Press release
The New Best Things About Podcasting Market
Podcasting
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Market Overview
A podcast is an episodic series of digital audio files that a user can access or download to personal devices for listening. There are different streaming and podcasting application services that provide a sophisticated way to manage personal consumption queue. Popular podcasting platforms include Apple Podcasts, Google Podcasts, Spotify, TuneIn Radio, Stitcher, etc. Apart from entertainment, podcasting is being used by popular brands to communicate a captive audience. Through podcasting, companies and brands tell their story anywhere, which helps them to establish their authority across the industry.
Market Dynamics
The busy lifestyle of people in metro cities is expected to drive growth of the podcasting market during the forecast period 2020-2027. Generation z (post millennial generation) spends average of around 5 to 6 hours daily on mobile, according to CMI analysis in October 2020. The podcasts are easily accessible through mobiles. Moreover, online music platforms such as Spotify India are launching podcast services. For instance, in November 2019, Spotify India launched interview and solo format podcasts. In the period of 2018 to 2019, the number of podcasts on Spotify increased from 10,000 to 500,000. There listeners also increased at a significant 14% rate on monthly basis in Q2 and Q3 of 2019. This indicates that the demand of podcast is increasing at very high pace. Moreover, in February 2020, Spotify acquired Ringer, an online podcast provider. This acquisition is expected to enhance the podcast offerings of Spotify.
Detailed Segmentation:
Global Podcasting Market, By Genre:
News & Politics
Society & Culture
Comedy
Sports
Others
Global Podcasting Market, By Format:
Interviews
Panels
Solo
Repurposed Content
Conversational
Competitive Section
Key players operating in the global podcasting market are Amazon.com, Inc., Spotify AB, Apple, Inc., Soundcloud Limited, TuneIn Radio, iHeartMedia, Inc., Google Podcasts, Stitcher, and Pandora Media, Inc.
Market Opportunities
Advent subscription-based services can present lucrative growth opportunities in the global podcasting market
Similar to video streaming services, many podcasting platforms have started offering subscription-based services to consumers. Although it is still in the nascent stage, audio-on-demand is witnessing robust growth in different languages including Spanish, English, and others. For instance, in June 2020, Podhero introduced a monthly subscription service to support podcast creators. Podhero’s service will be available at 30-day free trial and thereafter US$ 5.99 a month. It will offer over 1 million podcasts in over 30 countries.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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