Podcasting Market Size 2024 And Growth Rate

The podcasting market size has grown exponentially in recent years. It will grow from $27.73 billion in 2023 to $36.67 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth in the historic period can be attributed to rise of on-demand content, rise in internet penetration, growing popularity of audio-on-demand services, increased demand for personalized content, platform diversification.

Podcasting Market Growth Forecast

The podcasting market size is expected to see exponential growth in the next few years. It will grow to $104.97 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to growing adoption of voice assistants and smart speakers, increasing demand for niche content, growing popularity of branded podcasts, increasing adoption of programmatic advertising, increasing adoption of smartphones and other mobile devices. Major trends in the forecast period include advancements in podcasting technology, growing popularity of serialized storytelling, podcasting analytics and metrics, live podcasting events, short-form podcasts.

Podcasting Market Driver: Rising Internet Penetration Fuels Podcasting Market Growth

The increasing penetration of the internet is significantly contributing to the growth of the podcasting market. Internet penetration is increasing due to various reasons such as improved access to mobiles/smartphones, the emergence of new communication over the internet, and others. During the COVID-19 pandemic, most of the people shifted online for online communications, entertainment, e-learning, podcasts, and other purposes as they were home due to lockdowns. The increasing penetration of the internet significantly creates demand for podcasting as it is part of online learning and entertainment. For instance, according to the statistics from DataReportal, the internet penetration rate in the USA was around 92.0% in 2022, which increased by 2.8% reaching 8.4 million internet users between 2021 and 2022. Similarly, the internet penetration rate in the UK was around 98.0% in 2022, which increased by 0.4% reaching 300 thousand internet users between 2021 and 2022. Therefore, the increasing penetration of the internet will drive the growth of the podcasting market.

Podcasting Market Driver: Rising Smartphone Penetration To Drive Market Growth

The increasing penetration of smartphones is expected to propel the growth of podcasting market going forward. Smartphones are handheld electronic devices that combine mobile communication, computing, and various multimedia capabilities, typically featuring touchscreen interfaces and app ecosystems. Smartphones offer accessibility and convenience, allowing users to easily discover, subscribe to, and listen to podcasts on the go. The widespread smartphone adoption has also attracted content creators and advertisers, contributing to the market's expansion. For instance, in 2023, according to Oberlo, a leading marketplace, the number of global smartphone users is estimated at 5.25 billion, marking a 4.9% annual increase. Additionally, in 2022, according to Demand Sage, a data reporting and analytics solutions provider, the percentage of smartphone users in the United States increased to 76.5%, a 3.8% rise from the previous year. Therefore, the increasing penetration of smartphones is driving the growth of podcasting market.

Global Podcasting Market Major Players

Major companies operating in the podcasting market report are Amazon Inc., Apple Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media LLC, Resonate Recordings LLC, Lemonpie Inc., Kitcaster Inc., Podfly Productions LLC, Podigy LLC, Podsworth Media LLC, The Podcast Host Limited, Ad Results Media LLC, Authentic Inc., Audioboom Limited, Blubrry a service of Rawvoice Inc., Buzzsprout a product of Limelight Inc., Castos Inc., Chartable Inc., Liberated Syndication Inc., Omny Studio Inc., Podbean Inc., Simplecast Inc., SoundCloud Limited, Spreaker Inc., Stitcher Inc., Voxnest Inc., Wondery LLC, Anchor Inc., Gimlet Media LLC, Radiotopia Inc., Earwolf LLC, Crooked Media Inc., Parcast LLC, Public Radio Exchange Inc.

Global Podcasting Market Trend: Technological Advancements Reshaping The Podcasting Market

Technological advancement is a key trend gaining popularity in the podcasting market. Key players in the podcasting market are focusing on incorporating advanced technologies such as artificial intelligence (AI) into their podcast/platforms to enable improvements such as programmatic podcasts, transcription, optimization, advertising, and others. Such integration of technology enables podcasting platforms to earn additional revenue through advertisements while targeting the right listeners. For example, in December 2021, HT Media Limited, an India-based mass media company partnered with a US-based technology provider of advertising solutions AdsWizz, to create India’s first programmatic podcast marketplace. The use of technology combines the strength of programmatic advertising with the power of podcasts, allowing advertisers get a chance to reach their target audience. Additionally, with the use of AI Transcription Technology, advertisers can make sure brand protection with the aid of most effective serving advertisements to podcast shows or episodes that have precise subjects as a principal theme. It also helps podcasters who are looking to create monetizable content.

Global Podcasting Market Trend: Ai Scaling Platform For Podcast Creators

Major companies operating in the podcasting market are incorporating artificial intelligence (AI) into their products to gain a competitive edge in the market. Incorporating artificial intelligence in podcasting involves using AI-driven tools and algorithms to enhance content creation, discoverability, and personalization, ultimately improving the overall listening experience for both podcast creators and their audiences. For instance, in May 2023, Supermix, a US-based content creation company, launched an AI scaling platform to assist podcast creators in expanding their audience. The platform can convert one-hour audio podcasts into ten shorter videos suitable for social media algorithms. This transformation is aimed at increasing the reach of the podcasts. Supermix's approach combines AI efficiency with human creativity to make podcast creation and promotion more accessible.

Podcasting Market Merger And Acquisition: Spotify Strengthens Podcast Advertising With Chartable And Podsights Acquisitions

In February 2022, Spotify, a Sweden based audio streaming services company acquired Chartable and Podsights for an undisclosed amount. The acquisitions of Podsights and Chartable have enhanced Spotify’s capabilities in podcast advertising measurement and attribution, enabling more accurate insights for advertisers and improved promotional tools for publishers, ultimately facilitating the growth of the podcasting industry. Chartable is a US-based podcast analytics company that offers podcast creators analytics and marketing tools for audience growth and monetization. Podsights is a US-based advertising tools company that that helps brands and agencies measure and scale their podcast advertising.

Regional Outlook For The Global Podcasting Market

North America was the largest region in the podcasting market share in 2023. The regions covered in the podcasting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the podcasting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The podcasting market includes revenues earned by entities by non-fictional storytelling podcast and theater podcast format. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The podcasting market research report is one of a series of new reports from The Business Research Company that provides podcasting market statistics, including podcasting industry global market size, regional shares, competitors with a podcasting market share, detailed podcasting market segments, market trends and opportunities, and any further data you may need to thrive in the podcasting industry. This podcasting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.