Rising Penetration of Smartphones across globe fostering the demand of the Podcasting Market

The Global Podcasting Market was valued at US$ 9.35 Bn in 2020 is expected to reach US$ 58.9 Bn by 2027, growing with a CAGR of 29.2% during the forecast period (2021-2027). Podcasts primarily are a series of orally expressed audio documents, which can be downloaded via internet on any playback devices.  Podcasts are simply available during travel times and performing multiple tasks, such as strolling, planting, working out, or cleaning, will further drive the podcast market growth.

With the increasing advent of internet and smart devices are further fostering the podcast market growth. In addition, with the rising popularity of smart speakers as it has become a preferred device to listen to the audio content while simultaneously performing other tasks. Artificial Intelligence (AI) and Machine Learning (ML) technologies are also being incorporated in the streaming platforms to determine the preferences of the considerable section of listeners, which further increases the opportunity for the podcast market across the globe.

The podcast streaming directory are also being upgraded with time with unique content as per the demand by listeners, and these popular genre trends are being differ across region, age, gender and group. In addition, the podcast industry is expected as the mainstream audio media channel over the coming years with the intervention of state-of-the-art technologies in content publishing practices.

YouTube, Inc and other video streaming platforms across U.S. are being allowed to upload the podcast with stationary images. Many existing platforms are trying to inspire and enhance the podcast creators on their software for the expansion of the initial platforms in the podcasting industry. The key players operating in the podcast market are expanding their business by collaborating with independent publishers and content creators to derive a new audio set to attract large set of audience.

Key Findings:

  • The news and politics segment dominated the global podcasting market in the year 2020.
  • The interview format has dominated the market in the year 2020 with a market share of 32.5%, and is expected to witness similar growth trends during the forecast period.
  • North America was dominating the global podcasting market in the year 2020 with a market share of 41.1%.
  • The sports segment in the global podcasting market is expected to grow with the highest CAGR over the forecast period.

Recent News:         

  • In July 2020, Megaphone has extended its partnership with Podsights, a leading attribution platform for podcast advertising. The partnership has been done in enhancing the Podsights' attribution capabilities to all campaigns run through the Megaphone Targeted Marketplace (MTM). The Megaphone Targeted Marketplace (MTM) is the largest collection of premium podcast inventory offering data-driven targeting and measurement.
  • In the year June 2020, iHeartRadio has partnered with WarnerMedia Entertainment, a mass media and entertainment conglomerate. The partnership was emphasis on producing a slate of companion podcasts for HBO Max’s upcoming catalog of original and legacy shows. The first podcasts will be for the comedy-thriller series “Search Party".
  • In July 2020, Sirius has acquired E.W. Scripps Co.’s Stitcher podcast production, distribution, and advertising unit, Variety. The acquisition will help the Sirius XM footprint across all audio-entertainment formats.
  • In May 2020, Amazon has acquired Podcast Networks, which is related to news and sports. This acquisition will help the company in entering Local Search Advertising. Localized podcasting complemented Amazon's Echo device.
  • In July 2020, Apple has launched its own daily podcast, and has announced that the show along with other news about audio stories coming to Apple News and curated local Apple News collections, and also the release of iOS 13.6. Furthermore, Apple will release 20 audio stories a week through Apple News Plus. The stories will be voiced by professional actors, and there will be narrated long-form pieces published by big-name outlets like Esquire, GQ, New York magazine, and Vanity Fair.
  • In May 2020, Spotify has launched new nine Indonesian podcasts as the latest additions to its exclusive line up. The new podcasts are BKR Brothers, Destanya Siapa, Podcast DariTaDi Yu Ya Yukk, Makna TalksPodcast Malam Kliwon, Rintik Sedu, Teman Tidur, Kinosgina, and Thirty Days of Lunch.

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