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Podcasting and Audiobooks Industry: Difference between revisions
Podcasting and Audiobooks Industry (view source)
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== Podcasting Industry == | == Podcasting Industry == | ||
[[File:Number of podcast listeners worldwide from 2019 to 2024(in millions).png|thumb|653x653px]] | [[File:Number of podcast listeners worldwide from 2019 to 2024(in millions).png|thumb|653x653px]] | ||
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<ref>https://www2.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions/2020/rise-of-audiobooks-podcast-industry.html/#endnote-18</ref>. 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 | 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<ref>https://www2.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions/2020/rise-of-audiobooks-podcast-industry.html/#endnote-18</ref>. 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 | ||
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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Despite these macroeconomic factors, U.S. podcast ad revenues showed resilience by growing 26% year-over-year to $1.8 billion. In fact, podcasting continues to be one of the fastest growing digital channels, outpacing the total internet ad market (+11% year-over-year*). Podcasting ad revenues in 2022 were driven by: | |||
* A listenership that continues to expand, diversify, and increase total time spent by seeking authentic content that’s aligned with their niche interests. | |||
* Podcast creators meeting consumer demand in the production of increasingly distinct and engaging content. | |||
* As a result, both existing and new advertisers across multiple ad categories are increasing ad spend. | |||
Revenues are projected to more than double between 2022-2025 to ~$4 billion. On the heels of this product evolution and advertising growth, IAB anticipatesfurther advertiser demand, growth in programmatic buying, advancements in brand safety, and the application of attention measurement to the podcasting ecosystem | |||
==== IAB 2021 ==== | |||
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