Podcasting Market: Latin America Is Anticipated To Witness The Highest CAGR Of Around 35.0% Over The Forecast Period
Podcasting Industry Overview
The global podcasting market size is estimated to reach USD 94.88 billion by 2028, expanding at an estimated CAGR of 31.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. Podcasting is an episodic series of digital media, often audio, that can be listened to or watched over the internet or downloaded on a device. The increasing popularity of audio-on-demand platforms is the primary factor driving the market growth. Other factors contributing to the market growth include minimal entry barriers for creators and easy accessibility for users, as they can listen to podcasts while performing tasks such as cleaning, walking, gardening, traveling, or exercising.
The recent evolution of podcasting content, wherein various creators are discussing undebated global scenarios, is bringing about numerous growth opportunities for the market growth. The subscriber base of podcasts pertaining to racism, patriarchy, and political disputes, among others, is significantly growing, thereby encouraging companies and creators to come up with more content that taps diverse audiences. For instance, in February 2020, iHeartMedia Inc. launched a podcast network for the Latino community with an aim to create more Latinx-targeted content. The company also signed a co-production and distribution partnership with ReVolver, a podcast audio network channel, for the development and promotion of high-quality creative podcasts pertaining to the Hispanic community. Meanwhile, challenges such as limited mobile phone storage and low internet connectivity are likely to hinder the market growth over the forecast period.
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. National public health organizations and private healthcare entities are also releasing podcasts to spread awareness among the masses about the prevention of the virus. For instance, the American Hospital Association (AHA) has released a podcast to talk about community health improvement during and after the COVID-19 pandemic.
Podcasting Market Segmentation
Grand View Research has segmented the global podcasting market based on genre, format, and region:
Based on the Genre Insights, the market is segmented into News & Politics, Society & Culture, Comedy, Sports, and Others.
- The news and politics segment accounted for the largest revenue share of around 30.0% in 2020. This can be attributed to the high number of users listening to this genre on a day-to-day basis. The news and politics genre is popular in all types of formats, such as solo news bulletins, panel debates, and one-on-one conversations.
- The sports segment is expected to witness the highest CAGR over the forecast period owing to the wide presence of avid sports fans globally. Leading market players are acquiring sports and entertainment content companies to enhance their sports content.
Based on the Format Insights, the market is segmented into Interviews, Panels, Solo, Repurposed Content, and Conversational.
- The interview format accounted for a revenue share of around 30.0% in 2020 and is expected to dominate the podcasting market over the forecast period. This can be attributed to the uniqueness and originality of interview podcasts. Every guest or invitee in each episode carries new content, different ideas, and varied experiences that are both engaging and fascinating for the audience.
- The solo format is projected to expand at the highest CAGR of around 30.0% over the forecast period. In this format, the content is recorded by an individual who has expertise or knowledge in a particular field. Solo podcasts help in building a direct connection with the audience. Since the industry is booming, independent creators are foraying into the solo podcast format due to advantages such as ease of use and minimal investment, which mainly include a microphone and basic editing tools.
Podcasting Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by several players, including audiovisual groups creating innovative content and independent publishers producing native podcasts. The participants analyzed in this report are implied as the digital audio platforms offering content to the audiences. Prominent media players are collaborating with creators and independent publishers to offer original and raw content to capture a more significant audience share. For instance, in June 2020, Pandora Media, Inc. announced its collaboration with FOX News Network, LLC, a U.S.-based audio streaming service provider. This partnership aims to provide content produced by FOX News Podcasts, including the FOX News Radio Newscast and FOX Business Hourly Report, to the audiences of Pandora Media, Inc.
Furthermore, the increasing need to cater to worldwide audiences with varied linguistic backgrounds has created a demand for content in different languages. For instance, Apple Podcasts has added more languages in its platform for listeners to discover episodes and shows based on new audio transcripts, making it easier for them to find content in their language. Some of the key players operating in the global podcasting market are:
- com, Inc.
- Apple, Inc.
- iHeartMedia Inc.
- Megaphone LLC
- Pandora Media, LLC
- Audacy, Inc.
- Soundcloud Limited
- Spotify AB
- Stitcher
- TuneIn, Inc.
Order a free sample PDF of the Podcasting Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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