Acumen Research and Consulting recently published report titled “Podcasting Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
TOKYO, July 24, 2022 (GLOBE NEWSWIRE) — The Global Podcasting Market Size was valued at USD 13,785 Million in 2021 and is predicted to be worth USD 153,071 Million by 2030, with a CAGR of 31.2% from 2022 to 2030.
Over the past few years, podcasting has grown significantly, following other markets like audiobooks and music streaming. During the pandemic, it served as a way to keep current and engaged when everyone was managing housework and working remotely, and it even served as a corporate strategy solution for some organizations. Podcasting market has grown in popularity to the point where around 197 million Americans are aware of it. In the United States, this amounts to around 70% of people being aware of podcasts. Podcasting, as a market expansion method, enables users to engage with their target audience on a more personal level. According to predictions, the demographics of podcast listeners will continue to shift in step with the variety of content available. Podcast listeners are thoroughly immersed in the knowledge available these days, ranging from young teenagers to elderly people of all genders, races, and occupations. According to the Forbes survey, 52 percent of all Internet users between the ages of 16 and 64 listen to podcasts.
A podcast is an episodic collection of digital audio files that consumers may listen to on both tablets and smartphones. A comprehensive technique to manage personal consumption queues is provided by several broadcasting, streaming, and podcasting services and applications. Popular content marketing services include Spotify, Google Podcasts, TuneIn Radio, Apple Podcasts, Stitcher, and others. In addition to providing entertainment, big corporations use podcasts to communicate with a large audience. Nowadays, companies and organizations can use podcasting to share their experiences from anywhere, which helps them establish their credibility in the industry.
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|Market Size 2021||USD 13,785 Million|
|Market Forecast 2030||USD 153,071 Million|
|CAGR During 2022 – 2030||31.2%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Genre, By Format, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Amazon.com, Inc., Spotify AB, Apple, Inc., Pandora Media, LLC,
Soundcloud Limited, Audacy, Inc., Megaphone LLC, Stitcher,
iHeartMedia Inc., and TuneIn, Inc.
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling,
|Customization Scope||10 hrs of free customization and expert consultation|
Global Podcasting Market Dynamics
In the recent few decades, the podcasting market has seen significant growth, fueled by factors such as the implementation of the Internet of Things (IoT), deep learning, and artificial intelligence (AI) in podcasting platforms, as well as increasing expendable income. Additionally, rising smartphone penetration decreased data prices, and the advancement of Machine Learning (ML) and Artificial Intelligence (AI) have all contributed to an ideal atmosphere for streaming players to survive and thrive, which propels the market. Currently, only a few players dominate the music streaming market, utilizing cutting-edge technology to provide users with a virtually limitless variety of music from artists all over the world. This appears to be a positive opportunity for the entertainment business, which has long been plagued by internet piracy and declining earnings.
Furthermore, the ease of availability and accessibility of podcasts when traveling and multitasking activities such as jogging, cleaning, gardening, or exercising support market growth. The availability of high available bandwidth, the arrival of smartphones, and, more recently, personal digital assistants have paved the road for this industry to be rebuilt from niche media to popular music ways that are increasingly accepting of new podcasting channels. Furthermore, smartphone adoption has risen substantially in recent years in both developed and developing countries. As a result, many customers have access to podcasts and audiobooks. As a result, these factors are projected to fuel the expansion of the global podcasting market over the forecast period.
Increasing Penetration of Smartphone’s and Low-Cost Internet Is Expected To Boost the Global Podcasting Market
In recent years, Smartphone adoption has increased substantially in both industrialized and developing economies. According to a study published by the Indian Cellular and Electronics Associations with KPMG, mobile phone penetration in rural India increased from 9% in 2015 to 25% in 2018. As per the research, India would have around 0.8 billion mobile phone users by 2022. Further to that, the popularity of the internet has speeded up as well. As a result, a large number of people are now exposed to audiobooks and podcasts. Therefore, it is anticipated that these factors will fuel the global podcasting market during the course of the projected period.
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The global podcasting market is divided into genre and format, according to Acumen Research and Consulting. Based on the genre, the market has been classified into news & politics, sports, society & culture, comedy, and others. Based on the format, the market is categorized into interviews, solo, panels, conversational, and repurposed content.
Podcasting Market Regional Outlook
The podcasting market is categorized into five regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa. The Asia-Pacific area is predicted to increase rapidly in the future years. This growth is associated with the rising penetration of Smartphone and inexpensive internet availability costs, which are fueling regional growth. Furthermore, due to its early acceptance of new technologies and the presence of a diverse listener audience of all ages, China had the majority of the market share in the podcasting market. The introduction of numerous platforms has enabled the growth of independent content creators, resulting in an increase in the availability of new content. However, in recent years, India has experienced a steady increase in the use of podcast entertainment.
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Podcasting Market Players
Some of the prominent podcasting market companies are Amazon.com, Inc., Spotify AB, Apple, Inc., Pandora Media, LLC, Soundcloud Limited, Audacy, Inc., Megaphone LLC, Stitcher, iHeartMedia Inc., and TuneIn, Inc.
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