February 23, 2024
Podcasting Market

The Growing Podcasting Audiences are Driving the Podcasting Market

Podcasting has grown to become one of the most popular entertainment and media platforms globally. Podcasting provides on-demand audio programs across a wide variety of topics including news, entertainment, sports, music, and more. Podcasting offers a unique experience by allowing users to listen to favorite programs on their own schedule and during commutes or other daily activities. With the growing number of popular podcast programs available across different genres, podcasting audiences worldwide have expanded rapidly in recent years. According to estimates, there are over 1.7 million active podcast programs available as of 2022 with monthly downloads totaling over 1.25 billion globally.

The global podcasting market allows content creators to produce and distribute audio programs to mass audiences through a growing number of podcast directories and platforms. Popular podcast directories and aggregators make thousands of programs discoverable and accessible to users. Podcasts can be easily accessed via websites, mobile applications, and other devices. Podcasting services also offer monetization options such as advertising, sponsorships, subscriptions, tipping and live events that help creators generate increased revenues. 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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the podcasting market is the growing number of exclusive content deals between major podcast publishers and platforms. For example, Spotify recently signed exclusive distribution and licensing deals worth over $100 million with top podcast networks and individual creators to bolster its podcast library. Such exclusive deals help platforms attract and retain more subscribers while also providing financial stability and scale to creators. Podcast publishers can leverage an established platform’s large audience reach and advertising capabilities to generate higher monetization. This trend of big content acquisition deals is expected to further intensify competition in the podcasting market in coming years.

Porter’s Analysis

Threat of new entrants: Low economy of scale in podcast production makes the barrier low for new players to enter the market.

Bargaining power of buyers: Individual listeners hold low bargaining power due to the availability of free content while companies can negotiate better deals with podcast platforms and networks.

Bargaining power of suppliers: Popular podcast hosts and creators hold strong influence being able to negotiate lucrative contracts and deals with platforms.

Threat of new substitutes: Technologies like streaming provide alternative entertainment options but cannot replace the personalized and on-demand nature of podcasts.

Competitive rivalry: Intense competition exists among podcast platforms and networks to attract audiences and exclusive content through personalized recommendations, exclusive channel deals, and advertisements.

Key Takeaways

The Global Podcasting Market Share is expected to witness high growth over the forecast period from 2024 to 2031. The market is estimated to reach US$ 39728.27 Mn by 2024 from growinglistenership and monetization opportunities through advertisements and subscriptions.

Regional analysis: North America will continue dominating the podcasting market through the forecast period supported by high listener engagement in countries like the US. Growth in Europe and Asia Pacific is projected to remain high driven by increasing availability of connectivity and local language content in areas like news, sports, entertainment.

Key players: Key players operating in the podcasting market are 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. Players are focusing on developing exclusive content deals and improving personalization and discovery features to attract more listeners.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it