Podcasting Market

Global Podcasting Market Size (2024 to 2032)

The global podcasting market is predicted to reach USD 31.26 billion in 2024 and USD 218.31 billion by 2032, growing at a CAGR of 27.5% during the forecast period.

Current Scenario of the Global Podcasting Market

The podcasting market is expanding quickly. 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 to captured mainstream appeal. To date, Apple has 27M monthly active podcast users within the U.S. and accounts for the bulk of podcast listening.

• According to the research, the overall number of podcast listeners and viewers is anticipated to arrive at around 504.9 million in 2024.

MARKET DRIVERS

The rapid adoption of podcast listening while traveling 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.

MARKET RESTRAINTS

Saturation of the podcast market with an overwhelming number of shows, lack of standardized metrics for audience measurement, and difficulty in monetizing podcasts for smaller creators are negatively impacting the growth of the global market. Limited discoverability of new podcasts, challenges in securing licensing rights for music and content, and competition from other forms of media and entertainment are further hampering the growth of the global podcasting market. Advertiser skepticism about podcast advertising effectiveness, dependence on listener engagement for sustainable growth and high barrier to entry for producing high-quality content are some other considerable restraints to the growth of the global podcasting market.

MARKET OPPORTUNITIES 

Brand promotions and advertisements present potential opportunities for the expansion of the podcasting market. To engage a broad audience during their most cheerful moments, comedy podcasts are an excellent choice. The listenership is impressive, as around 66 per cent of these consumers have tuned into this genre. The viewers of these podcasts, i.e. 70 per cent stated they experienced a personal association with the hosts, so brands and companies are taking advantage of these relationships. Comedy and brand appropriateness can work together effectively.

• According to a survey, 9 out of 10 people who listen said their belief or judgement of brands is constant or unaltered due to their promotion within the comedy content.

It is indifferent compared to when companies promote in other places. And, several listeners explain the advertisers on this genre of podcast with positive features such as relatable, relevant, likeable, and fun.

• As per Statista, the global revenue from podcast advertisement is projected to touch 4.02 billion dollars.

AI-powered content is another factor which is slated to accelerate the market growth. It facilitates a great understanding of the existing market by assisting hosts to remain current with the newest trends and maximise the ad positions. Moreover, it can also make podcasts more visible and available. For example, AI technology can change lengthy podcasts into small clips. It can also translate its episodes into text, aiding search engines to label them more productively.

MARKET CHALLENGES

Navigating copyright problems challenges the growth of the podcasting market. Creators generally utilise guest interviews, sound clips, and music, which causes copyright issues because of licensing or applied within equitable use parameters. Technical hurdles are another major challenge faced by podcasters. The absence of availability for hearing impaired is a key issue. Inferior microphones frequently result in subpar sound quality, reducing the listening experience of your podcast. Also, there is also the requirement for headphones to control audio levels precisely and an audio port to link the microphone to your laptop or desktop.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Podcasting Market Analysis By Genre

The comedy segment has the maximum number of listeners and viewers under this category of the podcasting market. In the coming years, the market share of the segment is expected to surge, considering the growing levels of stress, tension, and work pressure, increasing screen time, and organic inclination towards light-hearted content. Moreover, this genre of podcast provides an innovative mix of entertainment which is both engaging and available. They serve varied tastes, including witty banter and storytelling to humour. So, owing to these primary factors the segment’s market size continues to expand year-on-year basis.  Apart from this, the major advantages of comedy podcasts are convenience, diverse content, and personal connections. In contrast to the traditional comedy shows that need a particular time and location, these podcasts can be played irrespective of place and period. This elevates the significance of this segment and positions them higher by making them appropriate for people’s busy lifestyles.

• According to the report by Global Media & Entertainment, around 80 per cent of podcast listeners stated that comedy holds greater importance now than before. About 86 per cent of individuals who participated in the survey said that they are switching to this genre to boost their mood and an astonishing 91 per cent expressed it enables them to escape.

Global Podcasting Market Analysis By Platform

The interview segment captured a dominating share of the podcasting market and is expected to remain at the forefront during the forecast period. This type of podcasts are extremely common now and it’s simple to see why. Individuals greatly enjoy gaining information and insight on particular subjects from qualified experts. And, this provides precisely what they desire. However, for the podcaster or the business involved, interview podcasts offer unique advantages. Currently, some of the most popular podcasts globally are interview-based, highlighting the significant impact this format can achieve.

• A survey published in WARC revealed that video podcasts are on the way up or increasing in the United States, i.e. about 33 per cent of listeners in the country choosing watchable ones, with YouTube in the lead, followed by Spotify and Apple Podcasts.

REGIONAL ANALYSIS 

North America accounted for the best revenue share of nearly 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 MARKET

• In October 2024¸, Google officially launched the NotebookLM along with new features which enable making a podcast even from a text document. The company took off the label of the experiment from the Gemini-based tools for research and note-taking. Moreover, NotebooLM now possesses its own ChatGPT-like trending moment, with the help of a new Audio Overview experience that allows people to create an AI-powered podcast.

• In October 2024, Asian Tigers Group, a prominent international relocation services company, is likely to report the introduction of a podcast called “The Golden Move”, which provides valuable insights and data into the complications of moving abroad.

• In July 2024, Kevin Kolde and Fred Seibert partnered to introduce a podcast studio named ‘Bellport Theater on the Air. Both animation veterans launched this with an emphasis on scripted and episodic content revolving around genre fiction and supernatural thrillers.

DETAILED SEGMENTATION OF THE GLOBAL PODCASTING MARKET INCLUDED IN THIS REPORT

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