COVID-19 IMPACT ANALYSIS ON PODCASTING MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global podcasting market. In addition, complete analysis of changes on the global podcasting market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During the COVID-19 pandemic, the podcast market witnessed a boom as the global population was encouraged to stay indoors due to restrictions on travelling and visiting public places. The industry is estimated to grow further with the adoption of work from home policies across the globe, which has driven the demand for readily available entertainment content. News and media companies like CNN Sans have also started podcasts dedicated to providing frequent updates on the COVID-19 pandemic. Adding to that, as declared by Spotify AB content in genres such as health, lifestyle and self-improvement comprising meditation and personal wellness has witnessed a rise in demand.
MARKET OVERVIEW- GLOBAL PODCASTING MARKET
MARKET DRIVERS
The key factors fuelling the growth of the global podcasting market is the rising need for receiving the updated information on the ongoing COVID-19 pandemic. Also, easy market entry in this format as the host requires only basic equipment and related software to record podcasts. The rising popularity of digital devices along with the accessibility of podcasting content offered in various languages is also attributing to the growth of podcasting market. Adding to that, the COVID-19 pandemic 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. Apart from news and politics, the sports segment is expected to witness major traction in the upcoming years. This is due to presence of a significant number of sports fans. Sport podcasters are coming up with daily topic and offering relevant content by inviting popular sports personalities to engage listeners.
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MARKET OPPORTUNITIES
The introduction of Internet of Things (IoT), Artificial Intelligence (AI), and blockchain technologies has significantly impacted the market growth. Likewise, the incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. For instance, Spotify AB’s Spotify Ad Studio, a streaming media intelligence technology, allows advertisers to hyper-contextualize their information, ensuring that they reach the right people with the right content at the right time. With the help of this platform, the company aims to assist its global partners in the U.S., Canada, the U.K., Australia, and New Zealand with the most accurate ROI measurement, sales, and other conversion metrics.
MARKET RESTRAINTS
Although podcasts are highly popular in developed economies such as the U.S. and Western European countries, it has gain significant attention in emerging countries such as India, China, and Brazil. This is typically due to a lack of awareness regarding podcasts and related application services available in the market. Thus, these factors are expected to hinder the global podcasting market growth over the estimated period.
MARKET CHALLENGES
The unfeasible economic model is one of the primary concerns for publishers offering content on media streaming platforms. Since the introduction of podcasts, advertising has been the only revenue-generating method for content creators, however, it has failed to gain traction as the audience refrain from listening to advertisements between ongoing content. Nonetheless, brands are developing innovative schemes to evolve as a monetarily captivating channel. Content creators are proposing monthly subscription plans so that consumers can pay per episode or per month.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global podcast market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various podcasts in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
MARKET SEGMENTAL OVERVIEW
The global podcasting market comprises various market segments such as category, formats and geography.
PODCASTING MARKET BY CATEGORY
The global podcasting market is studied for various category including news and politics, comedy, society and culture, sports and others such as spirituality and religion. The factors contributing in the category growth is incorporation of advanced technologies in content such as Autonomous Sensory Meridian Response (ASMR), modernization of transcription technology, and paid live podcast events are likely to drive the growth of the podcast industry. Podcasting is also called as radio on demand, is a pre-recorded digital program that user can listen to or watch online through a subscription or download as a file on a playback device. The flexibility of listening to podcasts while doing other tasks simultaneously is also boosting growth of market during the forecast period.
The news and politics segment is likely to dominate the podcast market during forecast period. The segment growth is attributed to the high number of users listening to this genre on a day-to-day basis. The news and politics genre is popular in all types of formats, such as solo news bulletins, panel debates, and one-on-one conversations. Currently, a large number of podcasts listeners prefer news roundups and bulletins that summarize the daily events in 1 to 5 minutes and 5 to 10 minutes, respectively. Therefore, radio broadcasters and print journalists are widely using audio streaming channels to distribute their content.
PODCASTING MARKET BY FORMAT
The various formats studied in podcasting market are interview, panels, conversational, solo and others such as repurposed content and non-fictional story telling. The key drivers propelling growth of market is growing dependence on smartphones. Along with rising penetration of the internet, and the rising adoption of e-learning solutions is also boosting growth of formats in podcasting market. As podcasting is a service wherein a user can either stream online files through subscription or download them to a portable device, such as Portable Media Player (PMP) and Personal Digital Assistant (PDA). As it offers flexible delivery of audio learning resources, it is widely used in educational learning and teaching across the globe.
The interview format is anticipated to dominate the market during the forecast period. The growth of the segment is attributed to the uniqueness and originality of interview podcasts. Every guest or invitee in each episode carries unique content, diversified ideas, and varied experiences which are both engaging and fascinating for the audience. Adding to that, the interview format stimulates a variety of opinions and viewpoints, inspiring discussions and increasing the audience’s participation.
PODCASTING MARKET BY GEOGRAPHY
The regions such as North America, Europe, Asia Pacific and Rest of the World are comprised in the global podcasting market. The North America is anticipated to dominate the market in 2021. Followed by Europe and Asia Pacific. The largest share of the North America market is attributed to the rising creation of podcasts annually is expected to propel the global podcasting market growth over the forecast period coupled with increasing proliferation of smartphones and low-cost internet is the global podcasting market during the forecast period.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of podcasting market is certainly based range of market players operating in the technology market with increasing demand for podcast market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are Amazon.com, Inc., Apple, Inc., Sirius XM Holdings, Inc., Spotify Technologies S.A., Entercom Communications Corporation, The Adecco Group, iHeartMedia, Inc., TuneIn, Inc., Megaphone LLC, SoundCloud Ltd., Pandora Media, LLC and Stitcher Radio among others.
RECENT DEVELOPMENT:
February 2021: Barack Obama and Bruce Springsteen are making a podcast. Spotify announced the launch of “Renegades: Born in the USA”, featuring the former president and the legendary rock star in conversation on issue ranging from politics and the state of America to fatherhood, marriage and manhood. The conversation will span eight episodes, the first two which go live. The podcast, produced by Barack and Michelle Obama’s production company, Higher Ground, is decidedly the highest-profile collaboration in the history of podcasting.
March 2021: Spotify launched three new comedy podcasts. In June 2005 Apple added podcasts for the first time to its iTunes 4.9 software release. The company built a directory of podcasts on its iTunes music store. By contrast, Spotify began in 2006 and didn’t reach one million subscribers for its streaming music service until 2011. It really wasn’t until 2019 that Spotify began in earnest to invest in podcasting to complement its music streaming service. After two years, it appears that Spotify’s podcast investments are paying off. For the first time, Spotify’s U.S. podcast listeners base will overtake Apple Podcasts, according to eMarketer’s latest forecast. Spotify has experienced significant growth in recent years: the company will grow 41.3% this year. With that growth plan solidified, Spotify announced an all-new slate of comedy podcasts featuring three original series. The content slate will comprise: Nosy Neighbours, The Sketch Factor and Flameout.
January 2021: Channel has launched its first culture- focused podcast ready for lockdown entertainment. The series pairs innovators from film, fashion, art, architecture, dance and music to discuss the challenges of the past 12 months and what it means for the future of the arts. The star cast comprises Keira Knightley, Pharrell, Tilda Swinton and director Lulu Wang, as well as designer Es Devlin, editorial director Edward Enninful, curator Andrew Bolton and dancers and dancers and artistic directors Akram Khan and Tamara Rojo. Some are old friends, other ‘meet’ for the first time for the series, entitled Chanel Connects. Every episode, self-recorded from respective homes and studios, explores how the pandemic has changed culture and its perceptions of it, as galleries, museum and stages prepare to reopen to a radically transformed world. Channel global head of arts and culture Yana Pell said that the podcast will highlight a positive future.
April 2021: 93.5 RED FM announced the launch of new podcast, ‘Guts, Glory, Gumption’- The Voice of Indian Sports with NDTV’s Deputy Editor, Rica Roy. A series of 30 podcasts unfolding over a span of 30 days will have stories of underdogs, like Deepika Kumari, Robin Singh, Shrey Kadian and many more. The podcast celebrates the trailblazing champions of Indian sports. These extraordinary individuals talk about their struggles, sacrifices and triumphs. The podcasts are available on RED FM Indian App. Also available on Jio Saavn, Apple Podcasts, Spotify and Gaana App.
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