 |
| Podcasting Market |
Podcasting has evolved into a popular medium for distributing audio content such as interviews, discussions, and talk shows. Podcasting provides an engaging and cost-effective platform for businesses, knowledge-seekers, and hobbyists to share their interests with wider audiences. Podcast listenership has steadily grown due to availability of on-demand audio content across multiple topics that can be accessed anytime and anywhere via smartphones, tablets, and other connected devices. Podcast content creators are also experimenting with interactive features, video formats, and advertising integrations to better engage audiences.
The global Podcasting Market is estimated to be valued at US$ 34486.34 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing popularity of on-demand audio content has been a major factor
fueling the growth of the podcasting market. Listeners can now access their
favorite audio shows anytime without having to wait for scheduled radio
broadcasts. Podcast content covers diverse genres including news, music,
comedy, education and more. Audiences are actively subscribing to high-quality
podcasts across different topics based on their personal interests.
Audio-on-demand freedom coupled with wide choice of content has boosted
listenership and engagement with podcasts in recent times.
Segment Analysis
The podcasting market can be segmented into podcast types, genre, revenue
models and end use. Based on types, true crime podcasts dominates the market,
accounting for over 30% share owing to increasing interest in criminal
psychology and investigations among listeners. By genre, news & politics
represents the largest segment as podcasts serve as cost effective medium for
both mainstream media companies and independent journalists and commentators to
attract audience. In terms of revenue models, advertising is the dominant
segment as it allows podcasters to monetize their content without any paywall.
Individual listeners form the bulk of end users while commercial sector is
emerging as an important end user segment.
Key Takeaways
The global Podcasting
Market Growth is estimated to be valued at US$ 34486.34 Mn in 2023 and
is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The global podcasting market is expected to witness high growth over the
forecast period. North America currently dominates the podcasting market led by
the US. Availability of free podcast content, early adoption of digital
platforms and increasing number of creators has contributed to the region's
large share. Europe is projected to be the fastest growing regional market for
podcasting owing to increasing preference of young population for
audio-on-demand content and rising investment of media conglomerates to capture
the booming market. In Asia Pacific, China and India offer huge untapped
potential for podcast publishers driven by widespread availability of low-cost
smartphones and cheaper data plans promoting adoption of digital services.
Key players: Key players operating in the podcasting market includes Acuity
Brands Lighting Inc., Cree Lighting, Dialight, Digital Lumens Inc., Hubbell,
LSI Industries Inc., LumiGrow, Panasonic Corporation and Signify Holding.
Semiconductor Co. Ltd. and Zumtobel Group Ag dominate the market. Panasonic
Corporation and Signify Holding have strengthened their presence through
acquisition of podcast companies to expand service offerings.
0 Comments