Podcasting and Audiobooks Industry: Difference between revisions

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. According to Statista, there were 424.2 million podcast listeners worldwide in 2022. That number is projected to hit 504.9 million in 2024<ref>https://www.statista.com/statistics/1291360/podcast-listeners-worldwide/</ref><code><u>This source is not linking to a Deloitte source?Why is there this huge $95B market size number?</u></code>. 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 May 2022 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>.