The global podcasting market size is expected to reach USD 149.34 billion by 2030, according to a new study by Polaris Market Research. The report “Podcasting Market Share, Size, Trends, Industry Analysis Report, By Genre (News & Politics, Society & Culture, Comedy, Sports, Others); By Format (Interviews, Panels, Solo, Repurposed Content, Conversational); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The convenience of listening to podcasts while doing other things propels the industry forward. Furthermore, podcasting allows for the easy dissemination of audio learning resources; it is widely employed in teaching and educational learning. For nearly two decades, audio broadcasting content has been available. Previously, audio content was only available on media players, laptops, and iPods, with podcasts only broadcasting radio shows.
Podcast content was inaccessible for mobile phone users due to outdated devices with limited features. Over the last five years, however, the particular podcasting format has attracted notice. The rise of the industry has been aided by advancements in cellphones, increasing internet penetration, Bluetooth speakers, tablets, and computers.
In addition, internet penetration is increasing significantly around the globe owing to the availability of budget-friendly feature-rich smartphones and cost-effective data tariffs. People are accessing the internet and their accounts on multiple devices, including smartphones, tablets, and other personal devices for various purposes ranging from web surfing, office works, interacting with friends listening to online music, among others, which is further expected to propel the industry growth.
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Hence, the rising trend of smartphones and tablets will also augment global industry growth. Thus, the increasing internet penetration and smartphone users have increased the demand for these activities, propelling the industry growth during the forecast period.
Based on the format, the interview segment accounted for the leading share in the industry in 2021. This can be attributable to the interview podcasts' individuality and creativity. Each episode's guest or invitee brings fresh content, new ideas, and unique, interesting, and exciting experiences to the audience.
Market players such as Amazon.com, Inc., Pandora Media, Inc., Megaphone LLC, Soundcloud Limited, Apple, Inc., TuneIn, Inc., Spotify AB, iHeartMedia Inc., Audacy, Inc., and Stitcherare some key players operating in the global industry. In April 2021, Podcasts are now available on Amazon Prime Music in India. The Amazon Prime Music podcast site will have a handpicked range of podcasts from well-known creators such as Jay Shetty, Neil Bhatt, Robin Sharma, and Anupam Gupta. Users with Prime membership will download podcast programs to listen to while not connected to the internet.
Polaris Market research has segmented the podcasting market report based on genre, format, and region:
Podcasting, Genre Outlook (Revenue - USD Billion, 2018 - 2030)
Podcasting, Format Outlook (Revenue - USD Billion, 2018 - 2030)
Podcasting, Regional Outlook (Revenue - USD Billion, 2018 - 2030)