Podcasting and Audiobooks Industry: Difference between revisions

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 ''Return to: [[Industries]]''
-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>.
+== Podcasting Industry ==
+The podcasting industry is growing at a fast rate. Deloitte predicted that the industry willl grow by 30 percent to hit $1.1 billion in 2020. Additionally, the company projected that by 2025, the podcasting industry will be worth more than $3.3 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<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>. Podcasts makes revenue from different streams which include advertising, content marketing, merchandise, listener donations, subscriptions, events, and branded podcasts. Even though podcasting revenue breakdown into different segments are not publicly available, podcasting ad revenue makes up the largest portion of podcast revenue.  WARC had projected that podcasts will generate $2.6 billion in advertising revenue in 2022<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>. Similarly, 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>.
-Below are the top podcasts in the US and on Spotify and Apple.
 == Industry Segments ==
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 == Podcast Traction ==
+The rising podcast revenue of major podcast companies such as Spotify and IHeartMedia is a testimony that the industry is growing. In 2021, Spotify's podcast revenue grew by 300% to reach $215 million. Similarly, IHeartMedia's podcast revenue rose by 149% to hit $253 million. Statista estimates that Spotify's ad revenue in 2021 was $108.9 million in 2021. That is a growth rate of 108.62%. Additionally, Statista projects that Spotify's podcast revenue will reach $414 million by 2024, four times the 2021's podcast revenue.
 === Revenue of major podcast companies ===
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 !2019
 !2020
+!δ
 !2021
+!δ
 !2022(forecasted)
+!δ
 !2023(forecasted)
+!δ
 !2024(forecasted)
+!δ
 |-
 |23.7
 |52.2
+|120.25%
 |108.9
+|108.62%
 |191.9
+|76.22%
 |286.5
+|49.30%
 |414
+|44.50%
 |}