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<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. 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 24.2% 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>.

According to analysis done by Edison Research between Q4 2021 and Q3 2022, the Joe Rogan Experience is the most popular podcast in the US, followed by Crime Junkie<ref>https://www.edisonresearch.com/the-top-50-most-listened-to-podcasts-in-the-u-s-q3-2022/</ref>. The Joe Rogan Experience became an exclusive podcast on Spotify in 2020 after the company bought the airing rights for $200 million<ref>https://www.nytimes.com/2022/02/17/arts/music/spotify-joe-rogan-misinformation.html?</ref>. Nielsen Q3 2021 media ratings indicated that the Joe Rogan Experience has an average of 11 million viewers per episode<ref>https://www.sportskeeda.com/mma/news-what-joe-rogan-s-viewership-numbers#:~:text=Joe%20Rogan's%20renowned%20podcast,influential%20figures%20in%20the%20media.</ref>. On the other hand, Crime Junkie features on several platforms and is estimated to have 10 million listeners per week.<ref>https://www.wthr.com/article/news/local/crime-junkie-podcast-ashley-flowers-indianapolis-business/531-01c72a63-24f3-42d0-98e9-db8d72b88439</ref> <big><code><- Link not working</code></big>