Market Challenges: Availability of substitute audio formats

The availability of alternative audio formats can hamper the global podcasting market growth. With the rise of music and video streaming platforms, more people are switching to apps like Spotify, Apple Music, YouTube, and others to listen to their favourite content like audio shows, music and talk shows. These platforms offer integrated experiences where users can easily switch between audio and video content seamlessly. Many popular artists, celebrities and content creators are also focusing on building their fanbase and releasing original content on such streaming apps rather than podcast platforms.

Many users find it more convenient accessing different types of audio content on one platform rather than using separate podcast apps. Services like Spotify and Apple Music have heavily invested in promoting podcast discovery and have struck deals with major podcast networks to host their shows exclusively. As a result, several prominent podcasts have shifted to such platforms which has reduced listener base for standalone podcast apps and websites.

Market Opportunities: Podcast sponsorships and partnerships

Podcast sponsorships and partnerships can offer opportunities for the global podcasting market growth. As the popularity of on-demand audio increases, many brands recognize podcasts as an innovative way to connect with dedicated audiences. Podcast sponsorships allow brands to integrate short, targeted messages within shows, thus, providing listeners with helpful information while also supporting the content people enjoy.

Podcasting Market Report Snapshots