The world of Podcast and Its Growing Market
By: Dhairya Kant
Tags: Marketing, Spotify, Audio, Research, Podcasts And Videos

Podcast, which has been becoming very popular these days, and almost all the music streaming apps have been started to host podcast episodes around the globe.

The podcast industry has been growing rapidly and in 2018 an estimated $471.9 million revenue was generated by this industry and is expected to pass the revenue target of $1 billion by the end of 2021. Spotify announces to spend up to $500 million this year on podcast business and going to acquire some podcast related startups by the end of this year.

India’s leading music streaming app gaana.com recently roped in celebrity Ranvijay Singh, Sunny Leone, and stand-up comedian Zakir Khan to make podcast content on the platform for an undisclosed amount.

In December’19, Gaana.com in a statement said it expects 100 million podcast streaming per month by March on its platform as it plans to build a portfolio of 3,000 shows in four months. Currently, Ganna.com does about 3.2 billion streams, and with an objective to capture a 50% market share with 20 million active users, Gaana.com is working on to add more and more non-music content to attract more users on the platform.

HOW DOES PODCAST WORK

Open RSS architecture is something on which the world of podcasts is based which enables anyone to create podcasts and publish the same on digital platforms. If someone, say for you, publish a podcast, the show’s RSS feed would get pulled by all the podcasting apps across the globe.

As per Libsyn, Apple podcast has a monopoly in this as 65% of all podcast downloads across the world occur on Apple podcasts and many other podcast directories actually pull the show’s RSS from Apple’s directory. So in case, Apple would like to remove or modify or remove your show, the other podcasts will be left with no option and that’s the biggest fear which other podcasters including Spotify and other music streaming apps have right now.

How Many Podcasts are There?

In 2018, there were only half of a million active podcasts on iTunes, in April 2020, Apple Podcasts passed 1,000,000 total podcasts. In 2018 there were 550,000 active podcasts on iTunes. Currently, there are over 29 million Apple podcasts, which is 10.5 million more than what it was in 2018.

Countries where the podcast is growing the fastest

Chile — 83.9%

Argentina — 55.28%

Peru — 49.1%

Mexico — 47.84%

China — 43.62%

REACH OF Podcast IN THE USA

According to the Infinite Dial 2020, 75% of people in the USA are now familiar with Podcasting, according to the 2019 report, the familiar percentage was merely 5. Familiarity means either they heard about it or they know what is this all about.

So far as the listening to the same is concerned, the report says 55% of the USA people have listened to the podcast at least once, which is again 51% more than the previous year.

How Many People Listen to Podcasts on Spotify?

53% of monthly Spotify Listeners, 12–24 years old, also listened to a podcast in the last month. Up from 32% in 2018.

JOE ROGAN AND SPOTIFY

Joe Rogan, one of the world’s best podcasters, has signed an agreement to have exclusive podcasts with Spotify, according to the Wall Street Journal, the entire deal amounting to around $ 100 million. Joe Rogan previously used to podcast on YouTube, no longer, his podcast can only be heard on Spotify from September 01.

The popularity of Joe Rogan’s population can be gauged from the fact that the number of monthly downloads of his Podcast episode has reached 190 million. Spotify saw a 10 percent jump in the market cap on the day the announcement took place and now Spotify has a market cap of $3bn.