I had the opportunity to listen to a recap of how the podcast industry was doing – here’s a link in case you’d like to check it out:
https://www.youtube.com/watch?v=Pz_5IS2IkFg
Presenter, James Cridland from Podnews
Industry growth trends:
- Listeners continue to rise year over year: 2024 expected to grow 8.7% to 504.9 million.
- AI continuing to provide creators new tools and options. Yay!
- As of March, 2024, advertisers still expected to spend $2.37 billion on podcasts, marking 19.1% YoY growth.
- On demand audio (podcasts) are now more popular than live audio (radio).
- Podcasters are most trusted people in media.
- Apple will be making transcripts available for every podcast increasing the availability to a bigger audience.
- Gen Z is the faster growing generation of podcast listeners.
- Podcasting is 20 years old and Adam Curry is recognized as the first to digitize distribution of blog content. He speaks to apps now being able to monetize in real time. This means listeners can return value to podcasters as they listen. Very cool!
Industry challenge:
- Tech layoffs: Spotify cut 2,300 jobs in ’23.
- Apple’s newest iOS 17 was a surprise and results included layoffs changed automatic downloads which are now 30% down.
- Most categories of podcast downloads are down except Fiction podcasts which is +36%.
- For larger shows downloads are -15%, Health Fitness -40%, Tech -39%, and True Crime -13%.
Source: Pod Track
https://podnews.net/update/iab-us-podcast-ad-revenue-breaking
