Global Podcasting Market 2024 : Trends, Business Growth And Major Driving Factors | Amazon Inc., Apple Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media LLC, Resonate Recordings LLC

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The Business Research Company offers in-depth market insights through Podcasting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The podcasting market size has grown exponentially in recent years. It will grow from $27.73 billion in 2023 to $36.67 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth in the historic period can be attributed to rise of on-demand content, rise in internet penetration, growing popularity of audio-on-demand services, increased demand for personalized content, platform diversification.

The podcasting market size is expected to see exponential growth in the next few years. It will grow to $104.97 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to growing adoption of voice assistants and smart speakers, increasing demand for niche content, growing popularity of branded podcasts, increasing adoption of programmatic advertising, increasing adoption of smartphones and other mobile devices. Major trends in the forecast period include advancements in podcasting technology, growing popularity of serialized storytelling, podcasting analytics and metrics, live podcasting events, short-form podcasts.

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Market Segmentation:
The podcasting market covered in this report is segmented -

1) By Genre: News And Politics, Society And Culture, Comedy, Sports, Other Genres
2) By Format: Interviews, Panels, Solo, Repurposed Content, Conversational

Major Driver - Rising Internet Penetration Fuels Podcasting Market Growth
The increasing penetration of the internet is significantly contributing to the growth of the podcasting market. Internet penetration is increasing due to various reasons such as improved access to mobiles/smartphones, the emergence of new communication over the internet, and others. During the COVID-19 pandemic, most of the people shifted online for online communications, entertainment, e-learning, podcasts, and other purposes as they were home due to lockdowns. The increasing penetration of the internet significantly creates demand for podcasting as it is part of online learning and entertainment. For instance, according to the statistics from DataReportal, the internet penetration rate in the USA was around 92.0% in 2022, which increased by 2.8% reaching 8.4 million internet users between 2021 and 2022. Similarly, the internet penetration rate in the UK was around 98.0% in 2022, which increased by 0.4% reaching 300 thousand internet users between 2021 and 2022. Therefore, the increasing penetration of the internet will drive the growth of the podcasting market.

Competitive Landscape:
Major companies operating in the podcasting market report are Amazon Inc., Apple Inc., iHeartMedia Inc., Megaphone LLC, Pandora Media LLC, Resonate Recordings LLC, Lemonpie Inc., Kitcaster Inc., Podfly Productions LLC, Podigy LLC, Podsworth Media LLC, The Podcast Host Limited, Ad Results Media LLC, Authentic Inc., Audioboom Limited, Blubrry a service of Rawvoice Inc., Buzzsprout a product of Limelight Inc., Castos Inc., Chartable Inc., Liberated Syndication Inc., Omny Studio Inc., Podbean Inc., Simplecast Inc., SoundCloud Limited, Spreaker Inc., Stitcher Inc., Voxnest Inc., Wondery LLC, Anchor Inc., Gimlet Media LLC, Radiotopia Inc., Earwolf LLC, Crooked Media Inc., Parcast LLC, Public Radio Exchange Inc.

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Top Trend - Technological Advancements Reshaping The Podcasting Market
Technological advancement is a key trend gaining popularity in the podcasting market. Key players in the podcasting market are focusing on incorporating advanced technologies such as artificial intelligence (AI) into their podcast/platforms to enable improvements such as programmatic podcasts, transcription, optimization, advertising, and others. Such integration of technology enables podcasting platforms to earn additional revenue through advertisements while targeting the right listeners. For example, in December 2021, HT Media Limited, an India-based mass media company partnered with a US-based technology provider of advertising solutions AdsWizz, to create India's first programmatic podcast marketplace. The use of technology combines the strength of programmatic advertising with the power of podcasts, allowing advertisers get a chance to reach their target audience. Additionally, with the use of AI Transcription Technology, advertisers can make sure brand protection with the aid of most effective serving advertisements to podcast shows or episodes that have precise subjects as a principal theme. It also helps podcasters who are looking to create monetizable content.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Podcasting Market Characteristics
3. Podcasting Market Trends And Strategies
4. Podcasting Market - Macro Economic Scenario
5. Podcasting Market Size And Growth
…..
27. Podcasting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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