by Podcasting involves distribution of audio on demand via the internet. Podcasts are downloaded and listened to on various portable media players, personal computers, and smartphones. Podcasts allow users to listen to radio-like programs on demand and in their own time. Podcasting has seen increased growth due to its engaging content and on-demand availability which do not require users to follow a fixed schedule. Podcasts cover a wide range of genres including news, music, education, comedy, and sports. Some popular podcast platforms include Apple Podcasts, Spotify, and Google Podcasts. Podcasts are a cost-effective way for businesses to engage customers through educational and entertaining content.
The global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased user engagement by providing on-demand availability of audio programs is driving the growth of the podcasting market. Podcasting allows users to listen to programs according to their own schedule and convenience without following a fixed broadcast schedule. This on-demand availability attracts users and increases their engagement with podcasts. Podcasts cover a wide range of genres including news, music, education, comedy, and sports that cater to diverse interests of users and keep them engaged. Podcasting is also a cost-effective medium for businesses to promote their brand and educate customers through entertaining and informative audio content. Podcasts allow businesses to reach a large targeted audience at low production and distribution costs compared to television or radio advertising. These advantages are expected to further drive the podcasting market growth over the forecast period.
Segment Analysis
The podcasting market is dominated by the entertainment segment which holds around 35% share globally. This segment includes podcasts related to comedy, music, TV and film. The entertainment podcasts are highly popular amongst listeners due to their engaging nature and ability to captivate audiences attention. Further, genres like true crime, news and society & culture also hold significant shares globally. However, the education segment is emerging at a brisk pace given the ease of learning offered through spoken audio format coupled with the flexible schedules podcasts allow. The on-demand availability of podcasts and ease of listening on mobile devices while commuting have further boosted the uptake of educational podcasts.
PEST Analysis
Political: The podcasting industry growth is positively influenced by the increased digital transformation initiatives globally promoting adoption of online education and entertainment. However, regulations around misinformation and hate speech can potentially impact some genres.
Economic: The global macroeconomic stability along with rising discretionary incomes have enhanced the consumer spending capabilities on online streaming platforms globally which is reflecting in podcast subscriptions growth.
Social: Changing media consumption patterns amongst millennials and gen Z with preference for digital on-demand audio content over linear radio is driving the social acceptance of podcasts. Additionally, demand for personalized audio-based learning is increasing.
Technological: Advanced technologies like Artificial Intelligence (AI) based personalization, analytics solutions for targeted advertising, cross-platform compatibility are enhancing the user experience of podcasts. Moreover, developments in voice assistants, smart speakers are supporting hands-free listening.
Key Takeaways
The global Podcasting Market Growth is expected to witness high growth on the back of increasing penetration of smartphones and advancements in wireless technologies. The global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The North American region currently dominates the global podcasting market with around 45% share due to high adoption rates of digital audio content in countries like the US.
Key players operating in the podcasting market are Acuity Brands Lighting Inc.,Cree Lighting,Dialight,Digital Lumens Inc.,Hubbell,LSI Industries Inc.,LumiGrow,Panasonic Corporation,Siteco GmbH,Signify Holding,Semiconductor Co. Ltd.,Zumtobel Group Ag. Companies are strategizing partnerships and mergers with serial production companies and podcast networks to strengthen their content libraries.
