Podcasting and Audiobooks Industry: Difference between revisions

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	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'''<ref>https://www.thebusinessresearchcompany.com/report/podcasting-global-market-report</ref>'''.''' 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'''<ref>https://www.insiderintelligence.com/insights/the-podcast-industry-report-statistics/</ref>'''.''' The US is by far the largest podcasting market in the world. In 2022, the number of active podcast listeners in the US grew by 21.95% year-over-year to '''100 million'''<ref>https://www.forbes.com/sites/bradadgate/2023/01/25/2022-was-another-record-year-for-podcasts/?sh=7bf7135e6bea</ref>. A report by Interactive Advertising Bureau and PricewaterhouseCoopers indicated that the '''US podcasting business ~~will generate~~ $2 billion in advertising revenue in 2022 and $4 billion by 2024'''<ref>https://www.iab.com/insights/u-s-podcast-advertising-revenue-report-fy-2021-results-2022-2024-growth-projections/</ref>'''.'''		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'''<ref>https://www.thebusinessresearchcompany.com/report/podcasting-global-market-report</ref>'''.''' 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'''<ref>https://www.insiderintelligence.com/insights/the-podcast-industry-report-statistics/</ref>'''.''' The US is by far the largest podcasting market in the world. In 2022, the number of active podcast listeners in the US grew by 21.95% year-over-year to '''100 million'''<ref>https://www.forbes.com/sites/bradadgate/2023/01/25/2022-was-another-record-year-for-podcasts/?sh=7bf7135e6bea</ref>. A report by Interactive Advertising Bureau and PricewaterhouseCoopers indicated that the '''US podcasting business generated $1.4 billion(+72%) in advertising revenue in 2021 and was forecasted to exceed $2 billion in 2022 and $4 billion by 2024'''<ref>https://www.iab.com/insights/u-s-podcast-advertising-revenue-report-fy-2021-results-2022-2024-growth-projections/</ref>'''.'''

	With more revenue comes more podcasts and content creators. According to Listen Notes, there were '''2.2 million podcasts in 2022 globally.''' These podcasts are listened to or viewed on different platforms such as YouTube, Spotify, Apple, and Amazon Music. Luminate's Podcast 360 report indicates that listening is the main mode of podcast-consumption. According to the report, 83% of its respondents purely listen to podcasts while 53% like to watch instead<ref>https://mobile-magazine.com/articles/youtube-named-as-the-worlds-most-used-podcast-platform</ref>. Given that YouTube is easier to use compared to platforms such as Spotify and Apple, the majority of podcast listeners prefer it. A 2022 survey by Cumulus Media found that 2'''4.2% of its podcast respondents listen to YouTube, followed by Spotify Podcasts (23.8%) and Apple Podcasts (16%)'''<ref>https://www.globenewswire.com/en/news-release/2022/05/17/2445394/9032/en/Podcast-Watching-Soars-as-YouTube-Edges-Out-Spotify-to-Become-the-Most-Used-U-S-Podcast-Platform-According-to-Cumulus-Media-and-Signal-Hill-Insights-Podcast-Download-Spring-2022-Re.html</ref>'''.''' There have been rumours that Google will soon launch a podcast on YouTube Music, but there hasn't been formal communication from Alphabet's subsidiary yet. Instead, Its podcasts are only available on the YouTube website or app and YouTube Premium<ref>https://scoreahit.com/does-youtube-music-have-podcasts/</ref>.		With more revenue comes more podcasts and content creators. According to Listen Notes, there were '''2.2 million podcasts in 2022 globally.''' These podcasts are listened to or viewed on different platforms such as YouTube, Spotify, Apple, and Amazon Music. Luminate's Podcast 360 report indicates that listening is the main mode of podcast-consumption. According to the report, 83% of its respondents purely listen to podcasts while 53% like to watch instead<ref>https://mobile-magazine.com/articles/youtube-named-as-the-worlds-most-used-podcast-platform</ref>. Given that YouTube is easier to use compared to platforms such as Spotify and Apple, the majority of podcast listeners prefer it. A 2022 survey by Cumulus Media found that 2'''4.2% of its podcast respondents listen to YouTube, followed by Spotify Podcasts (23.8%) and Apple Podcasts (16%)'''<ref>https://www.globenewswire.com/en/news-release/2022/05/17/2445394/9032/en/Podcast-Watching-Soars-as-YouTube-Edges-Out-Spotify-to-Become-the-Most-Used-U-S-Podcast-Platform-According-to-Cumulus-Media-and-Signal-Hill-Insights-Podcast-Download-Spring-2022-Re.html</ref>'''.''' There have been rumours that Google will soon launch a podcast on YouTube Music, but there hasn't been formal communication from Alphabet's subsidiary yet. Instead, Its podcasts are only available on the YouTube website or app and YouTube Premium<ref>https://scoreahit.com/does-youtube-music-have-podcasts/</ref>.