Podcasting Industry Overview
The global podcasting market size was valued at USD 11.46 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 31.1% from 2021 to 2028. Podcasting, also known as radio on demand, is a pre-recorded digital program that users can listen to or watch online through a subscription or download as a file on a playback device. The flexibility of listening to podcasts while doing other activities simultaneously is driving the market growth. Moreover, podcasting is widely used in teaching and educational learning as it offers an effortless delivery of audio learning resources. Audio broadcasting content has been around for nearly two decades. Earlier, audio content was available only on media players, computers, and iPods, with mainly radio shows being broadcasted on podcasts. Traditional devices with limited features made podcast content inaccessible for mobile phone users. However, the distinct format of podcasting has garnered attention over the past five years. Various advancements in smartphones, Bluetooth speakers, tablets, and laptops have augmented the growth of the podcasting industry.
The unfeasible economic model is one of the main concerns for publishers offering content on media streaming platforms. Since the introduction of podcasts, advertising has been the only revenue-generating method for content creators, however, it has failed to gain traction as the audience refrain from listening to advertisements between ongoing content. Nonetheless, brands are developing innovative schemes to evolve as a monetarily captivating channel. Content creators are proposing monthly subscription plans so that consumers can pay per episode or per month.
Gather more insights about the market drivers, restraints and growth of the Global Podcasting market
The introduction of Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technologies has significantly impacted the market growth. Moreover, the incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. For instance, Spotify AB’s Spotify Ad Studio, a streaming media intelligence technology, allows advertisers to hyper-contextualize their information, ensuring that they reach the right people with the right content at the right time. With the help of this platform, the company aims to assist its global partners in the U.S., Canada, the U.K., Australia, and New Zealand with the most accurate ROI measurement, sales, and other conversion metrics.
During the COVID-19 pandemic, the podcast industry experienced a boom as the global population was encouraged to stay indoors owing to restrictions on traveling and visiting public places. The industry is estimated to grow further with the adoption of work-from-home policies worldwide, which has driven the demand for readily available entertainment content. News and media companies such as CNN Sans have also launched podcasts dedicated to providing timely updates on the COVID-19 pandemic. Furthermore, as stated by Spotify AB, content in genres such as health, lifestyle, and self-improvement, including meditation and personal wellness, has witnessed a rise in demand. The company has also launched a Spotify COVID-19 hub to consolidate relevant news and information about the pandemic and its impact.
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Podcasting Industry Segmentation
Grand View Research has segmented the global podcasting market based on genre, format, and region:
Podcasting Genre Outlook (Revenue, USD Billion, 2018 - 2028)
- News & Politics
- Society & Culture
- Comedy
- Sports
- Others
Podcasting Format Outlook (Revenue, USD Billion, 2018 - 2028)
- Interviews
- Panels
- Solo
- Repurposed Content
- Conversational
Podcasting Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Insights:
June 2020: Pandora Media, Inc. announced its collaboration with FOX News Network, LLC, a U.S.-based audio streaming service provider. This partnership aims to provide content produced by FOX News Podcasts, including the FOX News Radio Newscast and FOX Business Hourly Report, to the audiences of Pandora Media, Inc.
May 2020: Spotify AB announced the acquisition of The Ringer, a leading creator of entertainment and sports content. Since the acquisition, the sports podcast consumption of Spotify AB has increased exponentially.
Key Companies profiled:
Some prominent players in the global Podcasting Industry include
- Amazon, Inc.
- Apple, Inc.
- iHeartMedia Inc.
- Megaphone LLC
- Pandora Media, LLC
- Audacy, Inc.
- Soundcloud Limited
- Spotify AB
- Stitcher
- TuneIn, Inc.
Order a free sample PDF of the Podcasting Market Intelligence Study, published by Grand View Research.
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