The global podcast advertising market is expected to witness significant growth, with estimates suggesting it will exhibit a steady compound annual growth rate (CAGR 2024-2027) of 7.76%, resulting in a projected market volume of US$5.03bn by 2027. This is according to market research platform, Statista.

The Statista data show that 2019 and 2021 saw the highest annual growth rates of more than 45%, while ad revenue grew by an average of 35% in the rest of this period. In 2023, the podcast advertising sector generated $3.46 billion, marking a 23% increase compared to 2022, indicating a deceleration in market expansion.

According to the report, this gradual growth trend is expected to persist in the upcoming years, replacing the significant surge observed during the pandemic with more stable and sustained development. Projections indicate that in 2024, global podcast ad revenue will witness a 16% year-over-year rise, reaching beyond $4 billion. By 2028, the revenue is anticipated to climb to $5.2 billion, accompanied by an expected decrease in the annual growth rate to 4.7%.

On a global scale, the United States stands out as the largest contributor to the podcast advertising industry. Statista’s data reveals that in 2024, 63% of the worldwide podcast ad revenue, equivalent to $2.57 billion, is projected to originate from the United States.

Statista’s data reveals a decrease in the global launch of new podcasts, with 161,300 introduced in 2023, a significant drop from the previous year’s 241,000 and a substantial decrease from the 736,000 recorded in 2021. Despite this decline in new content creation, there is a continual upward trajectory in the number of podcast users.

Anticipating approximately 50 million new podcast enthusiasts in the upcoming year, Statista foresees the total number of listeners surpassing 460 million. Looking ahead to 2028, this figure is expected to witness an almost 45% surge, reaching 668 million globally. The evident increase in users, coupled with a reduced influx of newly launched podcasts, signifies a stabilization in the market, indicating that existing podcasts are increasingly securing dedicated audiences.