Podcasting and Audiobooks Industry: Difference between revisions

The podcasting industry is growing at a fast rate. The global podcasting market size is forecasted to grow at a compound annual growth rate (CAGR) of 26.5% to reach $66.24 billion in 2027. The market size currently stands at $25.85 billion. It is estimated that there were 424.2 million podcast listeners worldwide in 2022. That number is projected to hit 504.9 million in 2024. The US is by far the largest podcasting market in the world. In 2022, the number of active pdcast listeners in US grew by 21.95% year-over-year to 100 million. A report by Interactive Advertising Bureau and PricewaterhouseCoopers indicated that the US podcasting business will generate $2 billion revenue in 2022 and $4 billion by 2024.  

With more revenue comes more podcasts and content creaters. According to Listen Notes, there were 2.2 million podcasts in 2022 globally. These podcasts are listened to or viewed on the different platforms such as You Tube, Spotify, Apple, and Amazon Music. Luminate's Podcast 360 report indicates that listening is the main mode of podast-consumption. According to the report, 83% of its respondents purely listen to podcasts while 53% like to watch instead. Given that You Tube is easier to use compared to platforms such as Spotify and Apple, majority of podcasts listeners prefer it. A 2022 survey by Cumulus Media found that 24.2% of its respondends listen to You Tube, followed by Spotify Podcasts (23.8%) and Apple Podcasts (16%). There have been rumors that Google will soon launch podcast in You Tube Musice, but there hasn't been a formal communication from the Alphabet's subsidiary yet. Instead, Its podcasts are only available in You Tube website or app and You Tube Premium.  

Below are the top podcasts in US and in Spotify and Apple.