Podcasting Market Share, Size, Trends, Industry Analysis Report, By Genre (News & Politics, Society & Culture, Comedy, Sports, Others); By Format (Interviews, Panels, Solo, Repurposed Content, Conversational); By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 118
- Format: PDF
- Report ID: PM2260
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global podcasting market was valued at USD 13.70 billion in 2021 and is expected to grow at a CAGR of 31.5% during the forecast period. The key factors, such as the availability of regional content on these platforms and the increasing popularity of podcasting, are propelling the market growth during the forecast period. Podcasting has been fast gaining popularity in international markets. There were over 1,000,000 podcasting accessible in the global market as of September 2020, with over 30 million audio episodes. As per the Analysis & Policy Observatory, apo.org.au, there has been an increasing trend of podcasts among users.
Know more about this report: request for sample pages
The market's key players have also started getting into the podcasting service. For instance, in February 2021, iHeartMusic announced the acquisition of Tritron Digital, one of the global technologies and services providers in the digital audio and podcasting industry, for USD 230 million. This acquisition will aid iHeartMusicin in expanding its programming platforms and self-service platform for trim-level businesses and serving a large consumer base across the globe.
Further, the growth in the OTT platforms has also created the demand for regional content across the globe. With the globe increasingly interconnected, the vocabulary services industry is also expected to grow rapidly, increasing the demand for regional content. The players are increasingly becoming aware of the user's preferences. For instance, in India, music is considered one of the most straightforward and most accessible forms of entertainment. In India, music of all genres finds its substantial demand, and most heard and accessed music in Bollywood, followed by the vernacular and regional music.
This is also corroborated by the large number of regional music content being released every year are fast. For instance, in February 2021, Spotify, a Swedish music streaming platform, announced its services in around 80 countries in 36 new languages. The company aims to work in coherence with local contributors and associated partners to offer new customized offerings on a single platform. The company also announced to launch the podcasting catalog soon in these countries. Thus, the various beneficial factors such as rising podcasting across the region and their popularity drive industry growth. However, high competitiveness in the industry and losses due to adblocker are the factors that are restraining the podcasting market growth during the forecast period.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The market has observed extensive developments in the last few decades supported by various factors such as installing the Internet of Things (IoT), ML, and artificial intelligence (AI) in the podcasting channels and the increased disposable income. Deeper mobile penetration, cheaper data, and the rise of Artificial Intelligence (AI) and Machine Learning (ML) have created an exceptional climate for streaming players to thrive and prosper. Today, a few players dominate the music streaming market, leveraging cutting-edge technology to provide fans with a virtually limitless selection of songs from artists all over the world. This appears to be a positive thing for the music industry, which has long struggled with online piracy and has experienced declining revenues.
Songwriters and music studios can also utilize AI and ML to distribute their work. AI collects a lot of user data and uses it to gain deep insights into music listeners. AI and machine learning possibilities in music and internet music streaming are endless. Furthermore, advancements in content-based technologies, such as "Autonomous Sensory Meridian Response" (ASMR), innovative transcription processes, and live-streaming podcasting events, are expected to propel the market forward.
Another major factor for expanding the podcasting business is high disposable income and increased consumer spending globally. Emerging economies like India, Brazil, China, Turkey, Poland, and Mexico, to name a few, are seeing tremendous expansion in terms of middle-class population, international and domestic investment, and a variety of other factors. Furthermore, it is estimated that the urban population in the region is rapidly increasing.
According to the United Nations (UN), urbanization accounted for roughly 55 percent of the world population in 2018, up from 30 percent in 1950. By 2050, the proportion of people living in cities will rise to 68 percent, with the European region accounting for the majority. In 2018, the European Union's urban population accounted for roughly 74% of the region's total population. The demand for cost-effective platforms is expected to increase as the urban population grows, boosting the market growth.
Report Segmentation
The market is primarily segmented based on genre, format, and region.
|
By Genre |
By Format |
By Region |
|
|
|
Know more about this report: request for sample pages
Insight by Genre
Based on the genre segment, the news and politics segment is expected to be the most significant revenue contributor in the global podcasting market in 2021 and is expected to retain its dominance in the foreseen period. The news and politics genre is popular in various formats, including one-on-one interviews, panel debates, and solo news updates. Many podcast listeners are familiar with daily roundups and bulletins, which provide a concise summary of everyday events in 1 to 5 minutes and 5 to 10 minutes, respectively. As a result, radio broadcasters and print journalists commonly use audio streaming channels to share their work.
Geographic Overview
In terms of geography, North America held the largest revenue share. This dominance can be attributed to the region's rapid adoption of new technology and its mature audience base. In addition, the Canadian market is expanding in terms of audience size and engagement. Publishers are improvising their ad revenue services and adapting to the ongoing audio-on-demand podcasting model at their platforms.
Moreover, Latin America witnessed a high CAGR in the global market in 2021. Due to the apparent fast use of digital devices and the increased accessibility and popularity of podcasting content, Latin America is expected to have the highest CAGR throughout the projected period. Around 500 billion Spanish-speaking people live in the United States, Latin America, and Spain, which is predicted to increase demand for both creators and consumers of Spanish podcasts.
Competitive Insight
Some of the major players operating in the global podcasting market include Amazon.com, Inc., Apple, Inc., Audacy, Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media, Inc., Soundcloud Limited, Spotify AB, Stitcher, TuneIn, Inc., among others.
Podcasting Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 13.70 billion |
|
Revenue forecast in 2030 |
USD 149.34 billion |
|
CAGR |
31.5% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Genre, By Format, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Amazon.com, Inc., Apple, Inc., Audacy, Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media, Inc., Soundcloud Limited, Spotify AB, Stitcher, TuneIn, Inc. |
© 2024 Polaris Market Research and Consulting. All rights reserved
