2023 Podcast market valued at USD 23.63b – Report
By Ibidunni Banjoko
A report by Grand view research, one of the world’s largest and most trusted BI-enabled market research databases, has indicated that the global market value of podcast for 2023 will gross USD 23.63 billion. According to the research group, with the gradual rise in podcasting, radio on demand, or a pre-recorded digital program that users can listen to or watch online through a subscription or download as a file on a playback device, the global podcasting market size was valued at USD 18.52 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 27.6% from 2023 to 2030.
According to the report, the flexibility of listening to podcasts while doing other activities simultaneously is driving the market growth. Moreover, podcasting is widely used in teaching and educational learning as it offers an effortless delivery of audio-learning resources. In addition, the audio broadcasting content has been around for nearly two decades. Previously, audio content was available only on media players, computers, and iPods, mainly radio shows broadcasted on podcasts. The traditional devices, with limited features, made podcast content inaccessible to the mobile phone users
The unfeasible economic model is one of the main concerns for publishers offering content on media streaming platforms. Since the introduction of podcasts advertising has been the only revenue-generating method for content creators, however, it has failed to gain traction as the audience refrains from listening to advertisements between ongoing content.
Nonetheless, brands are developing innovative schemes to explore various new revenue sources. Content creators are proposing monthly subscription plans so that consumers can pay per episode or month.
Grand view research reviewed that the introduction of the Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technologies have significantly impacted the market growth. Moreover, the incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. For instance, Spotify AB’s Spotify Ad Studio, a streaming media intelligence technology, allows advertisers to hyper-contextualize their information, ensuring that they reach the right people with the right content at the right time.
With the help of this platform, the company aims to assist its global partners in the U.S., Canada, the U.K., Australia, and New Zealand with the most accurate ROI measurement, sales, and other conversion metrics.
“During the COVID-19, the podcast industry experienced a boom as the global population was encouraged to stay indoors owing to the restrictions on traveling and visiting public places. The industry is estimated to grow further with the adoption of work-from-home policies worldwide, which has driven the demand for readily available entertainment content. News and media companies such as CNN Sans have also launched podcasts dedicated to providing timely updates on COVID-19”.
“Furthermore, according to Spotify AB, content in genres such as health, lifestyle, and self-improvement, including meditation and personal wellness, has witnessed a rise in demand. The company also launched a Spotify COVID-19 hub to consolidate relevant news and information about the pandemic and its impact”.
Statista, a research agency in Germany also reported that the number of users is expected to amount to 616.50m users by 2027, in the Podcast Advertising market.
In global comparison, most revenue will be generated in the United States (US$2,178,000.00k in 2023).
The average revenue per user (ARPU) in the Podcast Advertising market is projected to amount to US$8.42 in 2023.
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