Podcasting involves distribution of audio on demand through various online platforms such as podcast hosting sites, apps and other third-party applications. Podcasts allow users to listen to various audio contents such as talk radio shows, music, interviews of celebrities and more while commuting, doing household chores or workouts.
The global podcasting market is estimated to be valued at US$ 34 billion in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
According to a survey, over 50% of Americans aged 12 and above listens to podcasts on a monthly basis. Listeners prefer podcasts over traditional radio as it allows them to listen as per their convenience without being bound to a schedule. Podcasts are increasingly focusing on diversifying their content with themes around true crime, comedy, news and others. Companies are investing heavily in developing exclusive and high quality podcast content to attract more listeners. For instance, Spotify invested over $500 million in 2019 to acquire Gimlet and other podcast companies to strengthen its podcast library and audience base. These factors are expected to significantly support the market growth over the forecast period.
Segment Analysis
The Global Podcasting Market Size is dominated by the music segment. Podcasts focusing solely on music content have the highest listenership as music remains one of the most popular genres worldwide. Podcasts provide a rich audio experience for music lovers to discover new artists, revisit their favorite songs and learn interesting stories about the music industry. The growth of online music streaming has further boosted the popularity of music podcasts.
Key Takeaways
The global podcasting market is expected to witness high growth over the forecast period. The global podcasting market is estimated to be valued at US$ 34 billion in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.The growing preference for on-demand and mobile-based audio content is driving the market expansion. Additionally, the increasing integration of podcasts into smart devices and automobiles is supporting the market demand.
Regional analysis
North America currently dominates the podcasting market led by the vast podcast listener base in the United States. The high smartphone and internet penetration along with widespread podcast promotion by leading companies has boosted the market reach. Asia Pacific is projected to grow at the fastest pace during the forecast period. Countries like India and China are witnessing rising adoption of podcasts among young population.
Key players
Key players operating in the podcasting market are Spotify, Apple Podcasts, Google Podcasts, Pandora, Stitcher, iHeartRadio, Deezer, Podbean, and NPR. Spotify has emerged as the largest podcaster platform backed by its strong content library and extensive listener base. Apple Podcasts maintains a sizable global userbase that continues to support its platform growth. Google Podcasts leverages its vast digital ecosystem to promote podcast discovery and increase listener engagement.
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