did not favor the thought of taking note of promotional messages between the continued content. Companies are developing strategies to arise as a financially attractive medium. Podcasters are arising with per-month subscription services and crowdfunding that enable the users to pay per episode or on a monthly basis.

Impact of COVID-19 on the Global Podcasting Market

With the coronavirus outbreak, listeners worldwide are observed to be spending more time at home because of the work-from-home policies and stringent norms restricting public gatherings. This has changed the dynamics of the podcast marketplace, where the audience before the pandemic was people taking note of broadcasts during their commutes. However, the industry remains expected to witness growth since the listeners are engaged with the content while stuck indoors and while performing from home. Additionally, several podcasts are now being launched that are dedicatedly offering timely updates on the coronavirus outbreak.

The COVID-19 episode has driven guidelines on venturing out of homes and assembling at public spots. This outbreak has affected the emerging marketplace for podcasts; clients pick to tune in to streaming channels when doing their family tasks or performing from home. Podcast utilization is mostly related to commuting, and the decrease in drive times because of fewer traffic congestions has reduced the listening time. However, the Podcast industry has accomplished opportunities due to the unexpected rise in in-home media consumption during this outbreak.

REPORT COVERAGE

REGIONAL ANALYSIS 

North America accounted for the best revenue share of near to 40.0% in 2019 and is anticipated to retain its dominance over the forecast period. The U.S. alone captured a revenue share of over 35.0% within the overall marketplace for podcasts in 2019. This is often attributed to the first adoption of the newest technologies and the presence of a diversified listener base of all age groups within the region.

The Latin American marketplace for the podcast is predicted to witness the fastest CAGR of nearly 35.0% over the outlook period. The penetration of digital devices, including the supply and recognition of podcast content offered within the Spanish language, are the key factors driving the regional market growth. It's presumed that there are almost 500.0 million Spanish-speaking people worldwide, particularly within the Hispanic community in the U.S., Latin America, and Spain. It is projected to boost the expansion prospects for Spanish podcast producers and listeners.

Although the subscription services and audio-on-demand services are in the early stages of development in this area, the industry is likely to witness lucrative opportunities because the Spanish audio-streaming community accounts for a substantial share of the general content. In Latin America, the industry began initially in English, but the content providers are now focusing on extending their services within non-native English-speaking countries.

KEY PARTICIPANTS IN THE PODCASTING MARKET

The major players operating in the global podcasting market include Amazon.com, Inc., Apple, Inc., iHeartMedia, Inc., Pandora Media, Inc., Soundcloud Limited, Spotify AB, and others.

RECENT HAPPENINGS IN THE GLOBAL PODCASTING MARKET

Product Launches:

• In Jul 2020, Apple introduced its daily podcast; it announced the show alongside other news about audio stories coming to Apple News and curated local Apple News collections because of the release of iOS 13.6. Furthermore, Apple will release 20 weekly audio stories through Apple News Plus. The stories are going to be voiced by professional actors, and long-form narrated pieces will be published by big-name outlets like Esquire, GQ, New York Magazine, and Vanity Fair.

• In May 2020, Spotify introduced nine new Indonesian podcasts as the latest additions to its special lineup. Some of the podcasts include Destanya Siapa, Podcast Malam Kliwon, Rintik Sedu, Teman Tidur, Kinosgina, BKR Brothers, Makna Talks, Podcast DariTaDi Yu Ya Yukk, and Thirty Days of Lunch.

• In Dec 2019, Audible, Amazon’s audiobook company, launched a replacement app exclusively for India, called Audible Suno. The app delivers free access to original audio series across many genres from India.

This research report on the global podcasting market has been segmented and sub-segmented based on the genre, platform, and region.

By Genre:

• News & Politics
• Society & Culture
• Comedy
• Sports
• Others

By Platform:

• Interviews
• Panels
• Solo
• Repurposed Content
• Conversational

By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus