Podcasting Market: Outlook
The popularity of podcasts has seen an extraordinary rise. Podcasts ranging across a plethora of categories such as art, entertainment, news, politics, history, and others are attracting a plethora of consumers. Podcasts were first introduced only for iPods but later as the popularity surged, many new players entered the podcasting market and boosted the growth rate.
Based on the rising popularity, rapid internet speed, and rise in subscribers, the global podcasting market may invite massive growth during the forecast period of 2019-2029.
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Podcasting Market: Competitive Analysis
The podcasting market has diverse players across numerous countries across the globe. Podcasting platforms are always in the process of crafting good audible content to gain maximum subscribers. The players in the podcasting market increase their subscriptions through offering limited period free trails, discounts, and low per month membership plans. These factors help in nurturing the growth of the podcasting market.
For instance, Amazon recently launched a cheaper monthly subscription plan for access to its audiobooks and podcasting platform, audible. It will offer over 68000 hours of content. Such plans bring immense growth prospects for the podcasting market. Some key players involved in the podcasting market are Pandora Media, Inc., Apple Inc., Soundcloud Limited, Amazon.com, Inc., and Spotify AB.
Podcasting Market: Entry of New Players
The podcasting market attracts tough competition through the entry of novel players in the podcasting market. Some well-established organizations are also entering the podcasting market to strengthen their subscriber numbers. Here are some recent developments regarding new players across the podcasting market.
- Merriam-Webster, the renowned dictionary publisher recently announced the launch of ‘Word Matters’, a new podcast to discuss new and emerging words and other vocabulary-related topics.
- Canada-based organization Mucci Farms is launching a podcast known as ‘Spill the Greens’ to create awareness among the consumers about greenhouse operations.
- Whalerock Industries, a Hollywood-based production and consulting company launched Echoverse, a podcast studio focusing on science fiction and fantasy audio experiences
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Podcasting Market: Mergers, Acquisitions, and Collaborations
Mergers, acquisitions, joint ventures, and partnerships form an important part of the growth of the podcasting market. Some recent activities related to mergers, acquisitions, and collaborations are as follows:
- Stingray recently acquired a 30 percent share in The Podcast Exchange (TPX), a leading podcasting enterprise in Canada.
- Spotify announced its decision to acquire The Ringer, a popular sports podcast network to increase its influence over sports podcasting.
- SiriusXM recently announced to buy Sticher, a podcasting firm for $325 mn.
Podcasting Market: Enterprise Podcasting on Rise
The growing influence of enterprise podcasting may garner considerable growth for the podcasting market through the forecast period of 2019-2029. To enable employee engagement, many companies are making use of enterprise podcast. These podcasts are better than sending emails and help to distribute information internally in an efficient manner even during the Work-From-Home mechanism due to the COVID-19 pandemic. This aspect may bring great growth opportunities for the podcasting market.
Podcasting Market: Regional Perspective
North America may serve as the largest growth contributor for the podcasting market during the assessment period of 2019-2029. The growing number of podcast subscribers, especially in the U.S. may help the podcasting market in North America to gain traction. According to the Infinite Dial 2020 survey, 55 percent of the populace in the U.S. has listened to a podcast at least once up from 51 percent in 2019. These statistics display the growing popularity of podcasts across the region.
Asia Pacific may also harness significant growth for the podcasting market. The proliferating demand for podcasts in India and China may bring massive growth. China is second and India is the world’s third-largest podcast market after the U.S. The availability of podcasts in local languages is also fueling the growth of the podcasting market in India, eventually increasing the growth rate of the podcasting market.
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