The Global Podcasting Market, By Genre (News & Politics, Society & Culture, Comedy, Sports and Others), By Formats (Interviews, Panels, Solo, Repurposed Content and Conversational) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 82,325.0 Million by 2027, exhibiting a CAGR of 24.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A podcast is an audio program similar to a radio talk-show except the audience can subscribe to it on a smartphone and listen to it as per convenience. Generally, a podcast is focused on a particular topic or theme such as business or politics or sports. There are various podcasting platforms available including Spotify, Apple Podcasts, Google Podcasts, TuneIn Radio, Stitcher, etc. 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.
Rising use of podcasts by popular brands and companies to expand their reach is expected to drive growth of the global podcasting market during the forecast period
Many popular brands using podcasting platforms to communicate with their customers and expand their consumer base. These companies use podcasts to tell their story and their journey in the market, which helps them to establish authority across the industry. For instance, General Electric’s ‘The Message’ is a popular podcast among listeners. It is an eight-part science fiction podcast series, written by Mac Rogers. Furthermore, in October 2015, the Huffington Post UK launched a new podcast ‘Commons People’, which was focused on politically centered topics in the U.K. Shopify produces a podcast named ‘Thank God it’s Monday’ or TGIM, which is aimed at innovators by telling success stories of like-minded entrepreneurs. Therefore, these factors are expected to boost the global podcasting market growth over the forecast period.
Podcasting Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic is expected to retrain the Podcasting market growth during the 2020-2021, according to CMI analysis in October 2020. This is majorly attributed to the reduced per capita income of people in countries across globe. For instance, According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. The reduced global economy results in the reduced spending power of people. People are spending more on the essential items such as grocery items and healthcare products, according to CMI analysis in October 2020.
Use of advanced technologies such as artificial intelligence in podcasting can provide major growth opportunities in the global podcasting market
Artificial intelligence (AI) is transforming the way content was created and shared. The podcast industry is also witnessing this change with new AI podcast tools revolutionizing shows and making it easier for producers to edit. The use of natural language processing (NL) and machine learning has allowed transcription of podcasts more convenient. Having a transcript of podcast helps podcasters to review the episode content and draft it accurately. AI can also help in audio editing via AI voice doubles. Major companies in the market can capitalize on these lucrative opportunities by providing innovative solutions and gain a competitive edge in the market.
Slow internet speed is expected to hinder the global podcasting market growth over the forecast period
Slow internet speed is a major hindering factor in growth of the podcasting market. This is typically observed in emerging economies such as India, China, Indonesia, and Brazil. Although over the years, internet speed has improved in the abovementioned countries, rural parts of these countries still face the prevalent issue of low internet speed. As a result of this, the audience of the podcast is highly limited. Thus, these factors are expected to hinder the global podcasting market growth over the forecast period.
Among regions, North America is expected to hold a dominant position in the global podcasting market during the forecast period. This is owing to the early adoption of the latest technologies and the presence of a diversified listener base across the region. Furthermore, the presence of major market players in the region is expected to boost the regional market growth over the forecast period.
Latin America is expected to register the fastest CAGR in the global podcasting market over the forecast period. This is owing to rising penetration of digital services coupled with increasing popularity of diverse podcast content in different languages including Spanish. Moreover, growing focus on topical content is expected to boost the regional market growth over the forecast period.
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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.
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