A podcast is an episodic series of digital audio files that a user can access or download to personal devices for listening. There are different streaming and podcasting application services that provide a sophisticated way to manage personal consumption queue. Popular podcasting platforms include Apple Podcasts, Google Podcasts, Spotify, TuneIn Radio, Stitcher, etc. Apart from entertainment, podcasting is being used by popular brands to communicate a captive audience. Through podcasting, companies and brands tell their story anywhere, which helps them to establish their authority across the industry.
The global Podcasting Market was accounted for US$ 14,446.5 Mn in terms of value in 2019 and is expected to grow at CAGR of 24.3% for the period 2020-2027.
Market Dynamics- Drivers
The adoption of smartphones has increased significantly in the recent past, in both developed and emerging economies. According to a report released by Indian Cellular and Electronics Association and KPMG, smartphone penetration in rural India increased from 9% in 2015 to 25% in 2018. According to the same source, India is expected to have around 820 million smartphone users by 2022. Furthermore, the penetration of the internet has increased as well. According to the Ericsson Mobility Report 2018, there were around 7.9 million mobile broadband subscriptions globally. As a result of this, a large population of people has gained access to audiobooks and podcasts. Thus, these factors are expected to drive growth of the global podcasting market during the forecast period.
Podcast generation has increased significantly over the years due to technological advancements. According to the Edison Research’s Infinite Dial report, in 2019, podcast creation increased with over 700,000 podcasts and 29 million podcast episodes, of which 27% rise from 2018. According to an article by Variety in February 2018, Apple Podcasts feature over 500,000 active podcasts, including content in over 100 languages. Large companies are have started focusing on podcasts, investing significantly for different purposes. Therefore, these factors are expected to propel the global podcasting market growth over the forecast period.
Global Podcasting Market - Impact of Coronavirus (Covid-19) Pandemic
During the COVID-19 pandemic, it is observed that listeners are spending more time at home. Before COVID-19 pandemic, majority of listeners used to play the podcasts on their commute. However news and media companies such as CNN have also launched COVID-19 update podcasts. The podcasting market is to show a significant growth after COVID-19 pandemic owing to the increasing number of smart phone users.
North America held dominant position in the global Podcasting market in 2019, accounting for 34.7% share in terms of value, followed by Europe and Asia Pacific respectively
Figure 1: Global Podcasting Market Share (%) in terms of Value, By Region, 2019
Market Dynamics- Restraints
Despite increased internet penetration at low cost, slow speed internet is a major challenge in the market. This is typically observed in emerging regions such as the Asia Pacific, Middle East & Africa, and Latin America. Audio and podcast streaming requires high-speed, uninterrupted internet. Hence, these factors are expected to restrain growth of the global podcasting market during the forecast period.
Although podcasts are highly popular in developed countries such as the U.S. and Western European countries, it has gain significant popularity in emerging economies such as India, China, and Brazil. This is typically due to a lack of awareness regarding podcasts and related application services available in the market. Thus, these factors are expected to hinder the global podcasting market growth over the forecast period.
|Base Year:||2019||Market Size in 2019:||USD 14,446.5 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||24.3%||2027 Value Projection:||USD 82,325.0 Mn|
Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc.
|Restraints & Challenges:||
Similar to video streaming services, many podcasting platforms have started offering subscription-based services to consumers. Although it is still in the nascent stage, audio-on-demand is witnessing robust growth in different languages including Spanish, English, and others. For instance, in June 2020, Podhero introduced a monthly subscription service to support podcast creators. Podhero’s service will be available at 30-day free trial and thereafter US$ 5.99 a month. It will offer over 1 million podcasts in over 30 countries.
During the COVID-19 pandemic, a large population was stuck indoor, spending more time at home due to work from home policies and strict regulations restricting public gatherings. As a result of this, people are listening to podcasts and audio-on-demand content while working from home. Furthermore, several podcasts are being launched that are particularly dedicated to timely updates on the coronavirus outbreak.
Figure 2: Global Podcasting Market Value (US$ Mn), 2017 - 2027
The global Podcasting market was valued at US$ 14,446.5 Mn in 2019 and is forecast to reach a value of US$ 82,325.0 Mn by 2027 at a CAGR of 24.3% between 2020 and 2027.
The news and politics segment is gaining massive popularity in the global podcasting market. This is typically due to the fact that the majority of users listen to these podcast genres on a daily basis. Generally, the format of such podcasts is a conversation or solo news announcement or panel discussion over ongoing political issues. News & politics podcasts offer exclusive content on current affairs to its listeners, which is why it has gained significant popularity.
Apart from news and politics, the sports segment is expected to gain major traction in the near future. This is owing to the presence of a significant number of sports fans globally. Sports podcasters are coming up with daily topics and offering relevant content by inviting popular sports personalities to engage listeners.
Key players operating in the global podcasting market are Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc.
Podcasts are audio files that can be played or downloaded from the internet. The popular format of podcasts include interviews, panels, solo, repurposed content, and conversational. The podcasts are easily accessible to listeners during their day to day travel. The popularity of podcast increased gradually since its inception in early 2000’s.
The busy lifestyle of people in metro cities is expected to drive growth of the podcasting market during the forecast period 2020-2027. Generation z (post millennial generation) spends average of around 5 to 6 hours daily on mobile, according to CMI analysis in October 2020. The podcasts are easily accessible through mobiles. Moreover, online music platforms such as Spotify India are launching podcast services. For instance, in November 2019, Spotify India launched interview and solo format podcasts. In the period of 2018 to 2019, the number of podcasts on Spotify increased from 10,000 to 500,000. There listeners also increased at a significant 14% rate on monthly basis in Q2 and Q3 of 2019. This indicates that the demand of podcast is increasing at very high pace. Moreover, in February 2020, Spotify acquired Ringer, an online podcast provider. This acquisition is expected to enhance the podcast offerings of Spotify.
Slow internet speed and undeveloped telecom infrastructure in countries such as Iraq and Cuba, according to CMI analysis in October 2020 is expected to restrain the podcasting market growth during the forecast period.
This report segments the global podcasting market on the basis of genre, format, and region. On the basis of genre, the global podcasting market is segmented into news & politics, society & culture, comedy, sports, and others. On the basis of format, the global podcasting market is segmented into interviews, panels, solo, repurposed content, and conversational. On the basis of region, the global podcasting market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
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