Podcasting: A USD 52 Billion Market Opportunity by 2028
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Market Research I Data Analytics I Business Consulting
According to the Axiom MRC's market research report, the market size for Podcasting was estimated at USD 10 billion in 2021, with the revenue forecast for this market is expected to be around USD 52 billion by 2028. The major competitors in this market are Amazon, Inc, Apple, Inc., Sirius XM Holdings, Inc., Spotify Technologies S.A., Entercom Communications Corporation, The Adecco Group, iHeartMedia, Inc., TuneIn, Inc., Megaphone LLC, SoundCloud Ltd., Pandora Media, LLC, Stitcher Radio as well as other companies.
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Podcasting is a service wherein a user can either stream online files through subscription or download them to a portable device, such as Portable Media Player (PMP) and Personal Digital Assistant (PDA). As it offers flexible delivery of audio learning resources, it is mostly used in educational learning and teaching worldwide. Nowadays, several brands are adding podcast specific sections to their blogs and other social channels to deliver interactive content, increase website traffic and enhance search engine optimization (SEO) opportunities. The easy accessibility of podcasts during transit, walking, gardening, exercising, or cleaning is increasing its overall demand worldwide.
SCOPE OF THE REPORT:
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MARKET DRIVERS?
The rising popularity of digital devices along with the accessibility of podcasting content offered in various languages is also attributing to the growth of podcasting market. Adding to that, the COVID-19 pandemic has unfolded new opportunities for the podcasting platform, where many creators are offering content with the sole purpose of educating the global population on the hidden long-term effects of the coronavirus. Apart from news and politics, the sports segment is expected to witness major traction in the upcoming years. This is due to presence of a significant number of sports fans. Sport podcasters are coming up with daily topic and offering relevant content by inviting popular sports personalities to engage listeners.?
MARKET OPPORTUNITIES
The introduction of Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technologies has significantly impacted the market growth. Likewise, the incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. For instance, Spotify AB’s Spotify Ad Studio, a streaming media intelligence technology, allows advertisers to hyper-contextualize their information, ensuring that they reach the right people with the right content at the right time. With the help of this platform, the company aims to assist its global partners in the U.S., Canada, the U.K., Australia, and New Zealand with the most accurate ROI measurement, sales, and other conversion metrics.
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MARKET RESTRAINTS?
Although podcasts are highly popular in developed economies such as the U.S. and Western European countries, it has gain significant attention in emerging countries such as India, China, and Brazil. This is typically due to a lack of awareness regarding podcasts and related application services available in the market. Thus, these factors are expected to hinder the global podcasting market growth over the estimated period.
MARKET CHALLENGES?
The unfeasible economic model is one of the primary concerns for publishers offering content on media streaming platforms. Since the introduction of podcasts, advertising has been the only revenue-generating method for content creators, however, it has failed to gain traction as the audience refrain from listening to advertisements between ongoing content. Nonetheless, brands are developing innovative schemes to evolve as a monetarily captivating channel. Content creators are proposing monthly subscription plans so that consumers can pay per episode or per month.
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