Podcast Market in Europe to grow by USD 1.12 billion from 2022 to 2027 | Alphabet Inc., Amazon.com Inc., Apple Inc. and more among the key companies in the market- Technavio
NEW YORK, Dec. 10, 2023 /PRNewswire/ -- The podcast market in Europe is estimated to grow by USD 1.12 billion during 2023-2027, growing at a CAGR of over 27.5%. The podcast market in Europe report includes information on the product launches, sustainability, and prospects of leading vendors including Alphabet Inc., Amazon.com Inc., Apple Inc., Audioboom Group plc, Block Inc., British Broadcasting Corp., CBS Interactive Inc., Deezer SA, Funkwhale, Guardian News and Media Ltd., hearthis.at, iHeartMedia Inc., Jamendo SA, Jango, Maple Media LLC, Mixcloud Ltd., Sirius XM Holdings Inc., Sorted Ventures Ltd., SoundCloud Ltd. and Co. KG, and Spotify Technology SA. Over the past few years, podcast listening has grown in popularity in Sweden. Between 2015 and 2020, Sweden saw a sharp increase in the number of podcast listeners. This can be attributed to Spotify, a significant national provider of podcasts. One of the biggest podcast streaming services in the world right now is Spotify, which has its headquarters in Stockholm, Sweden. Furthermore, Sweden has one of the highest percentages of listeners who are under 35. The country has a high usage of podcast apps because young people are more familiar with using apps and subscription services. Furthermore, COVID-19 has encouraged podcast producers to produce more creative and entertaining podcast episodes for listeners trapped indoors in 2020 due to lockdown restrictions and social distancing norms. However, after 2022, when alternative sources of entertainment and information are available outside, the nation's high demand for podcasts is likely to return to normal.
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Vendor Landscape
The podcast market in Europe is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning, technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Market Dynamics
Major Drivers & Challenges- The market is driven by factors such as the rising penetration of smartphones and easy access to internet, increase in number of subscriptions services, and the growth in mobile advertisement spending. intense competition among podcast service providers and inconsistent user preferences is hindering market growth.
Rising penetration of smartphones and easy access to internet: Users are choosing podcasts due to the introduction of high-end smartphones and the ease of access to the Internet. Users can easily access video and music content while they are on the go thanks to the growing popularity of smartphones. In addition, a lot of podcast providers are looking into using mobile platforms to offer podcasts due to the rising number of mobile Internet subscriptions. Furthermore, podcast listeners do not need mobile devices with large screens and high display resolutions. The demand for smartphones in European markets like Germany, the UK, France, the Netherlands, and Europe has been fueled by increased Internet connectivity along with the affordability of smartphones. The rapid advancement of wireless telecommunication standards in Europe, including 3G, 4G, and 5G, has increased Internet bandwidth, enabling a rise in the use of online podcast streaming services there.
Initially, only their websites were used by podcasting service providers to offer podcasts. However, the majority of service providers are creating mobile applications to make it easier for users to access their services. The majority of podcasts are now accessible for downloading and streaming within mobile applications as a result of the growing adoption of mobile devices. Additionally, it offers simple payment methods for digital content subscriptions, which draws in and keeps a large number of customers. As a result, the market for podcasts in Europe will expand during the forecast period as a result of the increasing use of smartphones and easy access to the Internet.
Intense competition among podcast service providers and inconsistent user preferences: The podcast industry in Europe is highly competitive among service providers. There are many domestic and international players on the highly fragmented regional market. The result is fierce competition, which in turn fuels price wars among providers of mobile podcast apps. Since cost is one of the key differentiators for consumers in European nations, these price wars have a significant negative impact on the market's expansion. Other factors escalating competition include shifting consumer preferences for fresh, entertaining content. Vendors must consistently update their playlists and other content to match the shifting consumer preferences. Vendors must invest in new content strategies, designs, and technological advancements in order to provide updated podcast collections. Furthermore, technological advancements are necessary for the ongoing creation of fresh and original content. In a fiercely competitive market, failing to adapt to users' changing preferences could cost vendors time, money, and overall market value, which could have an effect on how quickly the market in question grows over the forecast period.
Key Trends- The advent of smart speakers are some of the opportunities for the market players to grow. On the other hand, the low-profit margins of vendors are huge challenges in front of the industry.
Advent of smart speakers: Advanced streaming features are available on SONOS and Samsung smart speakers. With the multi-room listening feature, these speakers enable people to listen to podcasts throughout the house, and they can be managed using iOS and Android apps on a mobile device. Users of these speakers can voice-control audio content changes thanks to voice access, another feature. Users can easily play podcasts with the assistance of such features by accessing their podcast libraries. For example, the HomePod smart speaker from Apple has music commands that are specifically made to work with a monthly Apple Music subscription. Users are able to use Siri to play podcasts or BeatsOne radio. Some makers of smart speakers are concentrating on diversifying their product lineups by releasing new models. As an illustration, Sony Corporation. The SRS-RA3000 from (Sony) was introduced in Europe. Technological advancements by consumer electronics producers are encouraging for the European podcast market.
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Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.
Market Segmentation
- By Type Outlook, the market is classified into interviews, conversational, solo, panels, and repurposed content.
- By Genre Outlook, the market is classified into news and politics, society and culture, comedy, sports, and others.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentaion by Genre
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
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