The global podcasting market size is expected to reach USD 130.63 billion by 2030, registering a CAGR of 27.6% from 2023 to 2030, 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 the creators and easy accessibility for the 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 un debated global scenarios, is bringing about numerous growth opportunities for the market. 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 June 2021, iHeartMedia, Inc. partnered with Celsius, the global industry-leading crypto currency yield–earning platform, to launch a new iHeartRadio original podcast network and reach out to new audiences with crypto currency education in creative and innovative ways.
In addition, in December 2022, Spotify partnered with Inevitable Foundation, a non-profit organization for disabled people, to support and empower podcasters with disabilities. Meanwhile, challenges such as limited mobile phone storage and low internet connectivity are likely to hinder the market growth during the forecast period.
The COVID-19 outbreak 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 pandemic.
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Based on genre, the news and politics segment dominated with a revenue share of more than 27.0% of the overall market in 2022. The increasing need for receiving updated information on global events has resulted in the segmental growth
Based on format, the solo segment is estimated to account for a reasonable share, expanding at a CAGR of above 29.0% from 2023 to 2030. Market entry is the easiest with this format as the host requires only basic equipment and related software to record podcasts
Latin America is expected to record the fastest growth, registering a CAGR of more than 37.0% from 2023 to 2030. This can be attributed to the increasing popularity of digital devices coupled with the accessibility of podcasting content offered in Spanish
Grand View Research has segmented the global podcasting market based on the genre, format, and region:
Podcasting Genre Outlook (Revenue, USD Million, 2018 - 2030)
New & Politics
Society & Culture
Podcasting Format Outlook (Revenue, USD Million, 2018 - 2030)
Podcasting Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List of Key Players in Podcasting Market
Pandora Media, LLC
Sound Cloud Limited
Tune In, Inc.
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