The increasing internet penetration, rising smartphone users, and the growing popularity of podcasting through social media platforms will drive the global podcasting market.
According to TechSci Research report, “Podcasting Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The global podcasting market is expected to grow significantly owing to the increase in smartphone users and the surging internet penetration in different countries. Moreover, the market experienced high growth due to the rise in podcast popularity in developed countries and the increase in podcast shows in regional content.
The rising number of working individuals who prefer to listen to podcasts while traveling to the office contributes to the podcasting market. The on-demand feature of the media is one reason podcasts have increased in popularity. People are becoming increasingly used to being able to watch according to their choice, whether a movie, a TV show, music, the news, etc. They can choose from various podcasts available online instead of listening to discussions on the radio.
Many podcasting companies have begun offering customers subscription-based services, such as video streaming services. Despite being in its infancy, audio-on-demand is expanding rapidly in several languages, including Spanish, English, and others. For instance, Spotify on Tuesday made its podcast subscription service available in the United States, providing authors with more options for how to monetize their work.
The global podcasting market is seeing tremendous growth in the news segment. This is frequently caused by the fact that the bulk of people regularly consumes these types of podcasts. These podcasts typically involve a dialogue, lone news announcement, or panel debate about current political problems. Podcasts about news and politics provide listeners with exclusive content on current events, which explains why they have become so popular.
In the podcasting market, the sports category is expected to expand the fastest over the coming years. This is due to numerous sporting events and sports enthusiasts all around the world. Sports podcasters keep their audience interested by inviting their favorite sports stars to discuss current events.
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The global podcasting market is segmented on the basis of genre and format. On the basis of genre, the market is segmented into news, comedy, sports, society & culture, health & fitness, business, etc. Further, based on format, the market is split into interview, solo, conversational, and repurposed content, including panels, hybrid, etc.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Owing to the region's significance and the quick adoption of new technologies among its affluent consumer base, North America is expected to dominate the global podcasting market. In response to the changing audio-on-demand podcasting model, content providers are renovating their ad revenue streams and modifying their platforms. Additionally, the US will have a substantial portion of the global podcasting business. This might be linked to the area's pioneering use of cutting-edge technologies and its diverse audience of people of all ages.
Key market players in the global podcasting market include:
- Stitcher Media, LLC
- TuneIn, Inc.
- SoundCloud Global Limited & Co.
- Audacy, Inc.
- iHeartMedia Inc.
- Apple, Inc.
- Pandora Media, Inc.
- Amazon.com, Inc.
- Liberated Syndication, Inc.
- Podbean Tech, LLC
Over the forecast period, the interview format dominated the podcasting business. This can be attributed to interview podcasts' exclusivity and originality. Each invitee or guest in each episode brings new information, unique perspectives, and exciting experiences to share with the audience. The interview approach also fosters various ideas and opinions, igniting debates and boosting audience engagement.
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Since podcasts are becoming increasingly popular, several brands have launched podcasting platforms, creating high competition. Therefore, many businesses are either acquiring rival brands or providing something distinctive to attract a large audience base and differentiate themselves from others. For instance, Spotify acquired podcast production house Gimlet Media in 2019 for USD 230 million and purchased the Ringer Network in 2020.
"The increasing number of smartphone users and the rise in internet penetration in different countries drive the global podcasting market. Moreover, integrating artificial intelligence in podcasting help brands target specific customers for better reach. Additionally, the presence of regional content and the rise in podcast shows in developing countries significantly drive the global podcasting market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Podcasting Market Segmented By Genre (News, Comedy, Sports, Society & Culture, Others (Health & Fitness, Business, etc.), By Format (Interview, Solo, Conversational, Repurposed Content, Others (Panels, Hybrid, etc.), By Region, Competition, Forecast & Opportunities, 2018-2028F” has evaluated the future growth potential of podcasting market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in podcasting globally.
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