The global podcasting market is expected witness tremendous growth in during the forecast period 2023-2031.As podcasting has provided opportunities for targeted marketing and audience engagement, the industry will become extremely popular in the coming years across all age groups and genres, as well as among leading global brands. In addition, creators now have the ability to directly collect and manage information from their listeners thanks to the rise of podcasting platforms which means that creators are no longer limited to writers. Furthermore, private podcasting is likely to become more popular in the future as subscription-based content trend continues to grow.
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A podcast is a collection of audio episodes with a certain topic, theme, or issue that listeners may subscribe to and access whenever and wherever they want to. Everyone may access podcasts since they are produced by a host, sometimes known as a podcaster, and posted online. Podcast subscribers can receive notifications when new episodes are available. The primary objective of the majority of podcasts is to keep their listeners interested while also entertaining and informing them. The duration of a podcast episode can vary; normally, they last 20 to 40 minutes, but they can last up to two and a half to three hours if the podcaster has enough engaging material to fill them. Marketers are wondering how to increase their “share of ear” in an increasingly congested area as the popularity of podcasts continues to soar and shows no signs of slowing down. By the end of 2022, it was estimated that there were 424 million podcast listeners globally. As the popularity of podcasts rises, the audience, revenue, and variety of the sector are all expanding dramatically. In 2023, research projects will cross over 465 million podcast listeners worldwide. About three out of every four American customers, listen to podcasts because they enjoy learning new things, enabling for a fast-track growth of the global podcasting market The largest demographics for podcast listeners are Millennials and Gen Z; they continued to be the leading sources of podcast streams in 2022, although this trend might not continue for very long. The demographics in the periphery experienced the greatest growth in 2022.
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Global Podcasting Market Developments
- Podcasts are increasingly becoming crucial to advertising and marketing campaigns in an era of fierce competition. Advertisers are investing more of their budget to podcast advertisements, enabling them to precisely target a larger audience. Advanced features like dynamic ad insertion and targeting on platforms like Spotify Advertising help businesses make better decisions about their podcasting campaigns. This tendency will certainly continue expanding with an increase in ad spending on podcasting. In a recent study, it was observed that a branded podcast leads to 89% increase in brand awareness and 57% increase in brand consideration. Moreover, with a podcast, the brand is directly talking to consumer, who is most likely listening with headphones (90%) which creates an intimate space between the brand and its audience. Additionally, recent studies conducted by the Rady School at UC San Diego, UCLA, and UC Berkeley have demonstrated that listening to a message through headphones makes listeners more empathetic and persuasive. Hence various industries are turning towards podcasting for better branding and advertising, which in turn is pushing the demand of global podcasting market.
- Interview podcasts are gaining huge popularity wherein the host or hosts of the podcast interview a guest or guests during the podcast episode. These podcasts typically feature interviews with guests and a discussion of their professional or personal accomplishments. Interview podcasts have the potential to be easier to produce than other styles. Without the need for a full script and a tonne of sound design, interview podcasts don’t necessarily require a tonne of production help to be decent.
- Asia Pacific is anticipated to be the fastest growing region in the podcasting market during the forecast period. According to research, it is estimated that 66% of people in the Asia Pacific region (APAC) listen to podcasts. This increase is attributed to the proliferation of smartphones, which have made podcast listening more widely available than ever.
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Global Podcasting Market Snapshot
Market Value in 2022
USD 18.54 Bn
|· By Podcast Type
o Repurposed content
· By Type
· By Offering
§ Content creation
§ Audio Editing
§ Video Production
§ Promotion and Marketing
· By Genre
o Health and Well being
o Society and culture
o Music and Movies
· By Platform
· Amazon.com, Inc.
· Apple Inc.
· Build Freedom LLC
· Evergreen Podcasts
· JAR AUDIO
· Lower Street Media Ltd.
· Pacific Content
· Podcasting Ltd
· Podfly Productions LLC
· Q’d Up
· Resonate Recordings
· Sweet Fish Media
· VF Media Inc.
· Other Market Participants
|· North America (U.S., Canada, Mexico, Rest of North America)
· Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
· Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
· Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
· Latin America (Brazil, Argentina, Rest of Latin America)
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