Acumen Research and Consulting recently released a report titled “Podcasting Market Size, Share, Regional Analysis and Forecast Report, 2022-2030”
TOKYO, July 24 2022 (GLOBE NEWSWIRE) — The Global Podcast market The size was valued at USD 13,785 million in 2021 and is expected to be worth USD 153,071 million by 2030, growing at 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 stay up to date and engaged when everyone was managing household chores and working remotely, and it even served as a business strategy solution for some organizations. The podcasting market has grown in popularity to the point that approximately 197 million Americans are aware of it. In the United States, that equates to about 70% of people being aware of podcasts. Podcasting, as a method of market expansion, allows users to engage with their target audience on a more personal level. It is predicted that the demographics of podcast listeners will continue to shift based on the variety of content available. Podcast listeners are completely immersed in the knowledge available these days, ranging from young teenagers to senior citizens of all genders, races, and professions. According to the Forbes survey, 52% 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 can listen to on tablets and smartphones. A comprehensive technique for managing 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, large companies use podcasts to communicate with large audiences. Nowadays, businesses and organizations can use podcasting to share their experiences from anywhere, which helps them establish credibility in the industry.
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|Market size 2021||$13,785 million|
|Market Forecast 2030||$153,071 million|
|CAGR from 2022 to 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, Middle East and Africa|
|Profiled Key Companies||Amazon.com, Inc., Spotify AB, Apple, Inc., Pandora Media, LLC,
Soundcloud Limited, Audacy, Inc., Megaphone LLC, Stitcher,
iHeartMedia Inc. and TuneIn, Inc.
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling,
|Scope of customization||10 a.m. free customization and expert advice|
Global Podcasting Market Dynamics
Over the past few decades, the podcasting market has witnessed significant growth fueled by factors such as the implementation of Internet of Things (IoT), deep learning, and artificial intelligence (AI) in podcasting platforms, as well as increasing disposable income. Additionally, growing smartphone penetration has driven down data prices, and advances in machine learning (ML) and artificial intelligence (AI) have all helped create the perfect atmosphere for streaming players survive and thrive, which propels the market. Currently, only a few players dominate the music streaming market, using state-of-the-art technology to provide users with a virtually limitless variety of music from artists around the world. This seems like a positive opportunity for the entertainment industry, which has long been plagued by internet piracy and declining revenue.
Additionally, the ease of availability and accessibility of podcasts while traveling and multitasking such as jogging, cleaning, gardening, or exercising is supporting the growth of the market. The availability of large available bandwidth, the arrival of smartphones and, more recently, personal digital assistants have paved the way for the rebuilding of this industry from niche media to popular music modes that increasingly accept new podcasting channels. Furthermore, the adoption of smartphones has increased significantly in recent years in both developed and developing countries. As a result, many customers have access to podcasts and audiobooks. Accordingly, these factors are expected to fuel the expansion of the global podcasting market over the forecast period.
Growing Smartphone and Low-Cost Internet Penetration Expected to Drive Global Podcasting Market
In recent years, the adoption of smartphones has increased dramatically in 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. According to the research, India has about 0.8 billion mobile phone users by 2022. Moreover, the popularity of the internet has also accelerated. As a result, a large number of people are now exposed to audiobooks and podcasts. Hence, these factors are predicted to drive the global podcasting market during the projected period.
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The global podcasting market is split into genre and format, according to Acumen Research and Consulting. Based on genre, the market has been categorized into News & Politics, Sports, Society & Culture, Comedy, and Others. Based on the format, the market is categorized into interviews, solo, panels, conversational and reuse content.
Podcasting Market Regional Outlook
The podcasting market is classified into five regions: Europe, Asia-Pacific, North America, Latin America, and Middle East & Africa. The Asia-Pacific area is expected to grow rapidly in the coming years. This growth is associated with rising smartphone penetration and cheap internet availability costs, which are fueling regional growth. Additionally, due to its early acceptance of new technologies and the presence of a diverse audience of listeners of all ages, China held the majority market share in the podcasting market. The introduction of many platforms has allowed the growth of independent content creators, which has led to an increase in the availability of new content. However, in recent years, India has seen a steady increase in the use of podcast entertainment.
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Podcasting Market Players
Some of the leading companies in the podcasting market 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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