Podcasting Market To Hit Value .50 Billion By 2027 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on February 10th, 2021 The global podcasting market size is expected to reach USD 60.50 billion by 2027, expanding at an estimated CAGR of 27.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Over the recent years, podcasts have emerged as the most preferred and interminable source of entertainment with its easy accessibility on smartphones, smart speakers, and other gadgets at any given point of time during commutes or multitasking. Podcast advertising has highly contributed to the market, increasing the end-customer concentration for this industry. From fiction content for entertainment to news updates to non-fiction genre, the market has insatiable content to intrigue the centennials and millennials for a longer run. The podcast streaming directory is now being timely upgraded with fresh content demanded by the listeners, and these popular genre trends differ for each region, age group, and gender. Furthermore, the podcasting industry is anticipated as a mainstream audio media channel over recent years with the intervention of state-of-the-art technologies in the content publishing practices. The advent of the internet and smart devices has acted as the force multiplier to the market, with smart speakers emerging as the preferred device to listen to the audio content while simultaneously performing other tasks. We are entering into the stage of listening telemetric, wherein the industry players are emphasizing on offering smarter content and eliminating off-topic tangents to refine the Listener Experience (LX) of their audio content platforms. Furthermore, the Artificial Intelligence (AI) and Machine Learning (ML) technologies are highly being incorporated in the streaming platforms to determine the preferences of the considerable section of listeners. The COVID-19 outbreak has led to increased regulations on stepping out of homes and gathering at public places. This outbreak has positively impacted the already fledgling market for podcasts; users opt to listen to streaming channels when performing their household chores or when working from home. While podcast consumption is directly related to commuting behaviors, the shortening of commute times due to less traffic has decreased the listening proportions. However, the podcast industry has attained opportunities due to the unforeseen rise in in-home media consumption during this outbreak. Podcasting Market Report Highlights
While the market is still in its nascent stage, it has seen tremendous growth in both production volume and consumption over the past decade. According to a report published by the New York City legal body, New York, known as the epicenter of this industry, recorded 42.0 million weekly listeners in 2017. Since the market for podcasts is adapted to follow modern consumption patterns, it is expected to grow exponentially over the forecast period owing to the high demand for readily available entertainment content. With the COVID-19 outbreak, listeners worldwide are observed to be spending more time at home due to the work from home policies and stringent norms restricting public gatherings. This has changed the entire dynamics of the market for podcasts where the target audience prior to the pandemic were people listening to broadcasts during their commutes. However, the industry is still expected to witness growth since the listeners are engaged in the content while stuck indoors and while working from home. In addition, several podcasts are now being launched that are dedicatedly offering timely updates on the coronavirus outbreak. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450752/ibb The market involves many participants, such as audiovisual groups producing original content and independent studios creating native podcasts. The players analyzed in this report are signified as the virtual distribution platforms offering content to the end-customers. The market is still in its infancy stage and is expected to exponentially grow due to which a more significant number of media companies are trying to capture a considerable share in this market. Since there are low entry barriers, the players from other media industries are collaborating with independent content providers and stressing over offering unique content to capture a more substantial audience share, thereby offering a competitive edge to the industry-leading participants. YouTube, Inc., the U.S. based video-streaming platform, allows the channel admins to upload their audio webcasts with simple static images to expand their digital footprint into this industry as well. The key players are also collaborating with podcast publishing companies and independent publishers so as to offer fresh and unique content to attract more audience. For instance, in February 2020, Spotify AB acquired The Ringer, which creates podcasts for the sports, society & culture genres, to expand Spotify AB’s current catalog and extend their audience engagement. Similarly, in June 2020, Pandora Media, Inc. announced its strategic partnership with FOX News Network, LLC, a U.S. based audio streaming service platform. All the content created by FOX News Podcasts including the FOX Business Hourly Report and FOX News Radio Newscast will be available to Pandora Media, Inc.’s audience. Some of the prominent players in the podcasting market include:
Grand View Research has segmented the podcasting market on the basis of genre, formats: Podcasting Genre Outlook (Revenue, USD Billion, 2016 - 2027)
Podcasting Formats Outlook (Revenue, USD Billion, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |