Podcasting involves broadcasting audio files that listeners can access on-demand via the internet or a mobile device application. Listeners can subscribe to their favorite shows and listen to new episodes automatically as they are published. The medium has gained popularity for its flexibility and personalization. Podcasts cover a wide variety of topics including news, comedy, education, sports, and religion.
The global podcasting market is estimated to be valued at US$ 39728.27 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.
Podcasting provides an engaging medium for brands to reach targeted audiences through sponsorships and interactive content. Podcast listeners demonstrate high loyalty and retention towards their favorite programs. Rising smartphone and internet penetration coupled with increasing popularity of on-demand streaming has boosted the uptake of podcasts worldwide.
Key Takeaways
Key players: Major companies operating in the podcasting market include Clariant International Ltd., BASF SE, Huntsman Corporation, Lanxess AG, Dow Chemical Company, Arkema Group, DIC Corporation, Sudarshan Chemical Industries Limited, Asahi Kasei Corporation, Meghmani Organics Limited. These players are focusing on developments and investments in new podcast programs across various genres and languages to expand their consumer base.
Key opportunities: The availability of low-cost podcast creation tools along with rising mobile and internet usage provides significant opportunities for new creators and advertisers to leverage the platform. Crowdfunding and improved monetization capabilities are enabling more professional and full-time podcasting.
Global expansion: Leading podcast networks are investing in non-English library expansion and localized content to penetrate developing Podcasting Market Demand like Asia Pacific and Latin America. Strategic partnerships with telecom operators and audio platforms are helping global brands and studios distribute podcasts across multiple countries and devices.
Market drivers and restrain
Market drivers: Rising popularity of on-demand streaming audio is a major market driver. Podcasting allows listeners to consume content anytime, anywhere on smartphones, tablets, laptops and other Internet-enabled devices. Podcast fans demonstrate strong loyalty towards their favorite programs which enables effective branding through sponsorships and interactive content features.
Market restraint: Limited discovery methods pose a challenge for new podcasts and individual creators. It is difficult for new programs to gain traction and build an audience without promotional support from major podcast platforms and networks. Recommendation algorithms favor established shows and it remains a challenge for smaller programs to break through.
Segment Analysis
The podcasting market is divided into different segments based on type which includes News & Politics, Society & Culture, Comedy, Sports, and Others. The news and politics segment dominated the overall market in 2021 with around 30% market share. Interest of listeners for timely updates on current affairs and political news & views through audio format have made this segment the dominating one. However, the comedy segment is expected to witness the fastest growth during the forecast period due to increasing interest of younger generation towards stand-up comedy podcasts and comedy shows available in the audio format.
Global Analysis
Regionally, the podcasting market covers North America, Europe, Asia Pacific, South America and Middle East & Africa. North America accounted for the largest market share in 2021, with the US being the dominant market in the region. Wide listener base for podcasts along with availability of diverse genres have led to North America dominating the global podcasting market. However, the Asia Pacific region is poised to witness the highest CAGR during the forecast period. Increasing investments by podcast publishers and network companies to capture growing podcast listeners in countries like China, India and Japan would drive the regional market growth. Adoption of smartphones and easy access to digital content have made podcasts a popular audio format among Asia Pacific listeners.
Get more insights on Podcasting Market
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
Comments
0 comment