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Podcasting and Audiobooks Industry: Difference between revisions
Podcasting and Audiobooks Industry (view source)
Revision as of 11:22, 6 February 2023
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== Podcasting Industry == | == 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 [[File:Us ad.png|thumb|659x659px]] 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. Interestingly, in 2021, the US podcast ad revenue year-over-year growth rate significantly outperformed the total internet ad revenue growth rate(+35%). On the same note, between 2015 and 2021, the US podcast ad revenue grew by 56% year-over-year on | 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 [[File:Us ad.png|thumb|659x659px]] 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. Interestingly, in 2021, the US podcast ad revenue year-over-year growth rate significantly outperformed the total internet ad revenue growth rate(+35%). On the same note, between 2015 and 2021, the US podcast ad revenue grew by 56% year-over-year on average<ref>https://www.iab.com/insights/u-s-podcast-advertising-revenue-report-fy-2021-results-2022-2024-growth-projections/</ref>. | ||
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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>. | 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>. | ||
== Industry Segments == | == Industry Segments == | ||
How does the 25.85b total podcast market breaks down into different segments, ads being one of those segments? | How does the 25.85b total podcast market breaks down into different segments, ads being one of those segments? | ||