As Spotify’s catalog surpasses one million podcasts, Amazon joins the scene through the acquisition of Wondery’s and Twitter buys Breaker, it’s clear that podcasting is now taking center stage.
With a total advertising volume of around 3.3 billion euros, there’s little surprise that podcasts have attracted increased interest from users, advertisers, publishers and media companies in recent years.
Once seen as a fringe space for comedy and tech talk, recent studies predict that in two years, the number of regular users will top the two billion mark. This is contrary to widespread fears that the drop in commuter traffic due to the pandemic outbreak would dampen the use of podcasts; more than 40 percent of respondents in the United States, Germany and the United Kingdom said they are spending more time listening to podcasts since the pandemic began.
On the flip side, the podcast market is becoming increasingly competitive. As of 2018, the number of shows available has more than tripled, to about two million, while major streaming and traditional media companies have poured over 1.5 billion euros into the industry.
Not only global streaming platforms, but also established publishers and media groups like the New York Times, BBC or ProSiebenSat1 are competing for listeners. Good channel management and intelligent cross-media streaming will be just as important as the quality and relevance of the content to secure audiences in the future.
While European podcast listeners prefer Spotify, Apple dominates the American market. When it comes to content, podcast listeners differ from traditional television and music audiences. They tend to be younger, better educated, and use their smartphones to listen to podcasts. While listeners who are under 25 prefer comedy, older listeners aged 55 and over, prefer listening to news and talk shows. This demographic makes it particularly attractive for podcasts.
With today’s work from anywhere lifestyle, the power of having podcasting on demand allows businesses and brands to tell their story anywhere, anytime, and reach a captive audience, which helps them build trust and establish authority. Spoken words are more effective then written words as they allow listeners to also hear the emotion behind words.
Are you interested in podcast marketing or considering creating a podcast for your business? We’ll be happy to help you develop the right strategy and guide you to developing your own podcast. Drop us a line.