by The global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global podcasting market comprises digital audio shows that are distributed over the internet for download and streaming on portable media players, computers, and mobiles. Podcasts featuring news, comedy shows, documentaries, and educational topics are increasingly gaining popularity among listeners worldwide. Changing consumer preferences towards on-demand audio services and rise in adoption of smart devices are driving the podcast market growth. Podcast platforms offer various monetization opportunities such as advertising, sponsorship, and subscriptions which attract more content creators.
Market key trends:
One of the major trends in the podcast market is rising adoption of mobile applications. As mobile devices become ubiquitous, users prefer listening to podcasts on-the-go via smartphones and tablets. Leading podcast companies are actively investing in developing optimized mobile apps for a seamless listening experience. For instance, Spotify rolled out new updates to its mobile app in 2019 to enhance podcast discovery and make it easier for users to follow their favourite shows. Increased time spent on mobiles and availability of high-quality podcasts are propelling the use of podcast apps. This has encouraged many independent podcast creators to publish their content via mobile applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the podcasting market is low. Establishing a new podcasting platform requires a significant investment and resources to build an audience network effect.
Bargaining power of buyers: The bargaining power of buyers in the podcasting market is high. Buyers have many options when it comes to podcasting platforms and can easily switch between them.
Bargaining power of suppliers: The bargaining power of suppliers to podcasting platforms and publishers is moderate. While some key content creators and hosts have strong followings, their dependence on platforms for broadcasting and monetization limits their bargaining power.
Threat of new substitutes: The threat of substitutes in the podcasting market is moderate. Alternate audio platforms like streaming music services offer some similar functionality but lack the independent, on-demand talk and narrative content of podcasts.
Competitive rivalry: The competitive rivalry in the podcasting industry is high due to competition between major players for user attention and engagement.
Key Takeaways
Global Podcasting Market Demand is expected to witness high growth, exhibiting CAGR of 24% over the forecast period 2023 to 2030, due to increasing popularity of on-demand audio content and availability across multiple devices.
The North American region currently dominates the podcasting market, holding over 35% share. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period supported rising internet and smartphone penetration.
Key players operating in the podcasting market include Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc. Major players are focusing on exclusive content partnerships and user personalization to increase customer retention in this highly competitive market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
