NEWS PROVIDED BYTechnavio
May 22, 2024, 17:40 ET
NEW YORK, May 22, 2024 /PRNewswire/ — The global podcast market size is estimated to grow by USD 15.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 29.08% during the forecast period.
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| Podcast Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 29.08% |
| Market growth 2024-2028 | USD 15707.02 million |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 26.37 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | North America at 52% |
| Key countries | US, Canada, Sweden, Spain, and UK |
| Key companies profiled | Amazon.com Inc., Alphabet Inc., Acast, Apple Inc., Audacy Inc., Audioboom Group Plc, Automattic Inc., Blubrry Podcasting, Buzzsprout, Castbox, Castos Inc., iHeartMedia Inc., Liberated Syndication, Overcast Radio LLC, Patreon Inc., Podbean, Podomatic Inc., Sirius XM Holdings Inc., SoundCloud Global Ltd. and Co. KG, Spotify Technology SA, Substack Inc., Transistor Inc., and TuneIn Inc. |
Market Driver
The growing number of podcast platforms has significantly changed the global podcast market, impacting how content is distributed, discovered, and consumed. Key players like Spotify, Apple Podcasts, Google Podcasts, and Amazon Music have expanded their offerings to include extensive podcast libraries, personalized recommendations, and exclusive content. For instance, Spotify’s acquisition of The Ringer in 2020 boosted its podcast catalog. Platforms such as Patreon and Substack enable creators to monetize directly, while Luminary offers subscription-based, ad-free content. These trends are driving the growth of the global podcast market, offering new opportunities for both listeners and creators.
Market Challenges
- The fierce competition among podcast platforms creates challenges like content scatter and listener dissatisfaction. Exclusive deals between platforms and popular podcasts fragment content availability. With diverse listener preferences, finding relevant content becomes tough. Advertisers struggle to target audiences effectively due to content dispersion. Platform competition leads to features but also locks users in, causing discontent. These hurdles are expected to slow the global podcast market’s growth.
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Segment Overview
- Type
- 1.1 Interviews
- 1.2 Conversational
- 1.3 Solo
- 1.4 Panels
- 1.5 Repurposed content
- Genre
- 2.1 News and politics
- 2.2 Society and culture
- 2.3 Comedy
- 2.4 Sports
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Interviews- The interview segment is set to grow notably in the coming years. Podcasts offer a flexible platform for various topics, from business to entertainment. Interviews provide valuable insights and diverse perspectives. Valued at USD 631.43 million in 2018, the segment thrives on engaging conversations between hosts and guests, including experts and celebrities. These interviews create connections and authenticity, appealing to listeners seeking engaging narratives and expertise. Such factors drive market growth in the forecast period.
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Research Analysis
The podcast market is experiencing a surge in activity. From playback devices to mobile phones, users are tuning in to a plethora of audio learning resources. Publishers are leveraging streaming platforms and advertisements to reach their target audience, tapping into the diverse European market. The IoT and AI are revolutionizing content creation and distribution, enhancing the accessibility and quality of podcasts across the continent.
Blockchain technology ensures secure transactions, while transcription tech aids in making podcasts more accessible to a wider audience. Crime and horoscopes, alongside news and comedy, are popular genres among European listeners. Podcasters in Europe are thriving by offering interactive content and premium services tailored to their audience’s preferences.
Influencers are playing a significant role in driving smartphone ownership and traffic to podcasts in Europe. As AI evolves editing and recommendation services, the European podcast industry anticipates further growth across various platforms and events.
Market Research Overview
The podcast market has seen steady growth due to rising subscription rates and increased accessibility via playback devices like media players, computers, iPods, and mobile phones. With the integration of media streaming platforms and IoT, podcasts reach subscribed users seamlessly. AI enhances content discovery, while blockchain ensures secure transactions.
Transcription technology facilitates accessibility, catering to diverse audiences. Daily horoscopes attract listeners, expanding business reach. Educational podcasts engage in teaching through advanced technologies. As audio files proliferate across the internet, the podcast market continues to evolve, offering diverse content for various interests and audiences.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
- Interviews
- Conversational
- Solo
- Panels
- Repurposed Content
- Genre
- News And Politics
- Society And Culture
- Comedy
- Sports
- Others
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio