Podcasting Market Size to Worth Around USD 89.64 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Jan 10, 2023, 08:51 ET

LONDON, Jan. 10, 2023 /PRNewswire/ -- The Global Podcasting Market is anticipated to reach a valuation of USD 89.64 billion by 2028 from USD 13.78 billion in 2021, registering a CAGR of 30.67% over the forecast duration of 2022-2028.

Podcast is referred to as an audio program which is presented to the audience in a digital format. In other words, it as an episodic series of audio/visual or solely audio programs that can be accessed by the target audience on various channels, mostly social media, and streaming applications. The users can either listen to or watch the podcasts through their smart devices like laptops or cell phones, among others. Podcasts are hosted by people with an aim to share stories, engage into conversations with renowned personalities or to simply report an event.

The widespread internet proliferation, growing adoption of smart devices, and rising popularity of digital streaming platforms are primarily aiding the expansion of this business sphere.

Furthermore, increasing R&D investments in the field, surging popularity of infotainment-based programs, along with penetration of advanced network connectivity entities like the 5G are creating lucrative opportunities for this marketplace to prosper.

Moreover, growing disposable income of the masses, rising youth engagement in the field, and surging trends of social media influencing are adding traction to the development of the Global Podcasting Market. Alongside, rising adoption of e-learning solutions across the globe and widespread urbanization are fuelling the growth of this market vertical. On the contrary, lack of adequate network infrastructure in rural areas is hindering the remuneration scope of this industry.

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Competitive Hierarchy

The major players present in the Global Podcasting Market are

Apple
Amazon
iHeartMedia
Audacy
Pandora Media
Megaphone
Spotify AB
Stitcher
TuneIn
Soundcloud Limited

Global Podcasting Market Segmentation

By Genre:

News & Politics
Society & Culture
Comedy
Sports
Others

By Format:

Interviews Panels
Solo
Repurposed Content
Conversational

Robust strategies are being formulated by these companies to enhance their footprint in this extremely competitive market. They have shifted their emphasis towards the improvisation of their offerings to assure better consumer outcomes.

Category-Wise Outlook

Which is the leading genre segment in this industry?

The news & politics segment is presently leading the market in terms of volume share. With a hectic lifestyle, individuals aspire to stay updated with the current news without hampering their day-to-day schedule. Therefore, they prefer listening to news-based podcast which can be accessed almost every time and everywhere.

Which format segment is expected to register robust growth?

The interview segment is anticipated to account for a high market share. This is attributable to the uniqueness and originality of interview-based podcasts since they focus on the actual opinion of the interviewee and is rarely scripted.

Major Developments

In June 2020, Pandora Media Inc. inked a collaboration deal with FOX News Network LLC. Under this agreement, the podcast content produced by the latter will be accessible to the target audience of Pandora Media Inc.

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Comparing the historical outlook and ongoing trends of this market

Due to the influence of various growth inducing factors, this business sphere has been garnering robust returns over 2022-2028.

The onset of the COVID-19 pandemic has created ample progression opportunities for this business sphere. Most of the commercial activities were halted in the wake of the stringent regulations announced by various governments to contain the spread of the virus. Due to mobility restrictions, people were confined to their homes without physical interaction with the outside world. This pushed them to explore the endless web-based infotainment options. Streaming and OTT platforms started gaining massive popularity. Apart from that, many people including renowned celebrities started their own podcast programs which in turn enhanced their online presence while providing them with lucrative income opportunities. This in turn stimulated the overall dynamics of this marketplace.

There has been an escalating demand for e-learning solutions across the globe. Wide rapid digitalization and internet proliferation, educational institutions are shifting their inclinations towards adopting an advanced form of learning. Students are being taught with assistance from audio-video entities. Apart from that, educational podcasts have gaining massive popularity among educationists and students in present times. Various experts have asserted that just books are not enough to teach the tech savvy generation. They tend to learn faster via digital mediums. These factors are accelerating the development of this industry vertical over the stipulated timeline of 2022-2028.

Region-Wise Insights

How is North America performing in the Global Podcasting Market?

North America is reckoned to garner substantial returns over the assessment timeline. This is ascribed to the growing popularity of streaming platforms, widespread internet proliferation, rising R&D activities in the field, along with the presence of prominent players.

Which is the fastest growing region in this business sphere?

Asia Pacific has emerged as one of the fastest growing regions in this market vertical. This is credited to the increasing youth population, growing social media influence, technological innovations, and rising adoption of smart devices.

On Special Podcasting Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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