Over the course of the forecast period, rising smartphone adoption and inexpensive internet access are anticipated to fuel market expansion for podcasts worldwide. In recent years, both developed and developing economies have seen a considerable increase in the adoption of cellphones. In rural India, smartphone penetration jumped from 9% in 2015 to 25% in 2018, claims a study by the Indian Cellular and Electronics Association and KPMG. Over the forecast period, increasing annual podcast production is anticipated to drive market growth. The production of podcasts has dramatically risen over time because to technical developments. The global podcasting market may have profitable growth prospects due to the advent of subscription-based services. Many podcasting companies have begun to offer customers subscription-based services, much like video streaming services. Despite being in its infancy, audio-on-demand is expanding rapidly in a number of languages, including Spanish, English, and others. The COVID-19 pandemic's growing podcast audience may present significant economic potential in the world market for podcasts. The global podcasting market is seeing tremendous growth in the news and political segments.
According to the Coherent Market Insights, In terms of value, the global Podcasting Market was valued at US$ 14,446.5 Mn in 2019 and is anticipated to expand at a CAGR of 24.3% from 2020 to 2027.
Market Players in the Podcasting Industry:
1. Amazon.com, Inc.
The company was started in 1994 and is based in Arlington, Virginia, U.S. An online store with a broad selection of goods is Amazon.com, Inc. In September 2021, Amazon announced that Astro, their first house robot, would be released. Astro is equipped with Alexa smart home technology. Amazon declared the beginning of the RXPass prescription medication delivery service in January 2023. In the US and the UK, Amazon Fresh built a number of physical outlets in 2020.
2. Spotify AB
The company was founded in 2006 and is located in Stockholm, Sweden. Spotify AB is a business that offers music streaming services. The business provides digital music for devices like tablets, phones, and laptops. Spotify bought Chartable and Podsights in February 2022. Both are providers of podcast advertising. Spotify purchased the Dublin-based firm Kinzen for content moderation in October 2022.
3. Apple, Inc.
The company was started in 1976 and is based in Cupertino, California, United States. Apple Inc. creates, produces, and distributes smartphones, laptops, tablets, wearables, accessories, and a range of other connected products. The company also provides cloud, advertising, digital content, and payment services. Apple opened its first store under its own name in Mumbai, India, on April 18, 2023. In March 2023, Apple introduced its 'Apple Pay Later' option for subscribers of the Apple Wallet.
4. Soundcloud Limited
The company was started in 2007 and is based in Berlin, Germany. The business offers an audio platform with a focus on creating playlists, saving tunes, and following artists. Musiio, a Singapore-based music AI business, was acquired by SoundCloud in May 2022 with the intention of expanding functionality on the website, such as discovery functions.
5. TuneIn Radio
The company was started in 2002 and is based in San Francisco, California. A worldwide audio streaming service called TuneIn offers podcasts, news, radio, sports, and music. A new service called TuneIn on Air was made available to podcasters, long-tail content producers, and non-profit broadcasters in January 2022 by TuneIn.
6. iHeartMedia, Inc.
The company was started in 2007 and is based in San Antonio, Texas, United States. Services for media entertainment are offered by iHeartMedia, Inc. The business provides media advertising, distribution of entertainment data, and radio broadcasting services. The division of iHeartMedia, Inc. that focuses on radio broadcasting, podcasting, digital, and live events
7. Stitcher
The firm was started in 2008 and is based in New York. The company provides listeners with on-demand access to news, politics, business, sports, and entertainment content via their computers and mobile devices. A media company called Stitcher focuses on producing, distributing, and making money from podcasts. SiriusXM purchased it in July 2020. By October 19, 2020, the deal had been closed.
*Definition: An episodic collection of digital audio files known as a podcast can be accessed online or downloaded to a user's own device for listening. Different podcasting and streaming application services offer a complex approach to manage a personal consumption queue.
