by The podcasting market provides an on-demand audio medium for listeners to enjoy informative and entertaining content across a wide range of genres. Podcasting allows users to discover new content conveniently through streaming on various devices or platforms. These audio programs or shows are distributed digitally and publishers syndicate, manage, promote and monetize them through hosting and distribution platforms. Podcasting has grown in popularity as it offers users flexibility in consuming audio content on the go without being restricted by linear schedules.
The Global podcasting Market is estimated to be valued at US$ 39728.27 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the podcasting are Clariant International Ltd., BASF SE, Huntsman Corporation, Lanxess AG, Dow Chemical Company, Arkema Group, DIC Corporation, Sudarshan Chemical Industries Limited, Asahi Kasei Corporation, Meghmani Organics Limited
Clariant International Ltd., BASF SE and Huntsman Corporation are the leading players in the Podcasting Market Demand. They are focusing on expanding their market share through strategic acquisitions and partnerships.
Growing demand: There is a consistent increase in the demand for podcast content among users, especially millennials and Gen Z. The availability of diverse genres has fueled the popularity of podcasts for education, entertainment and information purposes.
Global expansion: Major audio companies and publishers are actively exploring opportunities in international markets to cater to the burgeoning demand. Partnerships with streaming platforms have enabled providers to reach wider global audiences and monetize content.
Market key trends
Personalization is a key trend in the podcasting market. Players are investing in advanced analytics and AI-powered solutions to gain insights into listener preferences. This allows publishers to curate customized recommendations, targeted campaigns and customized audio experiences. Personalization is expected to be a game changer for audience retention and monetization in the podcasting industry.
Porter’s Analysis
Threat of new entrants: Podcasting has low barriers to entry as anyone can create a podcast with minimal equipment however most new entrants struggle to gain audience and market share.
Bargaining power of buyers: Listeners have many podcast options available and face low switching costs to find alternatives. This gives them strong bargaining power in the market.
Bargaining power of suppliers: Podcasters rely on hosting and distribution platforms for their content but platforms don’t have pricing power due to availability of various alternatives.
Threat of new substitutes: Potential substitutes like streaming music, video on demand, social media and radio pose a threat to podcast listenership.
Competitive rivalry: The podcasting market has high competition between players with market becoming more consolidated as top producers acquire smaller players.
Geographical regions
North America accounts for over 40% of the global podcasting market value primarily driven by strong growth of on-demand audio content in the United States.
Asia Pacific excluding Japan is projected to be the fastest growing region during the forecast period due rising disposable incomes, increasing internet penetration and growing popularity of podcasts among young population in countries like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
