Podcasting Market to grow Significantly at a CAGR of 31.1% by 2028

Podcasting Industry Overview

The global podcasting market size is estimated to reach USD 94.88 billion by 2028, expanding at an estimated CAGR of 31.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. Podcasting is an episodic series of digital media, often audio, that can be listened to or watched over the internet or downloaded on a device. The increasing popularity of audio-on-demand platforms is the primary factor driving the market growth. Other factors contributing to the market growth include minimal entry barriers for creators and easy accessibility for users, as they can listen to podcasts while performing tasks such as cleaning, walking, gardening, traveling, or exercising. 

The recent evolution of podcasting content, wherein various creators are discussing undebated global scenarios, is bringing about numerous growth opportunities for the market growth. The subscriber base of podcasts pertaining to racism, patriarchy, and political disputes, among others, is significantly growing, thereby encouraging companies and creators to come up with more content that taps diverse audiences. Meanwhile, challenges such as limited mobile phone storage and low internet connectivity are likely to hinder the market growth over the forecast period. 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.

Podcasting Market Segmentation

Grand View Research has segmented the global podcasting market based on genre, format, and region:

Based on the Genre Insights, the market is segmented into News & Politics, Society & Culture, Comedy, Sports, and Others.

• The news and politics segment accounted for the largest revenue share of around 30.0% in 2020. This can be attributed to the high number of users listening to this genre on a day-to-day basis.
• The news and politics genre is popular in all types of formats, such as solo news bulletins, panel debates, and one-on-one conversations.
• The sports segment is expected to witness the highest CAGR over the forecast period owing to the wide presence of avid sports fans globally.
• Leading market players are acquiring sports and entertainment content companies to enhance their sports content.

Based on the Format Insights, the market is segmented into Interviews, Panels, Solo, Repurposed Content, and Conversational.

• The interview format accounted for a revenue share of around 30.0% in 2020 and is expected to dominate the podcasting market over the forecast period. This can be attributed to the uniqueness and originality of interview podcasts.
• The solo format is projected to expand at the highest CAGR of around 30.0% over the forecast period. In this format, the content is recorded by an individual who has expertise or knowledge in a particular field.
• Solo podcasts help in building a direct connection with the audience. Since the industry is booming, independent creators are foraying into the solo podcast format due to advantages such as ease of use and minimal investment, which mainly include a microphone and basic editing tools. 

Podcasting Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by several players, including audiovisual groups creating innovative content and independent publishers producing native podcasts. The participants analyzed in this report are implied as the digital audio platforms offering content to the audiences. Prominent media players are collaborating with creators and independent publishers to offer original and raw content to capture a more significant audience share. Furthermore, the increasing need to cater to worldwide audiences with varied linguistic backgrounds has created a demand for content in different languages.

Some of the key players operating in the global podcasting market are:

• 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.