Podcasting and Audiobooks Industry: Difference between revisions

The rising podcast revenue of major 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, almost four times the 2021's podcast revenue. Recently, Spotify's CFO Paul Vogel told the Financial Times that the company's podcast revenue in 2022 was "significantly higher." However, he did not disclose the specifics<ref>https://www.ft.com/content/d16058e7-03a3-4a34-bea5-590313196dd1</ref>.