by Podcasting has become one of the most prominent content delivery platforms over the past few years owing to its on-demand and mobile-friendly nature. Podcasts allow people to listen to talk shows, news, interviews, and other audio programs on various topics at their own convenience. Podcasting services are attracting audiences across demographics ranging from millennials to baby boomers as they offer a personalized audio experience. Podcast listenership has surged during the pandemic as more people turned to audio media for entertainment and information while social distancing at home or commuting.
Podcasting provides a unique way for businesses, creators, and brands to connect with target audiences and drive measurable outcomes. Marketers are leveraging audio advertising within podcasts as an effective way to reach niche audiences with targeted messages. Podcast content can be created on various topics including business, technology, sports, arts, home & garden, education, health & wellness, and more. Popular formats include information/educational shows, comedy shows, serialized dramas and thrillers. Podcast platforms allow personalized recommendations, integration with other apps and services, and metrics for measuring reach and effectiveness. Podcast creators can earn revenue through sponsorship agreements, subscriptions, tipping/donation, affiliate marketing and other monetization models.
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:
One of the key trends in the Global Podcasting Market Size is the rising prominence of exclusive content and original podcast programming. Podcast platforms are investing heavily in developing exclusive, high-quality shows to attract and retain subscribers. Popular networks like Wondery, Spotify, and Apple Podcasts are signing exclusivity deals with renowned podcast hosts, producers, and media firms to strengthen their content libraries. Data also shows that exclusive podcasts tend to perform much better in terms of listenership and discoverability compared to non-exclusive shows. This has prompted many independent creators to sign exclusivity agreements as well. Moreover, the availability of podcast subscription and premium services allows creators to generate recurring revenue from exclusive content sales. This increasing focus on original and exclusive content is expected to significantly boost the podcasting industry revenues over the coming years.
Porter’s Analysis
Threat of new entrants: Low as it requires a huge initial capital and operational cost to start a podcasting business and compete with established players.
Bargaining power of buyers: Moderate as buyers have limited choice of content and podcast shows from existing players.
Bargaining power of suppliers: Low as there are many content creators and shows available for podcast platforms.
Threat of new substitutes: Moderate as other forms of audio and video entertainment like music streaming, radio, and video on demand platforms provide alternatives.
Competitive rivalry: High as the market is dominated by key global players investing heavily in content and marketing.
Key Takeaways
The global podcasting market is expected to witness high growth. 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.
Regional analysis: North America dominates the podcasting market currently due to high smartphone and internet penetration. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising disposable incomes and increasing mobile subscriptions in developing countries like India and China.
Key players: Key players operating in the podcasting market are Apple, Spotify, iHeartMedia, Google, Pandora, SoundCloud, SXM, Castbox, and PodcastIndex. Apple leads the market and offers podcasts through its iTunes platform. Spotify is investing aggressively to strengthen its podcast catalogue.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
