As we begin the year 2024, we wanted to share a cast on Limor (click here to listen) and via our blog here on our website with you about some of the exciting statistics from the podcast industry.
If you have been considering starting your own podcast and entering the social audio space I am sure that these statistics will help give you that extra incentive to do so.
What is the podcast market size?
Starting off let’s answer the question, what is the size of the podcast market? And how many podcasts are there? As of 2023, there were 464.7 million podcast listeners worldwide? That’s a staggering 8.68% of total internet users.
Now let us fast forward to 2024, and this number is projected to rise to 504.9 million. The surge in podcast popularity is attributed to increased awareness, accessibility and the intimate connection podcasts forge with their audiences, especially within niche communities.
If we look at the number of podcasts available the numbers are nowhere near as high as consumer numbers. As of January 2024 there are approximately 4.3 million podcasts available, however only approximately 450,000 of these podcasts are currently active (active meaning that they have shared a new episode in the past 90 days)
This means that new podcast creation is not keeping up with the consumer demand.
If you want to start a new podcast , this is great news. It means that there is less competition than you would think. If you start a podcast , become consistent with your content delivery and your audio strategy then you have an excellent chance of becoming a success in the space.
If you become a 1% er in any career path that is a massive success. According to Buzzsprout one of the world’s leading podcast hosts.
If you get 5082 episode downloads in the first 7 days of your episode release you are a top 1% podcast. Now that is exciting.
We here at Limor can help you get started on your podcast journey and become a member of the 1% club. Our advanced Limor Enterprise toolkit and consultancy support will help you instantly start and build a successful podcasting & social audio strategy. If you would like to learn more about this opportunity please don’t hesitate to connect, leave us a voice comment if you are listening on the Limor app or contact us directly via social media or contact [email protected]
Podcast adoption is exploding globally however it is The United States that reigns supreme in the podcasting industry, with a projected value of $4 billion by 2024. The acclaimed ‘Joe Rogan Experience’ podcast for example not only dominates the U.S. but resonates globally.”
Zooming out to the global landscape, the podcast market is set to skyrocket, reaching a value of $30.03 billion in 2024, with a projected leap to $131.13 billion by 2030.
So who are the listeners?
Let’s bust a myth! Contrary to popular belief, Gen Z leads the podcast consumption charts. And guess what? They’re discovering podcasts at twice the rate of other age groups! With 47% of Gen Z having listened to a podcast in the last month.
When it comes to devices, smartphones take the lead, facilitating 79% of podcast streaming in the U.S. But here’s a fun fact: 22% of podcast consumers listen while driving!
Looking at where consumers listen to podcasts in more detail
A YouGov survey ‘What situations do Americans listen to podcasts?’ asked listeners when they’re most likely to listen to shows.
The most popular podcast-listening situations respondents gave were the following:
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- 49% said they listen to podcasts while doing chores (the gender split was 43% male vs 55% female)
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- 42% said they listen to podcasts on their work commute
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- 29% said they listen to podcasts while working out.
The top platforms used to consume podcast from are Spotify and Apple no surprise there. Spotify claims a staggering 33.7% share, closely followed by Apple at 27.6%.
The impact of AI on podcasting and social audio.
Moving into the realm of AI and the impact it will have and is already having on the podcast industry. AI being something we here at Limor will be adapting too very soon which is extremely exciting. Stay tuned for more updates on that news.
Generative AI is revolutionizing podcast creation and consumption. AI-driven podcasts have grown 500% and are already estimated to be a $3 billion industry.
The power of podcasts extends beyond entertainment. They influence consumer behavior, with 69% of listeners discovering new products through podcast ads.”
Podcasts are extremely powerful for your sales strategy , Athletic Greens AG1 is one of the best examples of how podcasting can drive a business, they have aligned their product with top podcasters such as Tim Ferris & Joe rogan helping them to hit revenues of over $160M
People start new podcasts every single day. But why? Data from the Podcaster Cares Survey shows that the majority respondents (38.4%) launch shows “as a hobby”.
Other common reasons for starting are to build a personal brand (21%) and to grow a business (19.7%).
If you fall into any of these categories and would like to start your podcast and social audio journey we here at the Limor team would love to help you get started. Download the limor app for free from the App Store or Google play store.
For business owners or if you want to become a top 1% podcaster please do reach out to learn more about our Limor Enterprise offering , this is an advanced podcast and social audio toolkit combined with consultancy and support from the Limor team.
Podcasts are a need not a want
As we conclude remember podcasts aren’t just a trend; they’re a transformative force shaping our digital landscape. They are here to stay and our the entry level to the new voice industry , all technology is adapting to voice technology and Ai you should too.
If you are in the content creation space or a business owner starting a podcast is fast becoming a need not a want. Let 2024 be the year you focus on this exciting medium.
As always please do join Limor, give us a follow and say hi in the voice comments section. We would love to hear your feedback and connect via social audio. Join us on the platform “Where Voices Meet”.
