From PRNewswire: The global podcasting market is expected to grow from $15.62 billion in 2021 to $20.32 billion in 2022, according to a Podcasting Global Market Report by Research and Markets. The podcasting market is expected to grow to $58.31 billion in 2026 at a compound annual growth rate (CAGR) of 30.15%.
North America was the largest region in the podcasting market in 2021. The regions covered in the podcasting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The podcasting market consists of sales of podcast services by entities (organizations, sole traders, and partnerships) that is used for preparation and distribution of audio related to education, entertainment, and connection with like-minded communities. It refers to an audio series program made available in digital format for download or stream over the Internet.
Podcasting genres
The main types of genre in podcasting are news and politics, society and culture, comedy, sports and others. News and politics podcasting keeps listeners updated with local, national, or global news or politics, often focusing on a specific topic with the use of existing media sources like newspapers or magazines.
These are intended to inform or entertain or advocate for a cause for the audience who are usually interested in current affairs and programs that are usually half an hour to an hour in length. Podcasting is offered in format such as interviews, panels, solo, repurposed content and conversational.
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.
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 an 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.
In October 2020, Sirius XM Holdings Inc., a US-based broadcasting company acquired Stitcher, for an undisclosed amount. This acquisition expands the Sirius XM digital audio advertising capabilities by enabling new ways for creators to find and connect with a wider audience with the use of Stitcher’s leading programming and advertising networks.
The deal also makes Sirius XM the premier full-service platform for podcast creators, publishers, and advertisers. Stitcher is a US-based media company that specializes in creating, distributing, and monetizing podcasts.
The countries covered in the podcasting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the podcasting market are
- Amazon.com Inc
- Apple Inc
- iHeartMedia Inc
- Megaphone LLC
- Pandora Media LLC
- Audacy Inc
- Soundcloud Limited
- Spotify AB
- Stitcher
- TuneIn Inc
- Entercom Communications Corp
- Liberated Syndication Inc
- Podbean Tech LLC
- PTC Inc
- IBM Corporation
- Tech Mahindra Limited
- Wipro Limited
- Oracle Corporation
- Siemens AG
- Tata Consultancy Services Limited
- Atos SE
- Libsyn
- Blubrry
- PodOmatic
- Sirius XM Holdings
- The Adecco Group
The full report is available by Markets and Research.
Related: 2 Podbean Tips For A More Professional Podcast