The Podcast Market is Powerful

Research by Sarah Lee, Ph.D. Parks Associates

According to multiple sources, over 450 million people across the globe listened to podcasts in 2022, and over 100 million of those listeners are from the United States alone1 across all ages. Listening to – and producing – podcasts is now a weekly habit of many consumers.

Podcasting is an evolution of radio. People listen to podcasts to catch up on news, to be entertained, and to learn something new. Businesses leverage the popularity of podcasts and the authenticity of host-listener relationships to powerfully market awareness for brand products and services.

Anyone from celebrities to CEOs to hobbyists can create a podcast or join as a guest on an episode to educate or entertain listeners on almost any topic. Becoming a thought leader in any area or immersing oneself in a captivating story is more accessible than ever. Companies can even produce podcasts to attract new customers that previously would not be aware of the products or services offered by that business.

Podcasts also have a unique ability in building trust and loyalty. Relationships, even if they are one-sided, are developed over time. The sporadic listener is eventually transformed into a devoted one. It is at this point where advertisements become particularly effective. A host advertising a brand is regarded similarly to a friend offering a recommendation.

Podcasts reach listeners where they are. Audiences self-select to listen to specific content. And with most audiences accessing podcast episodes on a smartphone, listeners can learn, be entertained, and catch up on recent events at any time. Not to mention, podcasting is an extremely effective method of content marketing for businesses.?

Podcasting is more accessible than ever. Households usually listen to audio content on a smartphone, on a?computer, or in the car. This suggests that people listen to podcasts when on the go or concurrent to another activity.? Parks Associates research finds that 26% of heads of households 18+ report they listen to a podcast for at least one hour each week.

At 41%, 35 to 44-year-olds are the largest listener base for podcasts, after which podcast listening popularity drastically decreases.?The?decline in podcast use starting at 45 years old may reflect a lack of awareness surrounding podcast content, accessibility, and its [often] free price tag. Increasing awareness of relevant content alongside education on how to access it (for free) will help expand audience reach, especially among older consumers.?

This JUST PUBLISHED research study, Podcasting: An Exploding Market, ? examines household audio equipment adoption; consumer podcast behavior across various platforms and genres (e.g., hours spent listening per week); consumer spending on podcast content, equipment and production; user experience and discovery sources; and segmentation by podcast listeners and producers both professionally and personally.

Key questions addressed include:

1) How much time do households spend listening to audio content (e.g., music, podcasts) and on which devices do they listen?

2) Which music services do households use? Is more use seen with services that are free or paid with premium features?

3) How are households accessing podcasts and discovering new ones?

4) What percentage of households are producing podcasts and why?

5) How many listeners per episode do podcast shows have and how much revenue does a show typically generate??

Research Study Details include:

Methodology and Key Terms

Key Terms and Definitions

Executive Summary

• Devices Used to Listen Digital Music
• Percentage Listening to Audio for at Least 1 Hour
• Use of Free Music Service by Age Groups
• Use of Paid Music Service by Age Groups
• Podcast Platforms User Experience
• Ways to Discover New Podcasts
• Podcast Production Activities in the Last 12 Months
• Number of Listeners/Viewers Per Episode Produced
• Primary Purpose for Producing Podcasts
• Podcaster Average Spend Per Year Compared to Average Revenue Per Month Among Podcasters That Spend or Make Over $0
• Percentage Listening to Podcasts for at Least One Hour Per Week by Age
• Podcast Production Equipment Purchase Intention

Audio Content and Services

• Home Audio Device Ownership
• Audio Device Adoption by Smart Speaker and Smart Display Ownership
• Audio Device Adoption by Podcast Listener
• Audio Device Adoption by Podcast Creator Type
• Audio Devices Purchase Intention
• Audio Devices Purchased in the Last 6 Months
• Average Purchase Price for Audio Devices

Audio Behaviors

• Weekly Hours Spent Listening to Audio
• Percentage Listening at Least One Hour Per Week to Audio Sources by Age
• Average Weekly Hours Spent on Audio Activities by Age Groups
• Devices Used to Listen Digital Music

Audio Behaviors: Free Music Services

• Use of Free Music Service
• Use of Free Music Service by Age Groups
• Use of Free Music Service by Income
• Use of Free Music Service by Adoption Segments
• Average Weekly Hours Spent on Audio Activities by Free Music Service
• Use of Free Music Service by Device Used
• Use of Free vs. Paid Music Service by Device

Audio Behaviors: Paid Music Services

• Use of Paid Music Service
• Use of Paid Music Service by Age Groups
• Use of Paid Music Service by Income
• Paid Music Service Adoption by Tech Affinity
• Use of Paid Music Service by Device
• Average Weekly Hours Spent on Audio Activities by Paid Music Service

Audio Behaviors: Podcast Content

• Frequency of Listening/Watching Podcast by Content
• Podcast Genre Listened to at least Monthly by Age
• Podcast Genre Listened Monthly by Gender
• Apps/Websites Used to Access Podcast
• Most Frequently Used Apps/Websites to Access Podcast
• Podcast Genre Listened Daily by Platform Used
• Ways to Discover New Podcasts
• Monthly Spending on Podcast Subscriptions
• Average Monthly Cost for Podcast by Platform Used
• Podcast Platforms User Experience
• User Experience with Podcast Apps/Websites

Producing Podcasts

• Podcast Production Activity in Past 12 Months
• Primary Purpose of Podcast Production
• Equipment Used for Podcast Production Among Podcast Prosumers
• Podcast Production Equipment Purchase Intention
• Cost for Podcast Production/Promotion Within Last 12 Months
• Average Cost for Podcast Production/Promotion Among Those Spending More Than $0
• Percent of Podcasts That Spend $0
• Podcast Monthly Revenue by Business Channels
• Average Revenue Per Month Among Those Earning More Than $0
• Percent of Podcasts That Earn Money
• Areas that Podcasters’ Intend to Invest for Podcast Improvement
• Number of Listeners/Viewers Got for Each Episode of Podcast
• Podcast Monthly Revenue Average by Number of Listeners/Viewers
• Podcast Publishing and Distribution Platforms
• Podcast Monthly Revenue Average by Distribution Platforms
• Number of Listens/Views Per Episode by Distribution Platform

Thanks for reading our research! If you would like to learn more about how our research can help you grow your business, contact me or any of our team. We appreciate your support - please share this newsletter if you know someone who would find it interesting.