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Podcasting and Audiobooks Industry: Difference between revisions
Podcasting and Audiobooks Industry (view source)
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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> and was projected to generate '''$2.6 billion in advertising revenue in 2022''' by WARC<ref>https://www.insideradio.com/podcastnewsdaily/warc-s-global-ad-forecast-sees-podcast-revenue-climbing-19-in-2022/article_11325b6a-3519-11ed-91e6-5bc82f8a53a9.html</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 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>'''.''' | 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> and was projected to generate '''$2.6 billion in advertising revenue in 2022''' by WARC<ref>https://www.insideradio.com/podcastnewsdaily/warc-s-global-ad-forecast-sees-podcast-revenue-climbing-19-in-2022/article_11325b6a-3519-11ed-91e6-5bc82f8a53a9.html</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 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. | With more revenue comes more podcasts and content creators. It is estimated that there are '''over 5 million podcasts in the world'''<ref>https://www.demandsage.com/podcast-statistics/</ref>'''.''' Spotify and Apple indicate that they have '''over 5 million and 2.5 million podcasts, respectively'''<ref>https://seekingalpha.com/article/4573901-spotify-technology-s-spot-q4-2022-earnings-call-transcript | ||
https://nealschaffer.com/podcast-statistics/</ref>'''.''' However, Listen Notes estimates that there are '''at least 3 million active podcasts globally'''<ref>https://www.listennotes.com/podcast-stats/</ref>'''.''' 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>. | |||
Below are the top podcasts in the US and on Spotify and Apple. | Below are the top podcasts in the US and on Spotify and Apple. | ||