With today's consumers on the go, the ability to produce on-demand podcasts allows companies to tell their stories anywhere and anytime. Whereas only 20% of Americans were familiar with the concept of podcasting 15 years ago, that number has swelled to approximately 75%, who are not only aware of the media but regularly listen to at least one podcast. In the US, about 60 million people, regularly listen to podcasts several times a week, about 91 million people listen to at least one podcast a week.
The podcast can cover almost any conceivable topic, professional or otherwise. They are often produced in a way that allows them to be consumed quickly — it’s no wonder that they have grown in popularity.
According to Grand View Research, the podcast industry had an estimated value of nearly $10 billion in 2019 and is projected to grow at an average clip of 27.5% each year until 2027. Podcasts are growing in popularity, and during the COVID-19 pandemic, they received more time in the spotlight.
Podcast “listening” trend
A podcast is a compound word between iPod (Apple's iPod music player) and broadcast (broadcast). Unlike radio, podcasts are often carefully edited, according to each topic, aimed at the target audience. In particular, the ability to download and listen anytime, anywhere and rewind the part that users want to listen to is the advantage of podcasts over the radio. Simply, a podcast is a series of digital audio or video files that users can download and listen to at any time. This model is compared to traditional TV today compared to Netflix.
Why podcasts are growing in popularity?
One reason that podcasts are becoming more popular is their convenience. Impact of covid 19 pandemic by some way makes audio content is more accessible than text and video content. Podcasts won't force listeners to give up their obligatory activities, it makes them more enjoyable. Podcast audio content gives listeners the ability to dive into topics without having to set aside time to read or watch a video. Podcasts also offer articles in smaller bite-sized chunks perfect for daily commutes or busy routines.
In addition, Ben Hammersley argues that there are two main factors that have changed the market in recent years: technology and culture. This was followed by a dramatic improvement in the production of low-cost recording equipment and editing tools. Finally, the widespread growth of 4G and WiFi allows listeners to discover, download, or stream whenever they want.
The large variety of podcast topics allow advertisers to reach niche consumer markets comprised of highly engaged listeners. Host-read advertisements garner higher trust from the listeners and do not interrupt the flow of the episode with an unfamiliar voice.
These characteristics of listeners combined with relatively low competition make podcasts ideal for advertisers. The sponsored advertising trend for podcasts is encouraging for marketers and consumers alike.
However, besides many are optimistic about the huge growth of advertising revenue, others worry that profits could kill the inherent character of podcast broadcasting.
Sources: 1.www.entrepreneur.com, 2.www.brandastic.com